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SSC Newspaper : JUNE 2012
Strathfield Scene 31 PROPERTY 2012 Inner West Local Business Awards Winner -- Real Estate Agency of the Year Winner -- Business of the Year Buying, Selling, Renting? Call the winning team. A big thank you to all our sta , clients and suppliers for contributing to another great year for Devine. Thinking of Buying, Selling or Renting? Think Devine. Call 8080 7355 / 8080 7368 to get started. devinere.com.au STRATHFIELD | CONCORD | DRUMMOYNE By Steve Devine The question that has been on every- one's lips in the past few days has been "Will interest rates hold or will they go down... and what impact will that have on the housing market?" Well, we all know the answer to the rst part of the question -- interest rates went down. e answer to the second part question will obviously take longer in making itself known. Current economic climate analysts from all around the world are reluctant to make too many predictions, because each day brings a new unknown into the equation. But those owning property in Strath eld generally approach each day taking comfort in the strength that Strath eld maintains as a suburb. e most recent statistics released from the last census shows that over 35 per cent of households in Strath eld are fortunate enough to not have a mortgage. Compare that to Sydney as a whole, where only about 16 per cent of home owners are mortgage-free and you can see that in Strath eld more than double the number of property owners are largely una ected by the vagaries of mortgage interest rate changes. Sentiment and con dence have always been signi cant drivers of property price. ere is no question that international forces are playing their part when it comes to local con dence, however I believe we need to loosen the reigns a li le and rejoice in the bene ts of home ownership in Strath eld. As mentioned in previous Strath eld Scene articles, the global unease has resulted in a drop in Strath eld sales turnover this year of around 50 per cent compared to the previous 12 months. But while it has been reported that property prices throughout Australia and Sydney have declined slightly in the past year, we have enjoyed a 4.7 per cent increase on the average sale price for the correlating year to date in Strath eld. Property investors who have focused on Strath eld are also enjoying increased returns with continued growth in weekly rents. According to leading industry research company RP Data, the average house in Strath eld currently leases for $624 per week, with the unit price si ing at $450 per week. e strength and resilience of the Strath eld market cannot be overstated. When stock markets falter, traditional real estate is a much safer bet. If you are looking to invest in a stable and resilient market, you simply can't go past Strath eld! QWhy do landlords need to ask for a rental bond and why is it only four weeks rent? The legislation does not say that there must be a bond, but it makes sense to ensure there is one, as the bond is in place of a guarantee by the tenant against any possible damages to the property. It should be pointed out that this money is the tenant's and cannot be claimed by the landlord unless they have incurred an actual cost or loss. Also, the amount to be claimed must not exceed the loss. Some landlords think that this can be claimed as a punishment for poor behaviour by a tenant and this is completely incorrect. The bond is lodged with the rental bond board and if there is a dispute, this is referred to the Consumer Trader and Tenancy Tribunal for adjudication. The legislation has decreed that the bond will not exceed four weeks rent and, to be fair, asking a tenant to come up with approximately six week's rent (the bond and two week's rent in advance) at the commencement of the tenancy can be quite difficult for them. This does not mean that the landlord's claim is restricted to this amount, but if the bond is exceeded, then an award can be given by the Tribunal for payment of the money owed. "Those owning property in Strathfield generally approach each day taking comfort in the strength that Strathfeld maintains.” -- Steve Devine Strath eld a safe property bet