Insurance Valuations – Important Information
Wednesday, December 11th, 2013Maintaining a current assessment of the Insurance Replacement Value of Strata Titled complexes is important, particularly with the building construction costs escalations in recent years. In addition to building replacement costs, consideration needs to be given to changes in Town Planning Schemes and Zoning, particularly if the current zoning does not support or prohibits the replacement of the whole of the existing strata development. This is more essential within older suburbs where councils have made changes to their local Town Planning Schemes since buildings where originally constructed. Strata Complexes and their owners may be under insured and in risk of ...
Read moreLand Tax Notices – Objections have commenced
Friday, November 29th, 2013Western Australian property owners have been receiving their annual Land Tax notices, with some having significant increases in the Tax charged when compared to previous years. Under the “Valuation of Land Act” any person who is liable to pay any rate or tax assessed in respect of land who is dissatisfied with a valuation of such land made under the Act, may serve upon the Valuer-General a written objection to the valuation. An authorised representative can also make an objection on the land owners behalf. Property owners need to be aware the objection must be lodged within 60 days after the issue ...
Read moreSuburban Office Market Slow Down
Friday, October 11th, 2013The contraction in the Perth CBD office market, following a slowdown in the resources sector has flowed onto the fringe and suburban office market. Suburban office market throughout the Perth Metropolitan area have seen an increase in vacancy rates to almost 12% in August 2013 following the downsizing of construction and engineering firms with an increased number of offices becoming available to the market on a sublease basis. As the increase in supply of office space becomes available there is a trend for businesses to upgrade the quality of space with A-grade buildings being the least affected by vacancy, however ...
Read moreValuations for Self-Managed Superannuation Funds
Wednesday, October 2nd, 2013Asset Valuations are a key component in preparing meaningful self-managed super fund (SMSF) financial reports. These have an impact on the returns for members and ultimately self-managed super funds sector performance as a whole. The valuations are also required to confirm that your self-managed super fund has complied with relevant super law for: Preparing the financial accounts and statements of the fund; Acquiring assets between SMSF’S and related parties; Investments made and maintained on an arm’s length basis; Disposing of certain collectables and personal use assets to a related party of the fund determining the market value of a SMSF in house assets as ...
Read moreRBA Leaves Cash Rate Unchanged At 2.5%
Wednesday, October 2nd, 2013The Reserve Bank of Australia Board met yesterday and decided to leave the cash rate unchanged at 2.5% on the basis that inflation in most countries remain well contained and that commodity prices have declined from their peaks but generally remain at high levels by historical standards. RBA Governor Glenn Stevens stated “changes in the outlook for US monetary policy have increased volatility in the financial markets, but long term interest rates remain very low and there is ample funding available for credit worthy borrowers.” He also stated that “global growth is running at a bit below average this year, ...
Read morePerth Residential Property Market heading in the right direction.
Wednesday, March 13th, 2013Following the Reserve Bank leaving interest rates on hold in March 2013 and a slow start to building approvals, the increase in buyer activity at the lower end of the market is seeing a steady growth in the medium house price for the Perth Metropolitan area. Increased activity from the investors looking to capitalise on increasing residential rents and low interest rates, coupled with strong population growth and increase in consumer confidence, has increased the demand for residential homes in the $400,000 – $800,000 price bracket. A report put out by the Real Estate Institute of Western Australia (REIWA) stated “agents ...
Read moreWA Property Transactions increase in 2012
Wednesday, January 16th, 2013A report released by Landgate, Western Australia’s official register of land ownership, in their “Business Activity Profile” stated the number of transfer documents lodged in December 2012 increased by 31.4% compared to the corresponding period in 2011 and 9.7% between November and December 2012. Landgate also reported the number of mortgages increased by 23.1% compared to December 2011 with Landgate’s Chief Executive Mike Bradford stating “the December figures support the current trend of improved property activity for the 2013 financial year.” The above statistics support the opinions of the licenced valuers at Garmony Property Consultants that there is increased activity in the ...
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