Most people understand that when we talk about ‘Market Value’, it involves the notion of a willing buyer and willing seller. However, what happens if the seller is under duress and needs to sell quickly? Or the property has been repossessed and sold by the bank? It is reasonable to expect that where an element of duress exists on the seller’s behalf, the full ‘market value’ may not be achieved. This could be for a number of reasons. For example,…
RENT REVIEWS AND RENTAL DETERMINATIONS Market rent reviews are an important, and relatively common provision in most commercial property leases. In our experience, the mechanics of these provisions is often misunderstood (or not understood at all!) by tenants and landlords alike. A typical commercial lease agreement will allow for the rent to be adjusted, usually on the anniversary of the commencement date (but not always) and will be set to either a fixed increase, pegged against the movement of the…
Subiaco – Life after AFL Subiaco Oval has been an icon in the Town of Subiaco for many years and with the opening of the new Perth Stadium at Burswood in 2018 it will be the end of an era for the home of AFL in Western Australia. With the AFL moving to the new Perth Stadium for the 2018 season, Subiaco Oval will no longer attract the thousands of footy fans each week to the area throughout the season.…
Property Market Update – February 2017 The Perth residential property market continues to buck the national trend with property values stagnating after declining over the past couple of years. According to the latest Real Estate Institute of WA (REIWA) figures, the median house price is $520,000 which remains unchanged compared with the previous quarter and is down 3.7% for the year. This is compared with the east coast where Sydney and Melbourne markets continues to show strong growth, particularly in…
Activity centres offer investment growth potential Perth is a growing city and despite the recent economic downturn the population is still predicted to reach 3.5 million people by the year 2050. Over the years, the Perth Metropolitan Area has spread significantly outward as lower density suburbs emerged in a fairly linear pattern from north to south. In fact, some of the new fringe suburbs are close to 50 kilometres from the CBD. In an effort to curb this urban sprawl,…
Property Market Update – September 2016 Property experts and commentators have been discussing the weakening Perth property market for a couple of years now, with sales numbers and values gradually declining across the residential market as the economic downturn in WA continues to take its toll. Looking at the figures in depth, we can see a definite split between how the housing and unit markets are faring in Perth, with units taking the brunt of the decrease in values as…
TRANSPORT PLAN NOT JUST A BLUEPRINT It is promising to see that the state government has launched a new transport plan for Perth entitled Perth Transport [email protected]. Positive dialogue initiated by government in regard to transport needs is important given that how people move around is strongly linked to liveability and sustainability within major cities. It is particularly important for Perth, given a recent report by the independent statutory body Infrastructure Australia has earmarked easing congestion on Perth’s urban roads…
POTENTIAL CHANGES TO NEGATIVE GEARING ARE NOT GOOD NEWS FOR WA PROPERTY Following the release of former Treasurer Joe Hockey’s tax discussion paper in March 2015, the spectre of tax reform has loomed large in Australia over the last 12 months. However, in recent months the Turnbull government has significantly backed away from any major reform moves prior the upcoming election, first cancelling any plans to increase or broaden the GST base and now stepping away from making rumoured changes…
City of Canning – Zoning Amendments CITY OF CANNING IMPROVES SUBDIVISION POTENTIAL OF THOUSANDS OF LOTS IN LOCAL AREA If you own land in the City of Canning or are considering make an investment in the area, this information on amended residential density coding will certainly be of interest. The City of Canning adopted a Local Housing Strategy in October 2014 in order to guide future residential growth in the local area. The strategy was informed by a local housing…
LAND TAX CHANGES IMPACT PROPERTY OWNERS When the WA State Budget was released in May this year, it was no secret that the government was looking for ways to increase revenue in order to ease the budget shortfall caused by the mining downturn. One area that was targeted (and it’s not the first time) was the property industry, where land tax rates were increased for the third consecutive year. In fact according to the Property Council of Australia (PCA), since…
