The Property Book

Nerang & Upper Coomera

the

Property Book JANUARY 2011

YOUR LOCAL NEWSLETTER & BUYERS PROPERTY GUIDE

TIME TO GRAB A BARGAIN INVESTMENT PROPERTY! Why now is the time for savvy buyers to invest

Things Looking up for Gold Coast Property

How lifestyle is impacting on sales

Rates On Hold... For Now What affected the RBA’s decision

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a $100 pre-paid Visa!

Just answer 3 simple riddles!

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See page 3.

GREAT TIME TO GRAB A BARGAIN INVESTMENT PROPERTY WITH a flood of residential properties on the market and banks keeping their lending criteria tight, industry experts say now is the time for savvy buyers to invest.

Latest research from the Real Estate Institute of Queensland found sales of properties in the $350,000 to $500,000 range in Queensland fell by more than 20 per cent in the September quarter, while sales in all other price ranges remained steady.

REIQ managing director Dan Molloy said it’s a great time for first-home buyers or investors to pounce, with many good property deals around.

“The conditions now for buying are the best they have been for some time . . . and probably will be into the early part of next year,” he said.

“For investors researching the market, there’s no shortage of properties for sale.”

Mr Molloy believes the Reserve Bank’s decision to leave interest rates unchanged this week and predictions there might be some time until another rate rise will give buyers some confidence.

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“Buyers can be a little bit more certain about where things are going,” he said.

price,” Mr Fabian said.

“I probably paid a little more than what I wanted

‘It’s a great time for first-home buyers or investors to pounce’ “People are starting to form the view that the market is pretty much at the bottom of the cycle and we’ve seen a clear signal this week the Reserve Bank is not likely to be taking action on interest rates for some time.”

Finance manager Eddie Fabian bought an investment property this month at Hawthorne on Brisbane’s southside for $457,500.

The 55-year-old believes the three-bedroom, twobathroom townhouse will be a good long-term investment, after choosing between spending money on property or shares.

“I was looking around for about eight weeks and I wanted to get a place where the rent return was equal to one dollar per thousand for the purchase

to pay in the end. But the fact they have a tenant already leasing the property before settlement . . . I took that into account as well.”

REIQ also found vacancy rates in some regional areas of Queensland were starting to tighten, including Bundaberg, Gladstone, Mackay and Toowoomba, which are all below 2 per cent.

The shift in demand for properties has also started pushing up rents.

Toowoomba recorded the highest price rise for units and townhouses during the September quarter, with median prices up 6.4 per cent to $240,000 as sales rose 5 per cent.

Things looking up for Gold Coast property Sensibly priced family homes with strong lifestyle features are driving the recovery of the Gold Coast property market.

While much of the focus on the Gold Coast market has been on the hard-hit prestige end, analysts claim the market is no longer all doom and gloom with middle and lower-end homes in suburbs away from the glamour strip reporting solid growth.

“At the peak of the market between 2005 and 2007 people treated Gold Coast property like they were trading on the stock exchange,” said Andrew Bell , CEO of Ray White Surfers Paradise.

“They expected to buy in the morning and make a killing by selling in the afternoon. But real estate is about buying a home -- a place to raise your kids. It’s t s not about

speculating. When you buy here, you’re buying lifestyle longer term.”

Mr Bell’s comments are supported by figures obtained exclusively by the Gold Coast Bulletin from RP Data that show double-digit growth for the past quarter and strong 12-month figures for suburbs that have attractive lifestyle, or entry-level benefits.

Tim Lawless, research director at RP Data said properties `off the glamour strip’ and close to the M1 show growth similar to Brisbane because of

Congratulations To Win Our $100 voucher, Michael answered 3 riddles to be in the draw.

Turn to page 4 to for this months brain teasers !

KPMG demographer Bernard Salt said the Gold Coast had been `the whipping boy’ of the property market, but it would prove the southern doubters wrong.

“The underlying truth of the Gold Coast and the underlying reason for its existence is lifestyle and properties offering lifestyle value are the growth drivers,” Mr Salt said.

‘Properties `off the glamour strip’ and close to the M1 show growth similar to Brisbane...’ their proximity to the capital, affordability and lifestyle opportunities.

“The data shows the heartland not associated with the coastline is where the growth is on the Gold Coast,” Mr Lawless said.

MICHAEL CULLEN from Nerang $100 WINNER

“People are now coming out of the woodwork to make the most of what are historically lower prices. Homes that people have aspired to own, they find they can now afford them.”

“Lifestyle properties, such as the canal estates of Sorrento and Mermaid Waters, and semirural acreage around Tamborine Mountain are performing well.

Areas like Mt Tamborine offered the merger of tree change and sea change, while suburbs such as Worongary were affordable product for average families.

“Despite the critics, despite the bad PR and the sneering comments you get from southerners, the undeniable truth is that unlike any other place on the continent, tens of thousands of Australians move to the Gold Coast every year and they have done so for the past 30 years.”

Our Sales & Property Management Teams Office:

Office:

NERANG 07 55960055 nfn.com.au

UPPER COOMERA 07 55000254 uppercoomera.com.au

Earle Plaza, Cnr Price and White Streets Nerang Q 4211

Coomera City Centre Cnr Days and Old Coach Roads Upper Coomera Q 4209

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N I W $100

PRE-PAID VISA CARD WITH THIS MONTH’S BRAIN TEASERS

To be in with a chance, just answer any one of the following Brain Teasers correctly. For every correct answer you will have one chance in the draw. Submit your answers at nfn.com.au/brainteasers Question 1: Until I am measured, I am not known.

Yet how you miss me, When I have flown!

What am I? Question 2: You throw away the outside and cook the inside. Then you eat the outside and throw away the inside.

What did you eat?

Question 3: What can be driven, but has no wheels, and can be sliced and remain whole?

Last months answers: 1. A volcano 2. The word wholesome 3. Breath

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RBA HOLDS ON RATES Home owners have been spared another rise in mortgage repayments, with the Reserve Bank opting to keep interest rates on hold while it weighs up the economic impact of the floods in Queensland and other parts of the country.

At its first meeting for 2011, the RBA kept the official cash rate at 4.75 per cent. Rates rose by a quarter of a percentage point four times last year, with the last hike in November.

The decision to stay put was in line with the expectations of economists and the credit market.

The latter is pricing in less than one quarter-percentage point rise this year.

The accompanying comments by the RBA suggest borrowers worried about higher interest rates can rest easy for a while, says Macquarie economist Ben Dinte.

“There’s definitely no urgency to act in the near-term, given the (flood) disruption to activity we’ve seen,” said Mr Dinte, adding that Macquarie expects only one interest rate hike in the middle of the year.

The commercial banks, however, could raise interest rates outside the RBA cycle - a move that has sparked consumer and political fury in the past.

The dollar was little changed on the news, edging back briefly above parity with the US dollar in recent trade before easing back.

Flood impact The strength of the overall economy remains patchy, with last year’s interest rate rises restraining consumer spending and a stronger Australian dollar denting local industrial output. On the other hand, rising commodity prices and a bulging pipeline of projects will deliver a surge in activity in mining states - at least in regions not

affected by the massive flooding of recent weeks.

The financial impact of the floods is still mounting but economists expect a short term spike in prices, particularly for fruit and vegetables.

While the economy in Queensland and other flood-affected regions may be disrupted in the short term, business activity is likely to rebound as the rebuilding efforts begin, they say.

The RBA Governor Glenn Stevens said that the central bank will ‘’look through’’ what it sees as ‘’a temporary adverse effect on economic activity and prices’’ resulting from the floods. ‘’The Bank’s preliminary assessment is that the net additional demand from rebuilding is unlikely to have a major impact on the medium-term outlook for inflation,’’ Mr Stevens said in a statement accompanying today’s rates decision.

While the latest inflation figures were ‘’consistent’’ with the RBA’s medium-term goals, the bank expects some pick up in wages the economy continues to grow. ‘’Employment growth was unusually strong in 2010. Most leading indicators suggest further growth, though most likely at a slower pace,’’ Mr Stevens said. ‘’ After the significant decline in 2009, growth in wages picked up somewhat last year. Some further increase is likely over the coming year,’’ he added.

First home buyers slowly returning to property market after historical low Real Estate Institute of Queensland managing director Dan Molloy said the number of first home buyers in Queensland was gradually starting to strengthen after hitting historical lows last year.

According to finance comparison website RateCity, first home buyers started to creep back in November.

ABS figures this month show nationally the highest number of first home purchases since March last year.

The largest number of first home buyers in November was from New South Wales with 2542 home loans approved, followed by Victoria with 2342 and Queensland with 1559.

Queensland has not recorded this level of first home buyer activity since November 2009.

RateCity CEO Damian Smith said the first home buyers market was a long way from its peak, when government incentives drove it to record highs, but things were starting to look up. Mortgage broker AFG confirmed a spike in mortgages to first home buyers in January.

In Queensland they accounted for 12.1 per cent of mortgages in

January compared with 10.5 per cent in December and 9.5 per cent at the same time last year.

Developer Stockland’s general manager residential Queensland Kingsley Andrew said more first home buyers had inquired about homes since the start of the year.

“There (are) a lot of people out there that have made a decision they are going to do something and first home buyers are in that mix,” Mr Andrew said.

He said first home buyers started to re-emerge on the Gold Coast toward the end of last year. What happened on the Gold Coast usually shifted to Brisbane and now his company was receiving renewed first home buyer inquiries from greater Brisbane, he said.

New research from the REIQ has revealed it takes most first time buyers nearly two years to save a deposit for their first property.

It found on average Queensland first home buyers were saving for 21 months for a deposit.

About 35 per cent of first-timers were actually saving for more than two years before approaching a lender for finance, the research indicated.

Pets of the Month Ebby is 2yrs old & although not too fussed about the other cats, is happy to spend time with her humans. She has a gorgeous, soft, black coat and will be a beautiful companion to the right person for her. Ebby is just $70 and is desexed, vaccinated, microchipped and wormed and also comes with all the free new owner support you could need.

10 month old Skippy is still a timid girl with new people and in unfamiliar situations, however with the correct guidance from an calm, experienced, new family she will do well. She is a very affectionate and quiet and socialises beautifully with other dogs. A German shepherd x staffie, she is not good with livestock and birds and will need good fencing.

Skippy is just $170 and is desexed, vaccinated, microchipped and wormed and also comes with all the free new owner support you could need.

If you would like to meet Skippy or Ebby, visit website: www.awlqld. com.au for more information.

Real Estate Salespeople Is your sales career in the right place?

Are you earning what you deserve?

How much better would it be working with the REIA and REIQ “Agency of the Year 2010”?

TO FIND OUT MORE go to: www.nfn.com.au/career

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2010 Australian Agency of the Year

Nerang Upper Coomera

NERANG Price Slashed - Must Sell • Two large bedrooms • Open plan living • Separate ‘flexi space’ - great study or 2nd living area • Stunning modern kitchen • Timber laminate flooring

HIGHLAND PARK

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• Reverse cycle air conditioning • Newly tiled bathroom • Terrific CBD location Price: $229,000 Web www.nfn.com.au/29806 Contact: Steve Hayes 0421 643 871

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Terrific Townhouse!

• Easy access to all local amenities • Two bedrooms • Pet friendly on application • Double lockup garage • Low body corp Price: $249,995 • Open plan living and dining www.nfn.com.au/45899 • Covered balcony with nice outlook Web • Renovated kitchen & bathroom Contact: Andrew Davidson 0411 760 600 • Pool and tennis court in complex

CARRARA Trendy,Tidy & Terrific!

• Fully renovated villa • Two double bedrooms • Flat grassed yard for the kids • Open plan with timber floors • Lovely modern kitchen • Large covered outdoor

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entertaining area • Single lockup garage • 2 resort style pools in complex Price: $269,000 Web www.nfn.com.au/47851 Contact: Andrew Davidson 0411 760 600

Medium Residential Agency

BEENLEIGH 1/4 Acre - Prime Position!

• 1014m2 vacant building block • Gently sloping corner position • Sewerage, power and phone available • Easy access to shops, transport and town facilities

NERANG Modern Cottage Charm • Two bedrooms plus loft • Open plan design • Beautiful modern kitchen • Tall raked cathedral ceilings • Timber floors • Air conditioning

HIGHLAND PARK Beautiful Villa with Views!

• 2 bedroom villa • Large lounge/dining area • Well appointed kitchen • Air conditioning • Private front courtyard • Lockup garage

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• Possible development potential for townhouses (subject to council approval) Price: $234,950 Web www.nfn.com.au/25108 Contact: Shawn Barber 0404 257 243

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• Modern bathroom with spa • Lockup garage • Walk to everything!

Price: Offers Over $250,000 Web: www.nfn.com.au/37203 Contact: Steve Hayes 0421 643 871

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• Well maintained complex with pool • Currently tenanted at $295 per week • Close to all amenities Price: $260,000 Web: www.nfn.com.au/40889 Contact: Shawn Barber 0404 257 243

quick search these properties and more at www.nfn.com.au quick search these properties and more at www.nfn.com.au Office 55

960055

Every precaution has been taken to establish the accuracy of the above information but does not constitute any representation by the vendor or agent.

2010 Australian Agency of the Year

Nerang Upper Coomera

HIGHLAND PARK Cheapest in the Outlook!

• Magnificent 689m2 prestige vacant land site • Dazzling panoramic views of the Gold Coast & Ocean • Ideal quiet cul d sac position to capture uninterrupted views

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ASHMORE Great Position, Great Start!

• Two bedrooms • Open plan living • Air conditioning • Lockup garage • Private courtyard • Great central location

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• Surrounded by prestige homes • Located only 15 minutes to Gold Coast beaches Price: $260,000 Web www.nfn.com.au/26205 Contact: Shawn Barber 0404 257 243

LOWER BEECHMONT Seller Wants Offers!

• Two bedroom house • Triple carport • Suitable for cars, boats, caravans • Landscaped gardens • Spacious 662m2 block • Rear covered outdoor deck

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• All this under the price of a unit!

• DON’T MISS OUT - ACT NOW! Price: $275-285,000 Web: www.nfn.com.au/25078 Contact: Paul Moitzi 0423 589 958

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• Estimated return if rented - up to $320 per week Price: $305,000 Web www.nfn.com.au/47122 Contact: Julie Morgan-Kemp 0409 870 301

Medium Residential Agency

NERANG

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Ground Floor Villa with Office • Lockup garage with storage area • Three bedroom single level villa • Periodically tenanted with a • Third bedroom has own entrance rental return of $305 per week and courtyard - perfect office! Price: $277,000 • Large open plan design Web www.nfn.com.au/49040 • Air conditioning Contact: Shawn Barber • Private courtyard 0404 257 243

NERANG

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Immaculate & Pet Friendly!

• Two bedrooms • Open plan design • Air conditioning • Terrific large kitchen • Private low maintenance courtyard

CARRARA

quick search these properties and more at www.nfn.com.au

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• Single LU garaging • Resort style pool in complex • Close to schools and shops Price: $289,000 Web www.nfn.com.au/49808 Contact: Paul Moitzi 0423 589 958

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Seller Committed Elsewhere • 3 big bedrooms PLUS ensuite • Open plan design with separate living and meal areas • Terrific large modern kitchen • Private fenced rear courtyard • Lockup garage

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• Security gated pet friendly estate • Community pool and BBQ area • Stroll to shopping complex Price: $319,000 Web: nfn.com.au/45824 Contact: Paul Moitzi 0423 589 958

Office 55

960055

Every precaution has been taken to establish the accuracy of the above information but does not constitute any representation by the vendor or agent.

2010 Australian Agency of the Year

Nerang Upper Coomera

MAUDSLAND

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Acreage Block, Prestige Estate • Located in Lakeview Downs Estate • 4060m2 building block • Only minutes to CBD • Elevated with bush outlook $329,000 • Corner block with great frontage•Price: www.nfn.com.au/35458 • Surrounded by prestige acreage Web: homes Contact: Andrew Davidson • Town water 0411 760 600

COOMBABAH Value, Location, Pet Friendly!

• Three bedrooms, ensuite • Spacious open plan design with tall high pitched ceiling • Ground level master bedroom • Pet friendly, secure estate with pool and tennis court

HIGHLAND PARK Investor’s Delight!

• Three bedrooms • Semi ensuite to master • Open plan lounge and dining • Separate family room • Wide galley style kitchen • Large covered outdoor living area

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• Air conditioning • Big private courtyard • Low body corp Price: $359,000 Web www.nfn.com.au/ ID Contact: Andrew Davidson 0411 760 600

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• Low maintenance yard • LU garage plus off road parking • Currently tenanted with a long lease Price: $380,000 Web www.nfn.com.au/31415 Contact: Steven Hayes 0421 673 871

Medium Residential Agency

NERANG

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Backs to Riverside Parkland • Pet friendly complex • 2 large bedrooms PLUS study • Spacious open plan living • New bright modern kitchen • Air conditioning • LU Storage garage

HIGHLAND PARK

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Top Value Home with Pool!

• 3 good sized bedrooms • Semi ensuite to master • Split level floorplan • Separate dining area • Big kitchen with loads of space • Covered outdoor area

HIGHLAND PARK Price, Pool, Perfection!

• Three bedrooms • Lockup garage plus room for boat/trailer/campervan • Sparkling inground salt pool • Open plan living and dining • Wide full length patios

quick search these properties and more at www.nfn.com.au

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• Large covered outdoor area • Private landscaped yard overlooking riverside parkland Price: $329,000 Web: nfn.com.au/49792 Contact: Julie Morgan-Kemp 0409 870 301

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• Inground pool • LU garage with drive through access Price: $379,000 Web: www.nfn.com.au/40875 Contact: Shawn Barber 0404 257 243

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• 808m2 landscaped corner lot • Child friendly neighbourhood Price: $409,000 Web www.nfn.com.au/49009 Contact: Shawn Barber 0404 257 243

Office 55

960055

Every precaution has been taken to establish the accuracy of the above information but does not constitute any representation by the vendor or agent.

2010 Australian Agency of the Year

Nerang Upper Coomera

HIGHLAND PARK

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Ultra Modern Magic!

• Pool with decking & shade sail • Sensational steel frame home • Wide side access for additional secure parking • 3 large bedrooms Price: $429,000 • Open plan living and dining Web: www.nfn.com.au/33608 • Air conditioning Contact: Andrew Davidson • Stunning new open kitchen 0411 760 600 • Large double garage with toilet

HIGHLAND PARK Livin’ Large!

• Four bedrooms, ensuite • Formal lounge room • Separate tiled family room • Air conditioning • HUGE rumpus with wet bar • Spacious covered deck area

NERANG Big, Bold, Must Be Sold!

• Four bedrooms plus study• • Ensuite to master • Spacious formal lounge plus extra large family room • Large modern kitchen • Upstairs retreat or media room

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• Double garage, single garage plus workshop • 1234m2 lot, fully fenced Price: $489,000 Web: www.nfn.com.au/38434 Contact: Andrew Davidson 0411 760 600

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• Undercover entertaining area plus poolside gazebo • Double garage plus double carport Auction: Onsite 5th March Web www.nfn.com.au/49220 Contact: Steve Hayes 0421 643 871

Medium Residential Agency

WORONGARY

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Privacy, Position and Price!

• 4 bedrooms, ensuite to master • Large separate family room • Huge rumpus or games room • Air conditioning • Covered outdoor living area • Massive triple lockup garage,

MOLENDINAR

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Hot Buy! Don’t Miss It! • Four bedrooms, esnuite • Formal lounge room • Big open plan living with built in bar or study • Terrific kitchen with gas cooking • Lovely plunge pool

GAVEN

quick search these properties and more at www.nfn.com.au

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• Double lockup garage • Covered outdoor al fresco area Auction: Onsite 19th February Web www.nfn.com.au/ ID Contact: Steve Hayes 0421 643 871

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Private Acreage Gem • Three bedrooms plus ensuite • Separate big rumpus room or 4th bedroom • Study/office • Spacious lounge room with high pitched raked ceilings

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doubles as a entertaining area • Walk to school, parks and a short drive to shopping centre Price: $457,500 Web www.nfn.com.au/ 47205 Contact: Andrew Davidson 0411 760 600

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• Beautiful covered deck • 4065m2 lot private and landscaped • Big lockup garage plus 3 car carport Price: $539,000 Web: www.nfn.com.au/40855 Contact: Andrew Davidson 0411 760 600

Office 55

960055

Every precaution has been taken to establish the accuracy of the above information but does not constitute any representation by the vendor or agent.

2010 Australian Agency of the Year

Nerang Upper Coomera

CLEAR ISLAND WATERS

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Executive Lifestyle • Double auto LU garage • 3 bedroom executive townhouse • Estate boasts pool, tennis courts, gym, 24 hour security & more • Massive master bedroom with ensuite and spa bath Price: Offers over $520,000 • Spacious sunken lounge room Web: www.nfn.com.au/34941 • Large loft plus library or office Contact: Steve Hayes • Large modern kitchen 0421 643 871

HIGHLAND PARK

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Lifestyle Living • Inground salt water pool • 4 bedrooms, 2 with ensuites • Outdoor covered entertaining area • Spacious open plan design • Stunning Surfers views $599,000 • Separate lounge and dining areas Price: Web www.nfn.com.au/47930 • Stunning 2 pac kitchen Contact: Paul Moitzi • Air conditioning 0423 589 958 • Double lockup garage

ASHMORE HUGE Family Home • 3 large bedrooms plus ensuite • Downstairs converted to 2 rooms plus study with new kitchen and bathroom • Large separate living areas • Lovely new kitchen

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• Air conditioning • Space for 4 cars • Fully fenced lot in a central location Price: $620,000 Web www.nfn.com.au/49791 Contact: Julie Morgan-Kemp 0409 870 301

Medium Residential Agency

NERANG

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Super Size Luxury!

• Four bedrooms, two ensuites • Parents retreat with kitchenette - dual living potential!

• Extra large office • Separate spacious living areas • Brand new modern kitchen

GAVEN

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• Beautiful inground pool • Covered outdoor entertaining area • Double garage plus double shade sail Price: Offers Over $560,000 Web: www.nfn.com.au/38422 Contact: Steve Hayes 0421 643 871

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Town Acreage Steal!

• Full size tennis court • Four bedrooms, ensuite • Double carport & side access • Three separate living rooms • 5109m lot with room for big shed Auction: Onsite 19th February • Modern timber kitchen www.nfn.com.au/47128 • Glass french bi-folds opening out Web to covered entertaining area Contact: Julie 0409 870 301 • Beautiful pool with Bali hut Paul 0423 589 958

UPPER COOMERA

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Dual Living Acreage Homes • LU workshed, tandem LU garage plus double carport • Four bedrooms, ensuite • 4312m2 lot, gently sloping • Large open lounge and dining Price: $659,000 • Terrific modern kitchen Web: www.nfn.com.au/35775 • Air cond, and solar hot water • Two bedroom self contained flat Contact: Steve Hayes 0421 643 871 • Long covered outdoor living area

quick search these properties and more at www.nfn.com.au

Office 55

960055

Every precaution has been taken to establish the accuracy of the above information but does not constitute any representation by the vendor or agent.

2010 Australian Agency of the Year

Nerang Upper Coomera

MOUNT NATHAN Awesome Acreage Home • 4 bedrooms, 2 with ensuites • Private parents retreat • Formal & informal living • Air conditioning • Inground pool and Bali hut • 2902m2 landscaped block

WORONGARY

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• Double auto lockup garage plus driveway to 9m x 7.5m shed Price: $695-729,000 Web: www.nfn.com.au/30483 Contact: Julie Morgan-Kemp 0409 870 301

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Private Acreage - Dual Living! • Double lockup garage • Three bedrooms plus large study • 8923m2 lot (2.2 acres) on a private road • Self contained studio granny flat $750,000 • Wide covered entertaining area Price: plus front deck Web: www.nfn.com.au/44303 • Separate huge rumpus with bar Contact: Andrew Davidson • Insulated lockup steel workshed 0411 760 600

SPRINGBROOK Amazing B & B Opportunity!

• 8083m2 lot, fully landscaped • 3 bedroom home plus a big one bedroom B&B guest house • Ensuite to master • Separate living areas • Big country style eat in kitchen

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• 4 car garaging plus carport • Sold as registered operational business for a 4 star B&B Tender: Closes 5pm 26th Feb Web: www.nfn.com.au/47937 Contact: Shawn Barber 0404 257 243

Medium Residential Agency

HIGHLAND PARK

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Prime Position, Must Be Sold • 280 degree views to Surfers • Four bedrooms, ensuite • Massive games room • Expansive open living and family • Huge gourmet kitchen • Large front and rear balconies

NERANG

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• Ducted air con and Vaccu-maid • Salt water pool with water feature • Double lockup garage Price: $749,000 Web: www.nfn.com.au/25049 Contact: Julie 0409 870 301 Paul 0423 589 958

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1/2 Acre in Town!

• Double shade sail parking plus loads of off street parking • Four bedrooms, ensuite • 2636m2 block, close to CBD • Separate large 9 x 8m office Price: $799,000 • 3 Separate living areas www.nfn.com.au/28454 • Large new kitchen with gas cook- Web: ing and granite benchtops Contact: Paul Moitzi • IG pool with wide gazebo area 0423 589 958

MAUDSLAND

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50Sqs, Perfect for Dual Living! • Inground salt pool with Bali hut • 4000m2 lot with 2 street access • 9x7m shed with power & carport • 2 master suites each with ensuite • Double auto garage and more! plus 4 double bedrooms Price: $795 - 825,000 • Huge modern kitchen with Web: www.nfn.com.au/25020 • Three separate living areas Contact: Julie Morgan-Kemp • Giant covered outdoor area 0409 870 301

quick search these properties and more at www.nfn.com.au

Office 55

960055

Every precaution has been taken to establish the accuracy of the above information but does not constitute any representation by the vendor or agent.

Property Insurance: Passing the Risk Who takes the risk of a property being damaged after a sale Contract has been signed?

While the sale Contract form used will provide some guidance, the general law also makes some provision for these issues.

For example, Section 64 of the Property Law Act (Qld) allows a buyer to rescind a contract for the sale of a dwelling house or unit before the earlier of the taking of possession or settlement if the property is so damaged by fire storm or tempest as to be unfit for human habitation. That will always be a question of degree and the test may not be satisfied by partial or complete inundation by floodwaters. In any event, the damage to the dwelling would have to be severe. Section 63 of that Act also says, more or less, that the buyer is entitled to the benefit of any insurance held by the seller.

The Contract forms in common use in Queensland differ in some respects.

The REIQ forms of contract (house and land, community title lots) say that the property is at the risk of the buyer from 5.00pm on the first Business day after the Contract Date. That provision satisfies at least partly the tests set in Section 50 of the Insurance Contracts Act. The seller must use the property reasonably until settlement and must not alter the property significantly or in a way that could cause expense for the buyer.

The ADL form says much the same thing and requires the seller to maintain its policy of insurance as long as he remains in possession.

It goes on to say words to the effect that the seller must deliver the Property at Settlement

without damage or loss, fair wear and tear excepted. Although the buyer cannot delay settlement or withhold money, they can require the seller to rectify prior to settlement and try to recover the reasonable costs of rectification from the seller after settlement.

On balance, buyers should be encouraged to make their own arrangements for insurance immediately after a Contract is signed. They should not wait until they have received a satisfactory building inspection and have obtained a finance approval or until satisfaction of special conditions.

Buyers should also make sure that they understand what their insurance cover actually covers and not simply accept the cheapest quote.

Section 50 of the Insurance Contracts Act 1984 (Cwlth) says that if a property is subject of insurance and is sold by a Contract under which risk has passed to the buyer then the buyer is deemed to be an insured person. Whether the relevant policy covers flood (however that may be defined in the policy) and whether the policy lapses or is maintained by the seller during the term of the Contract are not covered by that Act. The seller is not obliged by law to hold or maintain insurance.

$

Another $15,800

raised since December by First National Real Estate for the Australian Red Cross