This week we continue our series looking at suburbs with the highest increase in median selling prices in 2010, with a focus on two suburbs in the ACT. In our interview we speak with First National Real Estate, CEO, Ray Ellis about the outlook for property in 2011 with a focus on Perth, Adelaide and Darwin. In our tax tip we look at how capital gains tax is affected by a marriage breakdown.
Melbourne has outranked Sydney as the world’s most livable city in the annual survey by the Economist Intelligence Unit. Vancouver took the top spot for the fifth year in a row, scoring 98 per cent on a combination of stability, health care, education, infrastructure, culture and environment. The survey ranks cities based on 30 factors within those categories. The Canadian city was followed by Melbourne in second place, Sydney claimed the seventh spot, Adelaide and Perth both tied in eighth place and Brisbane came in 21st. Seven of the top ten cities were from Australia and Canada. The first US city on the list was Pittsburgh, coming in at 29th. New York held onto the 56th spot. Paris was ranked 16th and London 53rd. The first Asian city was Osaka at number 12.
Suburb in Focus
This week we continue our series looking at suburbs with the highest increase in median selling prices in 2010, with a focus on two suburbs in the ACT.
First let’s look at Farrer, a suburb located 15 kilometers south-west of Canberra’s CBD. With a population of 3360 in the 2006 census, the suburb is bordered by Beasley Street, Yamba Drive and Athllon Drive. The Farrer Ridge Nature Reserve, part of the Canberra Nature Park borders the southern limit of the suburb. Farrer was established in 1967 and is located in the district of Woden. There are many single storey houses and two storey houses with double garages, built mostly in the late sixties and early seventies. The suburb is home to Farrer Primary School with local high schools such as Melrose High and Erindale College just a few kilometres away. Farrah has a neighbourhood oval, several playgrounds, a Croatian Catholic parish centre, Serbian Orthodox Church, small shopping centre, Long Gully Scout Hall and Goodwin Village for the elderly.
Turning to the figures, houses in Farrer recorded Canberra’s highest increase in median selling price in 2010, rising 30.9 per cent in the twelve month period. 48 properties were sold in the year, recording a median price of $726,500. Over the past 10 years, the median selling price has risen 12.6 per cent each year.
Our next suburb is McKellar, located 12 kilometers north-west of Canberra’s CBD. With a population of 2604 in the last census, the suburb was established in 1983. It has many large single and double storey houses built in the 1980s along tree-lined streets. Located in the Belconnen district, the Australian Federal Police statistics show McKellar’s crime rates are officially the lowest in that area. The suburb features McKellar Oval, a pre-school, shopping centre and a small football stadium. McKellar is serviced by a bus network along Dumas Street and William Webb Drive.
Turning to the figures, houses in McKellar recorded Canberra’s second highest increase in median selling price in 2010, rising 29.5 per cent in the twelve month period. 38 properties were sold in the year recording a median price of $647,500. Over the past 10 years, the median selling price has risen 11.6 per cent each year.
Interview
This week we speak to First National Real Estate, CEO, Ray Ellis and discuss the property outlook for 2011, with a focus on Perth, Adelaide and Darwin.
Tax Tip
The Tax Tip of the week from Depreciator - the Tax Depreciation Schedule specialists. We take a look at how capital gains tax (CGT) is affected by a marriage breakdown. Generally, capital gains tax applies to all changes of ownership of assets on or after 20 September 1985. But there are a few exceptions. One of those exceptions is if you transfer an asset to your spouse as a result of a marriage breakdown. In certain cases there is an automatic rollover. This rollover ensures the spouse can disregard a capital gain or capital loss. In effect, the one who receives the asset will make the capital gain or loss when they dispose of the asset. As always, do remember to consult with a tax accountant or tax professional before making any tax related decisions.
