We provide regular property related news blogs to keep our clients informed of what effect important economic, financial and business events and reports will have of the Perth and Western Australian property market.If you wish to receive our regular blogs:
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Market Rent Reviews – The Need for expert valuation advice
Monday, July 30th, 2018It is well publicised that the commercial, industrial and retail property market has declined in recent years following a downturn in the Western Australian economy. In these conditions, it is important to obtain expert valuation advice for Market Rent Reviews. The commercial office market has been the hardest hit, with significant reductions in rents and a surplus of offices available for lease, particularly in the fringe CBD and inner suburban locations of Perth. This surplus provides tenants with many opportunities and an ability to negotiate favourable lease terms for new space. Examples have included significant rental abatement’s of between 25%-50% ...
Read moreGarmony Property Consultants National Property Valuation Partnership
Wednesday, June 13th, 2018Garmony Property Consultants is proud to be a member of Oceanic Property Valuations (OPV) who along with its Partner Firms, form one of the few truly independent national property valuation organisations across Australia.
Garmony Property Consultants are the Western Australian partner firm of Oceanic Property Valuations who provide expert property valuation and consultancy advice in Perth and Western Australia from our Licensed Valuers. Oceanic Property Valuations (OPV) are a national property valuation company who operate across Australasia and comprises multi-skilled property valuers and professionals with extensive senior property valuation and consulting experience, which specialises in offering independent and impartial property advice to a private, corporate and ... Read moreStamp Duty and related party transfer valuations
Thursday, April 19th, 2018When a property is being ‘sold’ or transferred to a family member, related party or related entity (superannuation fund transfer or family trust transfer) the Office of State Revenue may require the purchaser to pay Stamp Duty or Transfer Duty. A Transfer duty is a general tax imposed under the Duties Act 2008 (‘Duties Act’) on dutiable transactions over dutiable property (whether documented or not) including transfers of real estate and certain business assets. A Stamp Duty Valuation will be required. An independent property valuation by a licensed valuer of the property is required before an assessment is issued, when a dutiable transaction is between related parties, or the parties are ...
Read moreHas the Perth property market reached the bottom of the cycle?
Friday, January 12th, 2018The Perth property market continues to experience subdued market conditions across most market sectors however the industry reports there appears to be more activity in the market place however no change in values. The latest Perth median house price report from the Real Estate Institute of Western Australia (REIWA) as at the 8 January 2018 indicates “Perth’s median house price was resilient in December, remaining unchanged at $525,000.” The Australian Newspaper reported on the 10 January 2018 “housing price growth is likely to reach a trough in the June quarter of this year and then pick up again, according to ...
Read moreInsurance Valuations
Monday, December 18th, 2017Have you considered reviewing the insurance replacement value of your property asset? Our experienced Licensed Valuers will be able to assess the recommended insurable value based on current construction costs, professional fees, demolition costs and building cost escalations so when your next building insurance renewal is due, you will know if you have your asset adequately insured and not over insured potentially resulting in higher insurance premiums. Our valuers are experienced in assessing the recommended insurable value for single residential houses, walk-up strata titled apartment and villa units, single and two level commercial buildings, industrial premises and some specialised property ...
Read moreMerry Christmas & Happy New Year
Friday, December 15th, 2017The Licensed Valuers and team at Garmony Property Consultants would like to wish you a Merry Christmas and an Happy New Year. Our office will close for the Christmas break from 5pm Thursday 21 December 2017 and will re-open on Wednesday 3 January 2018 at 8.30am. Any valuation enquiries over this time period will be attended to upon our return so email your quote requests or queries to valuations@garmony.com.au or vist our Online Quote page by clicking here. In the interest of the environment, we have chosen not to send out traditional paper Christmas Cards, and have chosen to support the Perth ...
Read moreConsumer Price Index – CPI and rent reviews
Friday, December 1st, 2017CPI or the Consumer Price Index is results of data collected by the Australian Bureau of Statistics (ABS) which is a measure in percentage terms of the change in the costs of living, being the weighted average cost of a standard basket of retail goods and services expressed in relation to a base period. The Consumer Price Index (CPI) as described by the ABS “measures quarterly changes in the price of a ‘basket’ of goods and services which account for a high proportion of expenditure by the CPI population group (i.e. metropolitan households)”. This ‘basket’ covers a wide range of ...
Read moreTaxation Valuations
Wednesday, October 25th, 2017The licensed property valuers at Garmony Property Consultants undertake numerous Taxation Valuations on real property for taxation purposes including Capital Gains Tax or CGT. Your family home or principal place of residence is generally exempt from tax. But investment properties or if you build or renovate for profit, subdivide land or use property in running a business, then there may be implications for Income Tax, Capital Gains Tax and Goods and Services Tax for your real property assets. You may need a Taxation Valuation. When a capital asset such as real estate is sold, it generally makes a capital gain or ...
Read moreNo short term growth in the Perth Property Market
Monday, October 2nd, 2017The Perth property market is currently experiencing subdued conditions across most market sectors with our analysis indicating that it is unlikely there will be no growth in the short to medium term. Reports from the Real Estate Institute of Western Australia (REIWA) as at 18 September 2017 indicate a continued decline in the medium house price for Perth homes and Perth unit sales. REIWA’s data reveals Perth Property Market’s medium house price has dropped from $549,000 in the June quarter of 2015 to $510,000 in the June quarter of 2017 representing a 7.1% drop over the last three years. Similarly ...
Read moreProperty Compensation Valuations for Compulsory Acquisitions by Government – Manning Road Como
Wednesday, September 13th, 2017Main Roads Kwinana Freeway Southbound On-ramp from Manning Road requires additional land for road widening. The Main Roads of Western Australia has announced the long awaited Manning Road Kwinana Freeway On-ramp will be constructed after $35 million of State and Federal Government funding was announced earlier this year. Although the project will improve traffic congestion on Manning Road and the Canning Bridge/Kwinana Freeway interchanges, additional land from private properties will be required for the project. We understand Main Roads has already contacted some of the land owners to negotiate the purchase of the whole or part of those properties that are ...
Read moreWhat is involved in the Property Valuation Process?
Monday, September 4th, 2017The valuation process is a detailed systematic procedure a licensed valuer follows to determine the market value or market rental value of a property. Steps involved in valuation process are as follows: Written Instructions are required from client to comply with the Department of Mines, Industry Regulation & Safety (Formally the Department of Commerce) requirements which need to include the name of the instructing party, the property address, the purpose the valuation is required and date of valuation. The Pre-inspection process involves researching relevant property information including zoning and services information and title information. Comparable sales and or rental evidence is also compiled. Our ...
Read moreExpert Family Law Valuations
Thursday, August 31st, 2017Garmony Property Consultants are proud to be an exhibitor at this years Family Law Practitioners’ Association of Western Australia Conference on Saturday 9 September 2017. For those who are attending, please visit us and chat about our experience in providing Expert Family Law Valuations. Our Licensed Valuers and Property Consultants are specialists in providing valuations for matrimonial disputes and the Family Court of Western Australia for Residential, Commercial & Industrial property types. We can tailor our valuation reports providing shorter reports for amicable meditations, whereby the parties are in agreement and just need an independent assessment of the market value. We can also provide ...
Read moreCouncil Rates and Gross Rental Value Objections
Tuesday, July 25th, 2017Council Rate increases for development sites It is now the time of the year that Local Government Council Rates notices are being delivered to land owners who often question the amount of Rates that are required to be paid. In most circumstances, commercial property land owners pass the cost onto the tenants, who then dispute the amount of rates to be paid. Council Rates are based on a rate in the dollar of the Gross Rental Value (GRV) assessed by the Valuer Generals Office at Landgate. Under the Valuation of Land Act 1978, “Any person liable to pay any rate or tax ...
Read morePerth’s subdued property market set to continue
Friday, July 8th, 2016The Perth residential property market continues in a decline phase with Core Logic RP data reporting “Housing market conditions in Perth are suffering from reduced housing demand resulting from a sharp downturn in migration and weaker employment opportunities” and “Rental Rates have also fallen substantially, highlighting lower housing demand is not confined to home buyers but also renters.” Our enquiries to residential real estate agents within the Perth metropolitan area are indicating buyers are continuing to be cautious with many hesitant to make offers on properties listed on the market for sale and therefore properties are taking longer to sell, ...
Read moreExpert Family Law Valuations
Saturday, April 30th, 2016Garmony Property Consultants are one of Perth’s leading independent Licensed Valuers and Property Consultant firms specialising in valuations for Family Law for Residential, Commercial & Industrial property types. The Licensed, Certified Practicing Valuers at Garmony Property Consultants, have a combined experience in the real estate and property industry of over 70 years and has been established since 1984. Our Valuers have extensive experience in a broad range of property related valuation matters across a wide range of commercial, industrial, residential and specialist property types for real estate valuations and property consultancy situations in Perth and Regional locations in Western Australia. We prepare numerous ...
Read moreLANDLORDS NEED TO MEET THE MARKET
Friday, March 4th, 2016The Perth property market is currently experiencing declining rental market conditions across most market sectors. Therefore it is important for landlords to be astute and proactive when their tenant’s leases are coming up for market rent reviews and or lease renewal and option periods in their investment properties. Given the current conditions it is likely that most rental rates will experience a rental reduction (provided they were historically at market levels) and therefore landlords need to ‘meet the market’ in order to keep tenants in their investment properties. This rental reduction or incentive for the tenant to renew or extend ...
Read moreLand Tax increases hurt land owners
Monday, November 9th, 2015On 24 September 2015 The Land Tax Amendment Bill 2015 was passed by the Parliament and received the Royal Assent as the Land Tax Amendment Act 2015. Changes from the old Land Tax Act 2002 to the new Land Tax Amendment Act 2015 that affect the assessment of land tax as of the 2015-16 assessment year include: the introduction of a flat minimum land tax rate of $300 for taxpayers who hold land with a taxable value between $300,000 and $420,000; changes to the thresholds at which rates change; and increases of all rates except the top marginal rate of land tax. Based on our review of ...
Read moreResidential property market declines
Thursday, October 8th, 2015The Perth residential property market is in a decline phase with the median house price falling from $550,000 in March 2015 to $540,000 in June 2015 according to Real Estate Institute of Western Australia (REIWA). Our enquiries to residential real estate agents within the Perth metropolitan area are indicating reduced interest in properties listed on the market for sale, properties are taking longer to sell and there are is increased number of property listed on the market. The latest REIWA Statistics for the first week in October 2015 are indicating there are 15,198 properties listed on the market for sale ...
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