We believe the Lord Mayor's rates policy has alot to do with buyer hesitation. The sweeping changes to the rates for unit owners will see a 3 bedroom unit paying triple what a similar-sized house in the suburb pays. Why should a two bedroom unit in Kirribilli in Sydney pay $156 per quarter in rates and our Lord Mayor expect that a Brisbane owner will pay $1,040 per quarter? For investors, the choice is easy. Buy within a Local Government that has control over their budget and control over their spending.
October 21, 2008 at 8:15 AM
See Courier Mail blogFelix: 342/26 Felix St, 2 bed, 2 bath, sold for $495,000. Festival Towers, 1901/108 Albert St, passed in $450,000Festival Towers, 3508/108 Albert St sold prior to auction, reported at $555,000 or $445,000?? Charlotte Towers, 1502/128 Charlotte St, 2 bed 2 bath, passed in on vendor’s bid of $420,000River Place River Terrace House: 1/82 Boundary St was passed in at $1.35 million, now listed at $1.5MSkyline, 12/30 Macrossan St, three bedroom unit passed in at $900,000, now listed at $1,240,000 Aurora Tower Penthouse: 651 and 656/420 Queen St passed in at $2.4 million, now listed at $2.6M Soho, 416/8 Cordelia St, 1 bed, South Brisbane was passed in at $280,000SoHo, 615/8 Cordelia St was passed in for $465,000, looking for offers above $500,000 SoHo, 108/8 Cordelia St passed in at $505,000Euro, 1308-2-6 Manning St, South Brisbane, 2 bed 2 bath, passed in at $400,000Trilogy, 336/51 Hope Street, Spring Hill, 2 bed, 2 bath passed in at $540,000, sold after for $550,000 (vendor was off the plan owner who had paid $595,000) Stradbroke Tower, 74/2 Goodwin St, Kangaroo Point passed in at $875,0001/24 Brisbane Street, St Lucia, sold for $414,0006/211 Baroona Rd Paddington, 2 bed, 1 bath, sold for $431,000LeftBank, 64/35 Buchanan St, West End, passed in at $1.15 million"Hundreds turned out to the convention centre on Sunday to see 80 properties offered for sale as part of the Ray White Property Auction Spectacular. There was a wide range of units and houses was on offer but properties sold under the hammer for prices well below what would have been expected six months ago. Chief auctioneer Philip Parker said he pleased with the lacklustre clearance rate of almost 30 percent but said those who sold at auction realised they were not going to get what they thought their property was worth before the economic downturn. He said while no-one was happy with the current economic climate, sellers realised if they wanted to move a property they had to meet the market. ``Out of those that sold today, only one buyer didn’t go down on their original (minimum) price,’’ Mr Parker said. He said the vendors who didn’t budge, didn’t get a sale. Negotiations are continuing on several properties offered for sale." http://blogs.news.com.au/couriermail/publicproperty/index.php
"Ray White Sunday Auction Results"
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We believe the Lord Mayor's rates policy has alot to do with buyer hesitation. The sweeping changes to the rates for unit owners will see a 3 bedroom unit paying triple what a similar-sized house in the suburb pays. Why should a two bedroom unit in Kirribilli in Sydney pay $156 per quarter in rates and our Lord Mayor expect that a Brisbane owner will pay $1,040 per quarter? For investors, the choice is easy. Buy within a Local Government that has control over their budget and control over their spending.
October 21, 2008 at 8:15 AM