The Reserve Bank of Australia (RBA) has spared borrowers an interest rate rise, leaving the cash rate at 4.75 percent in a widely expected move.

The Reserve Bank last increased the overnight cash rate in November 2010 to 4.75 percent from 4.5 percent and most economists still expect a rate rise this year.

“We expect that the Reserve Bank’s decision to leave the official cash rate unchanged at 4.75% today will fuel a new trend emerging where we’re starting to see Australians saving less and borrowing more money for home loans," RateCity chief executive Damian Smith said.

Prior to the announcement the Australian Chamber of Commerce and Industry warned that an official interest rate rise today would "punch a hole" in business and consumer confidence. The chamber’s latest expectations survey, released on Monday, again highlighted the pressures businesses are facing, it said.

"We are particularly concerned about a pre-emptive rate increase, or an early increase," the chamber’s director of economics and industry policy Greg Evans told reporters in Canberra.

"That that could be very damaging and punch a hole in both business and consumer confidence."

The decision by the State Government to remove the stamp duty home concession will flatten the struggling Queensland residential property market and cost homebuyers thousands of dollars, according to the Real Estate Institute of Queensland (REIQ).

The government announced today that from 1 August the concession which non-first home buyers receive when buying a new or established home as their principal place of residence will be removed. For a median-priced house in Brisbane, homebuyers will now be hit with more than $15,000 in stamp duty – an increase of more than $7,000.

First home buyer stamp duty concessions will remain for homes up to $500,000.

The government also announced a $10,000 grant for new-home builds. The Queensland Building Boost grant will be available for all people building, or buying, a new-build home or unit priced up to $600,000 between 1 August 2011 and 31 January 2012.

REIQ chairman Pamela Bennett said while any incentive to increase housing supply and create jobs in the construction sector is a positive for the economy, the removal of the stamp duty concession for non-first home buyers will wreak havoc on the Queensland property market.

About 60 per cent of all dwellings financed in Queensland in April were to non-first home buyers.
“The market is already the lowest it has been in many years and today’s announcement will just make it worse,” she said.

“The government is obviously trying to fill the financial void that has been left by the weak property market, and the subsequent lower stamp duty receipts given the marked reduction in property sales over the past 18 months.

“A better way to stimulate the economy would have been to provide financial incentives for all buyers of all types of properties which in turn would have increased activity and therefore helped the government’s bottom-line.”

According to the REIQ, the $10,000 grant for new-builds might provide a much-needed shot in the arm for the building sector but its value will be greatly diminished by the increased rates of stamp duty that non-first home buyers will have to pay. It is also unlikely to assist more first home buyers into the market.

“There has been a huge reduction in first home buyer activity over the past year and this grant is unlikely to change that state of affairs to any significant degree,” she said.

“While the grant means first-timers will be able to access $17,000, as well as stamp duty concessions, purchasing a new-build home or unit continues to be out of the financial reach of most prospective homeowners.”

When the First Home Owners Boost was available in late 2008 and throughout 2009, 74 per cent of first home buyers purchased an established home despite $21,000 being available for constructing a new home or the purchase of a new-build.

REINSW members will recall that on 1 July 2010 the former NSW Labor Government introduced the Torrens Assurance Levy, which is an ad valorem tax payable on the registration of a transfer of NSW property where the purchase price is more than $500,000. The greater the purchase price, the higher the levy payable. By way of example, the tax amounts to $204 on a property with a price of $600,000, and increases to $1,004 for a property at $1,000,000 and $6,004 for a property at $3 million.

REINSW immediately sought, and received, an undertaking from the then Opposition Leader Barry O’Farrell that he would repeal the ad valorem tax should the NSW Liberals & Nationals be elected to government at the 2011 NSW election.

REINSW is pleased to report that the Real Property Amendment (Torrens Assurance Levy Repeal) Bill 2011 was introduced into the NSW Parliament yesterday on 9 May 2011.

While the Bill is not yet law, we are pleased to see the new Government taking steps to honour its undertaking to REINSW. We will monitor the progress of the Bill as it makes its way through Parliament and will keep members informed of further developments.

The Bill is proposed to come into effect on 1 July 2011. Under transitional provisions, the tax will continue to apply to registrations of transfers that are executed to give effect to Contracts for Sale of Land entered into on or after 1 July 2010 and before 1 July 2011. Only registrations of transfers made to give effect to Contracts for Sale where the contract for sale is entered into on or after 1 July 2011 will benefit from the abolition of the tax.

Accordingly, REINSW members may notice and reasonably expect some resistance to exchange of contracts by purchasers between now and 1 July 2011, as by delaying exchange to 1 July 2011 they can avoid paying the levy. The resistance may be more pronounced with respect to purchasers of premium properties who would be liable for much higher levies.

Dear Lois,  
On behalf of Katie Thompson and The RiverCity Centre (C3 church), we would like to extend our sincere appreciation for your support of the recent “Pamper Day for single mums” event.    We especially thank you for your generous financial donation.  The Pamper Day would not have been such a success if it hadn’t been for your support and generosity.
We had many single mums from the local community attend the event and we received a significant amount of positive feedback and appreciation from the mums.  Given the success of the day, we hope to make this an annual event. 

Thank you again for your support.

Yours sincerely,

Shannon White on behalf of Katie Thompson.

It’s not often that I blow my own trumpet, however, dealing in Real Estate in the capacity of business owner and salesperson is often a demanding and consuming profession. 

I continually give my all to ensure that our clients, not just in Lennox Head and Bangalow, but throughout the region, receive the best possible service.

It is gratifying and very pleasing to be sent the following testimonial:

2 Rosemont Avenue, Woollahra, NSW 2025

28th February 2011

Moving my elderly father from a small acreage farm is the reason I met Lois Buckett. He is a very private person who is of a generation where a handshake is a contract and a professional is expected to excel at their occupation. Newspapers will have no record of the sale, our planned advertising campaign was fortunately not required. The initial discussion set a realistic price range, and was concluded with Lois saying she had “keen buyers” on her data base.

I am of a generation where self promotion is common. My expectations are rarely met, much less surpassed, however when Lois contacted me later and said some strong interest was shown by some of her clients, and she felt sure she could negotiate a good price from these,  we delayed our advertising.

The rest, as they say, is history. My father has moved into a small retirement village, a couple are moving onto dad’s farm with wonderful plans, and I have witnessed a professional job where our agent has exceeded all expectations.

I doubt that Lois will fully explain exactly all she did to assist in my father’s move, for that you may feel free to contact me personally. I would, however, strongly recommend to those who are thinking of a real estate transaction, be they buyers or sellers, that Lois Buckett is passionate and skilled at her job and goes about it with a warmth seldom encountered in today’s world.

Yours sincerely,

Michael Ringland

This is an update of some of the main reforms in the Act which is going to become law on Monday 31 January 2011.

Residential Tenancies Act 2010 was passed by Parliament on 10 June 2010.

The key changes in the Act are explained below:-

Holding Fees

The Act will permit holding fees to be charged only after an application for a tenancy has been approved. This assumes that applications are approved on the spot. This may present procedural problems for both tenants and landlords and needs to be considered through the consultation process for the regulations. Once accepted the holding fee keeps the premises off the market for up to 7 days with no provision for any refund to the applicant if they decide not to enter into an agreement. The 1987 Act (current position) provides that the landlord may retain a fee equivalent to only the amount of rent that would have been paid for the period reserved and refund the remainder (if any) to the applicant.

Information to be provided and material facts

Section 27 (1) compels a landlord to provide a tenant with their phone number or other contact details even if they have an agent. The Act requires the disclosure of material facts to prospective tenants; such as if the landlord has drawn up a contract to sell the property or if a mortgagee has taken court action to recover possession.

Selling of property

The landlord must give a minimum of 14 days written notice prior to commencement of marketing. It obliges the selling agent to make reasonable efforts to agree with the tenant on the days and times the premises will be available for inspection. A limit of 2 inspections per week are provided in the Act, and the parties can negotiate if more access is required. If the landlord and tenant fail to agree, the landlord can access twice per week without consent provided 48 hours notice is given to the tenant on each occasion.

Limit on amounts payable by tenant before agreement

The tenant can no longer be charged the $15.00 contribution towards the lease preparation fee.

Limit on bonds payable by tenant

Bonds will be limited to the equivalent of 4 weeks rent for both furnished and unfurnished premises—current position is 6 weeks rent for furnished premises. Bonds can also no longer be topped up in an ongoing tenancy.

Urgent Repairs

Definitions of urgent work and repairs now includes the addition of cooling.

Breaking a lease early

The Act will enable tenants to break a lease early without penalty in certain situations, such as, when they accept an offer of public housing or need to move to a nursing home. The Act also introduces the concept of an option ‘break fee’, fixing the penalty payable in other cases where a tenant breaks a lease early. A break fee for a fixed term agreement for a fixed term of not more than 3 years is an amount equal to 4 weeks rent in any other case.

Termination Notices—Periodic agreement

The Act increases the ‘no grounds’ notice given to tenants who are no longer in a fixed term lease from 60 days to 90 days. A tenant may give 21 days notice—no change from current position.

Fixed Term

A landlord may end a fixed term agreement at any time before the end of the fixed term to take effect not earlier than 30 days after the day on which the notice is given –current position is 14 days. The tenant notice will remain at 14 days

Rent arrears evictions

We are advised that the time taken for a landlord to get their application heard by the Tribunal where the tenant is behind in rent will be shortened. Section 88 (4) provides that a landlord may apply to the tribunal for a termination order before the termination date Tribunal

specified in a non-payment termination notice, however the Tribunal must not consider such application until after the termination date. The Act also gives a guarantee to tenants that their tenancy can continue if their rent arrears are paid or if they follow an agree repayment plan. However, this guarantee may not apply if the landlord makes an application to the tribunal for a termination order and the tribunal is satisfied that the tenant has frequently failed to pay their rent on time.

Water Efficiency

The Act will require rented premises to be water efficient if tenants of separately metered premises are to pay for water. The standards for water efficiency will be determined when the regulations are made later this year. Landlords have 12 months in which to carry out any required work if they wish to continue to directly recover the cost of water usage from tenants.

Merry Christmas

(more…)

UPDATE FROM CAMBODIA
The trip to Preah Vihear was absolutely amazing and completely bizarre!!!!!

We all set off at the crack of dawn, Cheryl, myself, Pha, a driver and 8 of my students.

The drive to the temple was about 4 hours. From about 50kms away you could begin to see the escarpment the temple is built on. It is in fact older than Angkor Wat. The escarpment is 550m high and is the end point of a chain of mountains that separates Thailand and Cambodia. Cambodia is much lower than Thailand. The Thais and Khmers have been fighting over this very sacred temple for centuries and in 2008 UNESCO declared it a World Heritage site and gave it to Cambodia much to the chagrin of the Thais. They have been fighting over it ever since. Many lives have been lost on both sides but at the moment there is a ceasefire and the troops are pulling back.

At the base of the escarpment we all piled into an army vehicle and a soldier began the drive to the top. Luckily Chery and I got to sit in the cabin while the boys stood in the back. There were people selling cartons of cigarettes everywhere before we began the ascent. Pha explained we could buy them and give them to the soldiers on the way up and at the top.

We began our ascent. it was incredibly steep and at one spot we had to wait while they rebuilt the road in front of us with huge bull dozers. All the way up were soldiers at the side of the road and we could see their little tents and huts along the road. We began throwing the packets of cigarettes to them. Pha had also bought a bag of lollies which he was scattering along the side of the road, for the spirits he said.

Once we were at the top we all piled out and ahead of us was an ancient avenue of stones leading upwards to the first chamber of the temple, this was followed by another avenue of stones leading to the next chamber and then steep steps up to the next part of the temple and then more steps and more steps and more steps. Pha kept saying we were at the top but just how many tops did this temple have?? Finally we made it to the last “top “. Below us was Cambodia, to the left of us was Thailand. We all sat in a cave with a group of soldiers and enjoying the incredible view.

All along the walk up through the temple were groups of very bored Khmer soldiers. They are only given rice to eat so we bought them boiled eggs and dumplings and gave them out with the cigarettes. They were really appreciative and I had my photo taken with what seemed like the whole Khmer army. I asked Pha if there was a general around who was in charge of these men. Cheryl quickly replied, yes, General Chaos! And that’s what it seemed. Some of them had semi automatic guns which we were able to have a good look at but could see no sign of which country had supplied them. One soldier explained that many of them have malaria and are very sick with lots of illnesses. I saw the stinking putrid water they had to drink so it was no wonder. Sometimes they don’t get paid for months. A soldier’s salary is $80 per month. Many of the families around Mondul Bei are army families

They are in the process of building a border crossing at the base of the temple. Razor wire was rolled along the border with big rolls for about 5 metres inside Thailand. We could see Thai soldiers about 500 m away. As well there were landmine warning signs nailed to the trees. This area was the last stronghold of the Khmer Rouge with the second in command, Ta Mok, known as the Butcher, having a residence close by.

It was a huge day, we got home about 7pm. The boys were fantastic!!!! They were teenage boys, singing, laughing, teasing each other, rolling around but at no stage did they put a foot wrong. One even piggy backed me when I thought I couldn’t take another step. But only for a few metres. The joy I got from watching them having such a great time was priceless.

Now I begin the process of saying good bye to everyone. It’s going to be an emotional week!!!!

Home on Friday,

Lots of Love,
Robyn

As the summer months approach we are faced with a desperate shortage of rental properties in the Lennox Head, Bangalow, Ballina and Byron Bay areas.

Currently, on our data base at Lois Buckett Real Estate, we have a list of excellent prospective tenants ready to move.

If you are thinking of renting your property we invite you to take advantage of our comprehensive service and contact Natalie Leslie on (02) 6687 4399.

The showgrounds in Bangalow were overflowing with activities and participants at the Bangalow Show last weekend.

The inclement weather did not keep people away and there was a large contingency of community minded people enjoying all the Show has to offer.

Mark Kinneally and Matt Rudgley headed a team for the Iron Man Challenge and just got pipped at the post to come in at second place.  My daughter, Elenor, put up a fine effort in downing 2 beers and a half frozen pie in record time as part of the challenge while Mark & Matt were busy digging holes, running obstacle courses, boiling the billy and stacking the hay.

The Lions Club were well represented with a bunch of dedicated volunteers assisting throughout the day and feeding the hordes.

It was heartening to see so many locals from all generations attending the event.  John Singh and Gordon Parker are annual attendees and long established members of the community.

A great deal of fun and laughter was had by all.  The spectacular fireworks on Saturday evening were a fitting end to a fantastic day.

As you all may suspect by now, apart from my involvement with New Hope in Cambodia, I am an avid supporter of the local Lennox Head community which expands to many facets and different areas within our beautiful region.
One of my latest ventures is to become a “Silver Sponsor” for Mark Waller – an exceptional (and debonair) local artist with a vision for the future which includes promoting our unique and diverse region through art and video.
I invite you all to visit his site at www.markwaller.com.au and take a look at his amazing work.

Real Estate Institute of Victoria chief executive Enzo Raimondo urged political parties to outline how they would address Melbourne’s housing affordability in the lead-up to the state election. “According to the Australian Bureau of Statistics, 10 years ago first-home buyers represented 28per cent of the market,” Mr Raimondo said.

“A year ago it was 27per cent and in August this year it had dropped to 17per cent.”

He said reduced housing affordability was due to rising property prices, shortage of stock and higher state government taxes.

“Ten years ago a first-home buyer in Broadmeadows who received the $7000 grant had nearly $5000 remaining after stamp duty; now they have to pay an extra $6600. Stamp duty revenue has more than trebled in 10 years and is adding significant financial burdens at a time when buyers can least afford it.”

“At the moment, Victoria has the highest stamp duty in Australia and it would be nice if it was reduced to be the same as the other states.”

Based on the median price of a home in the September quarter of 2000, Sunshine residents were left with $2670 of the $7000 grant after paying stamp duty, while St Albans residents were left with $3840.

Story by Zoe Lewis and Tara Murray http://www.brimbankweekly.com.au

Tags: banks, finance, marketing, news, property, rates, stamp duty

Posted in News, Research

View the original article here

An urban planning expert says town planners can learn a lot from the slums of Rio de Janeiro when it comes to building our future cities.

John Norquist, the president of the United States Congress for New Urbanism, is in Brisbane for the City of the Future Conference.

The former mayor of Milwaukee says population growth means high-density living will be the way of the future in Australian cities like Brisbane, Sydney and Melbourne.

Mr Norquist points to Rio’s favalas as examples of functional communities and says the informal arrangements made in slums are a good model for how councils can improve zoning laws.

“To give you an example of where you have a very strict plan like the capital of Brazil, Brasilia, where most of the streets are grade separated and everything is use separated and it’s planned on the utopian model that was predominant in the 1950s,” he said.

“The capital of Brazil is one of the most lifeless places on earth. The restaurants and the nightclubs and so forth that you find in Rio you don’t find that in Brasilia – you find it in the slums around Brasilia.

“So planners need to learn from the way human beings arrange their lives informally when there’s not a plan.”

Mr Norquist says planning cities with transportation and sustainability in mind is the “convenient remedy, the inconvenient truth”.

He says Australian cities had it right before World War II, but since then, planning has led to urban sprawl, which means people are forced to rely on cars more.

“The pre-World War II development was built compactly and around transit,” he said.

“In the post-war period there was a time in Australia – not quite as long and as devastating as what happened in the US – where you experienced a lot of sprawl.”

Mr Norquist says urbanism does not mean the end of owning a car and having a backyard barbeque.

“There is an understanding in the real estate market in the US more and more that urbanism has a value, that urbanism creates a lot of variety of choices,” he said.

“Even in our most suburban areas on the edge of metropolitan areas there’s talk about building village centres that are walkable, where people can enjoy life, where they can meet their friends and have a social function and also market function, retail.

“The idea of just having a community built around cars with the main feature being giant roads and parking lots, that’s not enough to people anymore. They want more than that.”

In the United States there are between 35 and 40 million new homes expected to be built in the next 30 years and Australia is set to follow a similar path.

Mr Norquist says Vancouver in Canada – a city of boulevards and good transit – is a perfect model for Australia’s major cities.

“It has no expressways at all and it’s quite successful.

“It’s been the most successful city in Canada in terms of property value growth, it’s gained in population but the population seems very satisfied with the growing density of the city.

“It’s a great tourist city, it’s a great economic city, it has manufacturing, it has all kinds of things that makes for a great city.”

Story by Brigid Andersen – www.abc.net.au

Tags: community, government, news, planning, property, research, slums

View the original article here

Some of the children in the family I sponsor

As I have mentioned in earlier posts I travel to Cambodia regularly and visit the New Hope Community at Siem Reap.  As well, I sponsor a family with 7 children and thought you might like to see a photo.   Subject: Drowning in a sea of corruption

Last night we celebrated Channy’s birthday. He’d invited a group of his friends from school to Kerry’s house  for a party. He bought two bottles of cola and two packets of biscuits out of his salary and I bought the cake. We had a lovely time. They were all really lovely young men. I then went to dinner with Ron, Kerry and two potential donors. It was a late night and I was dog tired, planning a really quiet Sunday.

I was woken at 7.30 by a frantic Kerry. We’ve got to get to Kemsour’s house ASAP. Seth, Kemsour’s brother, and three of the boys from the party are in jail. Thank goodness Channy wasn’t one of them. The story …….

Blaed, Kerry’s son had been out with some of the male volunteers at the Temple Bar. Late at night as Blaed was walking back to the car he was jostled by a group of ladyboys  pushing him and trying to grope him. When he got to the car he realised his phone was gone. He demanded it back and they gave it straight back. On the way home he discovered all his money missing from his wallet.

They went straight back into town where he saw one of the ladyboys. He demanded his money back and was then attacked by a group of men. He didn’t know what to do so rang Seth for help. Seth woke up the boys sleeping (thank god he couldn’t wake Channy) over and they went into town where by this time it was an all in brawl. One man even had a gun, others blocks of wood. Blaed had slipped over slicing his knee open on the broken glass. The police arrived and arrested Seth and the other three boys, none of the ladyboys.  This is a racket the police run with the lady boys. They share the stolen  money and then the corruption money.

We all went straight to the police station. That was a circus!!!!!
The chief dressed in casual clothes arrives and once he knows kemsour runs an NGO proceeds to show us a tumour on his chest the size of a softball. Wants to know if we can help him. Then more police arrive, what a ragged tagged bloody crew!!!! After much negotiation and discussion they want $1 000 or the boys go to the big jail. $500 to the ladyboys to drop the charges and $500 for them.

This went on for 7  hours. It’s been 40 years since I had a can of coke for breakfast and then I wanted to go to the toilet. Could you imagine what that would have been like so I had to keep my legs crossed. Poor Kemsour, he is so against paying corruption money. What a dilemma for him. In the end he said he wouldn’t pay $1000 and we walked away. Later the police rang him and said they may be able to reduce it. Meanwhile Seth and the boys are being transferred to the big house where Vannak is. And the stalemate continues……

Tuesday
The police rang Kemsour late Sunday night indicating they were prepared to lower the price. Kemsour went to the station early Monday morning and after paying $500 got the boys released. We had tried to get mosquito nets to them as the cell was in the open but they wouldn’t let them through or the mats and blankets we took out. The boys also got no food for 36 hours. But they are free!!!!!! Still in the clothes they’d worn to Channy’s party. What a fiasco!!! But the public is so powerless against the police.

When Kerry and I finally got back to Kerry’s house on Sunday we received the news that Srey Mao, who is the house mother, had left to visit her cousin in the local hospital. her cousin who is only 31 had TB and was very sick. The hospital gave her some medication and she was in a coma and her whole body completely swollen.

I just learned that she died yesterday. God only knows what the medication was!!! But only a poor village woman so what does it matter!!!!!

My big news is that I am not going to rent a house over here I’m going to build one. I am in partnership with another long term volunteer in the purchase of a block of land to build a two storey house, me downstairs, him upstairs, two separate units with shared living area at the back for our cook/ housekeeper. My area will have three bedrooms and two bathrooms and a huge living area opening onto a large outdoor area. Lots of room for friends volunteering at New Hope????

I have a PR gig tomorrow. I’m representing New Hope at the Sunrise Home’s concert. This is Geraldine Cox’ orphanage. Kerry and Kemsour will be busy entertaining a visitor from the UN!!!! Geraldine supports New Hope’s clinic so we have to be seen at her shows.

I’m looking forward to Jenny and Richard arriving next week. I’m organising a special lunch with fried frogs and rats for them.
Lots of Love,
Robyn

On our doorstep

 Below is the transcript of a report published in the Ballina Shire Advocate on 8 November.

At Lois Buckett Real Estate, we can definitely agree and have seen a steady growth in value and an active and bouyant marketplace!!!

And why not, when you have the opportunity to live in this amazing environment.

According to the Ballina Shire Advocate……..”Average house prices in the region have risen by 12.4% in the past 12 months, to $444,000, with Lennox Head leading the growth locally.
The coastal village enjoyed a 19.4% growth followed by Terranora (+18.6%), Evans Head (+17.6%), Ocean Shores (+14.5%), East Lismore (+13.8%), Casino (+11.1%) and Lismore Heights (+10.8%).
The findings were released last week in the State of the State NSW Property Report.
The report was prepared by RP Data, Australia’s largest property research house, on behalf of St George Bank.
The report shows NSW property prices have stabilised, on average, despite growth in some areas and falls in others.
Chief Economist for St George Bank, Justin Smirk, said the pause in average NSW regional property prices offered home buyers a chance to take stock and carefully consider their options.
“Affordability remains the biggest factor in NSW, given the shortage of new housing.” Mr Smirk said.
“Areas with higher rising incomes will continue to see increased residential property prices, while more affordable housing, typically in lower-income areas, will remain subdued.”"