Owners Corporation and Executive Committee
The owners corporation is the body made up by all the owners in the strata scheme and is considered the governing body of the strata plan. An owners corporation is defined as follows;
The owners of the lots from time to time in a strata scheme constitute a body corporate under the name ‘The Owners – Strata Plan No. X’ (X being the registered number of the … Read the full post »
What is a Strata Scheme?
A strata scheme is a building or collection of buildings, where individuals each own a small portion (a lot) but where there is also common property (eg. external walls, windows, roof, driveways etc) which every owner shares ownership of. Strata schemes are effectively small communities where the activities and attitudes of residents can have a significant impact on the satisfaction and enjoyment of others.
Whilst strata living … Read the full post »
A common query we often hear from people including Landlords and Tenants is “What is accidental damage and how is this different to malicious damage, deliberate damage and/or Wear and Tear?”.
This is a great question!
In the marketplace, some Landlords have unrealistic expectations that their property will remain in exactly the same condition at the end of the lease … Read the full post »
When choosing a home loan, there are a lot of questions you should be asking yourself before deciding on which loan to commit to. RateCity recommend considering the following questions:
1. Are there Exit Penalties?
When choosing a home loan, most people pick a larger fixed term of about 30 years, as this makes the monthly repayments cheaper; however you need to look out for exit penalties that may apply if … Read the full post »
When it comes to home loans, there are hundreds of finance companies available to choose from. Deciding which lender to work with can be a somewhat time consuming process, but it is the most important step. Not everybody has the time to do all of the research themselves, and without knowledge of the industry it is even more difficult. For this reason, it can be extraordinarily helpful to have a … Read the full post »
Quite often after the decision to sell via auction has been made, a flurry of nerves strikes the vendor; it’s too much pressure, what if there’s only one bidder, what if there’s none or everyone’s worst fear, what if it passes in, then we’ll never sell!
The good news is that none of these thoughts are worth worrying about. If you have selected a good agent that you trust then they … Read the full post »
When it comes to the sale of a property, Conveyancing is a complex and important part of the process surrounding the a property transaction.
Conveyancing is made up of multiple record searches, legal wrangling and negotiating, preparation of official documentation and preparation of final disbursements prior to property settlement which are all taks designed to ensure a legitimate transfer of property. The sole purpose of conveyance is to ensure the seller’s … Read the full post »
The Residential Tenancies Act 2010 (the Act) has altered the way in which landlords can recover water usage charges from tenants.
There are two aspects to this:
1. issues relating to the premises;
2. and the provision of bills to the tenant and how payment is enforced.
Which premises are covered?
Section 39 of the Act provides that a tenant must pay the water usage charges for the residential premises, but only if:
the premises are … Read the full post »
The Reserve Bank has decided to leave the official cash rate on hold at 4.75 per cent.
A raft of less than stellar economic data forced the RBA to leave the cash rate unchanged at its third consecutive board meeting earlier today.
Yesterday, HSBC economist Paul Bloxham said it was unlikely that the RBA would lift rates any time soon as the risks to inflation are almost all to the upside.
“HSBC believes … Read the full post »
“Buying a home can be a bit like buying a carton of eggs. You never know what you’re going to find when you look inside - bits might be missing, cracked, old, broken or rotten. So you have to check carefully to make sure you are getting what you pay for.” – Sarah Mills (ninemsn Money)
Buying a house can be very overwhelming as there are more factors to consider compared … Read the full post »
The criteria to evaluate when buying an apartment are similar to those when buying a house – location and aspect, for example. Yet experienced apartment buyers say that there are things to consider that aren’t always obvious the first time round. *
Big or Small Building?
Some apartment buildings are large while some have as few as four apartments in the block. Size is worth considering, depending on what sort of lifestyle … Read the full post »
After a slow start to the year, BIS Shrapnel is predicting the property market will pick up speed in the second half of 2011.
According to the forecaster’s Building Industry Prospects report released on Monday, the total number of new dwelling approvals is expected to rise eight per cent to 177,000 in 2011/12 – the highest level since 2003/04.
“The increase in first home buyer demand from the Federal Government’s First Home … Read the full post »
A master plan to cater for a forecast 40 per cent jump in Sydney’s population by 2036 has been unveiled by the New South Wales Government. The plan is based on projections that the population in the nation’s biggest capital will grow from 4.28 million in 2006 to nearly six million in 25 years. And the number of Sydney homes will increase from 1.68 million in 2006 to 2.45 million … Read the full post »
If you’re contemplating retirement in the next few years, here’s a few points to consider:
How Much Money Will You Need to Retire Comfortably?
Have you started planning for retirement or reassessed your financial situation?
Have You Applied for the Age Pension?
The age pension can help ensure you have a safety income for your retirement. To check your eligibility, visit Centrelink’s website.
Are you financially covered for long life expectancy?
What if … Read the full post »
Most tenancy agreements state that the owner of the rental property is obliged to conduct ‘urgent repairs’ as they arise. What constitutes an ‘urgent’ repair and what happens when landlords try to ‘save money’ by refusing to carry it out?
Throughout Australia, landlords as well as tenants are subject to residential tenancy legislation. For example, in NSW landlords have to keep the property in good condition, they are obligated to lodge … Read the full post »
For most of us, trying to decipher the mixed messages we receive about Australia’s economic future is all too much. Falling short of looking into a crystal ball, the signs to watch are:
Confidence – Business, consumer and share market confidence.
Inflation – Keep a close eye on inflation levels.
Interest Rates – Consider the cash rate and how often the Reserve Bank of Australia alters the rate
Unemployment – … Read the full post »
The new Residential Tenancies Act 2010 came into force from 31st January 2011. There are number of changes that affect both landlords and tenants:
Tenants Get More Time to Move Out
If a tenant is no longer under a fixed term agreement and the landlord wants the tenant to move out ‘without grounds’, the notice period increases from 60 to 90 days. If notice is given by a landlord just before the … Read the full post »
Flatter property prices are likely to suit investors moving forward.
According to recent research by RP Data, property prices grew by 4.7 per cent over 2010, significantly lower than the 20 per cent achieved in 2009.
But while the flatter prices will make for uninspiring capital gains, RESI’s chief executive officer Lisa Montgomery told Real Estate Business that investors will continue to benefit from a tighter rental market.
Nationally, gross yields for apartments … Read the full post »
The festive season is doing little to improve auction clearance rates, which dropped in most states last weekend, according to Australian Property Monitors.
In Sydney, just 49.9 per cent of properties cleared – down from 56 per cent recorded two weeks ago.
In Melbourne the story was much the same, with the auction clearance rate dropping from 63.3 per cent to 57.8 per cent in a fortnight.
Real Estate Institute of Victoria chief … Read the full post »
Almost one third of investors will look to increase their investment portfolio in the next 12 months, a new survey has found.
But while more than 30 per cent of investors are looking to add to their portfolio, InvestSMART’s annual Funds Flow Survey found that investor appetite for risk has decreased in the last year, with only 23 per cent assessing themselves as having a high or very high-risk tolerance, compared … Read the full post »