Westlake PROPERTY REPORT
Steven Kremer will get you more This financial year, we have an information packed market update from the team here at More Estate Agents. Not only has the end of the 2017 financial year marked the beginning of a raft of legislative changes that will impact Sellers & Buyers in one way or another, it also marks the end of another strong year for our team. Working at the coal face, dealing with buyers, sellers, solicitors, financiers and in experiencing all of the elements – we see and feel market trends as they happen. The purpose of this report? To give you an insight into what the past financial year was like within the property market and a snapshot of what we can expect during the 2017 / 2018 financial year. There’s no doubt that Real Estate is a great way of creating wealth, however there are a number of recent legislative changes – at both a State and Federal level – that property Owners, Buyers and Investors need to be aware of. Firstly, if you are buying or selling real estate situated in Australia for $750,000 or more, it is important to be aware of the Capital Gains Tax Withholding rules. With effect from 1 July 2017, for any real estate transactions of $750,000 or above, the Vendor must provide to the Purchaser, prior to settlement, a “clearance certificate” obtained from the ATO. Without this, the Purchaser is required to withhold 12.5% of the price and pass this on to the ATO. The Vendor would then need to wait until lodgment of their income tax return before they could recover the withheld amount. The laws were introduced to tackle the problem of foreign residents selling real estate and avoiding their capital gains tax liabilities. In practice, however, it means that the vast majority of real estate transactions not involving foreign residents are also impacted. The ATO recommend applying for a clearance certificate at least 14 days before you require it. Second, if you have an investment property and you want to ensure you keep as much of the income it produces as possible, it’s important that you have a deprecation schedule. However, the financial year ending 2017 will be the last time you will be able to claim deprecation on items that you did not purchase yourself. From July 1, depreciation on purchases such as dishwashers, ceiling fans and dryers can only be claimed if the investor paid for them, themselves. Therefore to enjoy this tax benefit, you’ll need to either buy new or give your investment property a nice little update. Before rushing into your nearest appliance superstore, keep in mind these changes have been “grandfathered”. What this means, is they only apply to investors that have purchased a property after 9 May, 2017. Another
significant change, is investors will no longer be able to claim travel expenses for trips to inspect their investment homes. With that, let’s look at how the market has performed during the financial year. Property owners and investors alike will be pleased. The Brisbane market has remained consistent with around four per cent growth and a median price currently sitting around the $650,000 mark. In some big news, this new world city now has its first $2 million dollar suburb in Teneriffe - a median house price milestone. Within the Brisbane LGA, there is now a total of 17 suburbs with a median price in excess of $1 million dollars. This is up from only 7 as at the end of the 2015 financial year, with an increasing number of $1 million dollar suburbs each quarter. Although these numbers sound huge, in Sydney there is currently a whopping 14 suburbs with a median price of over $2 million dollars. Making Brisbane one of the nation’s most affordable and liveable capital cities. In our slice of heaven here in the Centenary Suburbs, we’ve seen Westlake, Mount Ommaney, Jindalee, Jamboree Heights, Middle Park, Riverhills, Sinnamon Park and Sumner all experience growth between 6.4% and 10.5%. While on the Centenary suburbs, here at More Estate Agents we are very excited about the launch of our property management division. Headed by our Business Development Manager, Nikki Heindl, we have already grown significantly and can now offer services from sales right through to rentals. A number of factors are influencing this growth, however one of the key drivers is a distinct lack of homeowners selling. One of the most consistent trends of 2016-17 was low levels of homes coming to the market. We anticipate this may change in the year ahead, due to one of the legislative changes around super contributions for Sellers over 65. If you would like to chat about your situation or would just like to get an indication as to what your property is worth in the current market, even just for your own knowledge, feel free to contact me anytime, you might be quite surprised.
Steven Kremer 0433 852 400 steven@moreestateagents.com.au 1/86 Curragundi Road, Jindalee
Westlake median price for the period number of sales for the period total sales ($) for the period
statistics at a glance
$764k
highest price for the period
$1.499m
36
lowest price for the period
$430k
$29.3m
days on market for the period
84
55 Wendouree Crescent $1,499,800 1158m2
7 Wendouree Crescent $1,390,000 1180m2
5
5
3
2
3
3
209 Westlake Drive $1,350,000 1673m2
15 Wendouree Crescent $1,280,000 1131m2
5
5
2
2
3
2
235 Westlake Drive $1,125,000 1193m2
47 Baikal Place $1,115,000 1969m2
4
5
3
2
3
3
42 Wendouree Crescent $965,000 763m2
7 La Belle Court $960,000 689m2
5
5
3
3
3
2
49 Seabrook Circuit $915,000 685m2
7 Yarrunga Court $900,000 742m2
5
5
5
2
3
3
Westlake
recent sales activity
28 Callabonna Street $875,000 851m2
8 Tennent Street $855,000 735m2
5
5
3
3
3
2
14 Mallery Street $855,000 900m2
20 Rowallan Close $810,000 730m2
5
4
3
2
2
7 Tarrabool Street $805,000 709m2
20 Burnside Crescent $800,000 619m2
5
5
3
3
7 Yarra Close $785,000 855m2
4
3
3
3
3
9 Maribor Street $774,500 714m2
3
4
3
3
18 La Belle Court $755,000 1614m2
43 Seabrook Circuit $750,000 610m2
Vancant land
5
308 Horizon Drive $732,000 626m2
25 Burnside Crescent $715,000 632m2
5
4
3
2
2
2
2
2
3 Callabonna Street $700,000 682m2
37 Seabrook Circuit $695,000 470m2
4
4
3
2
2
2
Westlake
recent sales activity
49 Tekapo Street $688,000 760m2
366 Westlake Drive $676,000 601m2
4
4
3
3
2
2
31 Raeside Street $658,000 988m2
6 Congo Street $620,000 607m2
4
4
2
2
2
2
18 Penong Street $620,000 713m2
19/241 Horizon Drive $605,000 425m2
4
3
1
2
2
2
256 Horizon Drive $590,000 711m2
27 Tolaga Street $550,000 782m2
4
6
1
2
3
4
254 Horizon Drive $475,000 738m2
5 Buffalo Street $455,000 582m2
3
3
2
4
1
1
2/241 Horizon Drive $430,000 302m2
3
2
1
About this marketplace report. In compiling this report the author has relied upon information supplied by a number of external sources including Pricefinder. The publication is supplied on the basis that whilst every care has been taken in the preparation, no representation has been made and no responsibility is accepted for the accuracy of the whole or any part of the publication by the author. The sale transactions and statistics presented in this report are for both confirmed settled and some yet to be confirmed settled transactions reported during the months of January to June 2017. Some properties may have been excluded on the basis that the information could not be verified to the authors satisfaction. Prepared for Steven Kremer and More Estate Agents by datachurp.
SOLD SOLD
I got them
Steven Kremer will get you more Westlake, 49 Seabrook Circuit “Steven is by far the best real estate agent we have ever met. Nothing is too much for Steven and he really did go above and beyond in selling our home. Steven got us an amazing result selling our home and made the entire process very easy and straight forward. It was really important for us to have an agent that cared as much for the buyers as the sellers. I believe Steven treated the buyers respectfully and professionally making the sale an enjoyable process for everyone involved. Thanks Steven!”Andrew & Cheryl, happy sellers, June 2017.
Steven Kremer
“It has been a pleasure working with Steven during the process of purchasing of our new home. He is very kind and always willing to help with my questions and give good advice. He is the one that can be approached at any time of a day. He works fast and get things done professionally. Steven, you are highly recommended.” Ying, happy buyer, June 2017.
0433 852 400 steven@moreestateagents.com.au Steven Kremer
0433 852 400 I steven@moreestateagents.com.au
SOLD I got them
Steven Kremer 0433 852 400 steven@moreestateagents.com.au