News

Investor Report September 2015

By Ian Campbell

Market cools to more realistic levels:

While auction clearance rates have dropped dramatically in some areas of Sydney’s real estate market, our area continues to perform ahead of others.

Sydney auction clearance rates in late September dropped to the low 70s, a far cry from May’s peak of almost 90 per cent. It also is about 10 points lower than the same time last year.

Senior economist for the Domain Group Dr Andrew Wilson says another factor influencing sales is the extraordinary number of spring listings – well up on the same time last year – giving buyers more choice. While we have noted a definite cooling of the frenzied activity of several months ago, properties are still selling well.

A one bedroom apartment with parking in 6 Macleay Street recently sold before auction for $850,000 while a small unrenovated company title one bedroom apartment at 19A Tusculum Street recently sold for a building record of $489,000.

Other strong sales include an Art Deco three bedroom one bathroom apartment with garage at 62-66 Roslyn Gardens which sold for $1,315,000.

Landlord  Insurance :

Do you hold landlord insurance? For just a small outlay, landlord insurance delivers priceless peace of mind. While careful property management can guard against many negative situations, it can never offer 100% protection. Typically landlord insurance can provide protection against:

  • Damage due to fire or accident and loss of rent for a specific period due to the incident.
  • Default of rent by tenants or if the tenant vacates before the end of the lease.
  • Theft by tenants and the legal costs for action against the tenant for rent default or theft.
  • Deliberate or malicious  acts by tenants or vandalism.
  • Contents insurance
  • Legal liability cover in the event that your are liable as a result of an incident that causes loss or damage to someone else’s property, or death or injury to other people.
  • In some states, the cover can also include workers compensation cover.

Remember that as a property investor, landlord insurance premiums are tax deductable. So if you do not have landlord insurance, speak to your property manager by calling our office on 9331 9600.

Christmas just around the corner

While it may be 3 months away, Christmas is literally around the corner for those wanting to buy and sell before the summer holiday period begins.

Now is the time to plan the sale of your property or the purchase of a new home. Our helpful sales team are ready to offer advice and to guide you through one of life’s important moves. So speak to one of our team today by calling our office on 9331 9600.

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