This week we continue our series looking at suburbs with the highest median prices in 2010, with a focus on two suburbs in Victoria. We speak with Jim McKerlie, Chairman of Onthehouse about the property website giving competitors a run for their money. And in our tax tip we look at instant write-offs and low value pools.
News
Total residential building approvals rose by 9.1 per cent in the month of March, following two months of falls. The Housing Industry Association reports that the numbers were driven by a significant rise in approvals in the private sector other dwellings segment, up 26.1 per cent in March. HIA has welcomed the rise and says, it’s good to see some positive news from the apartment sector. The March results were underpinned by a 26.6 per cent increase in Victorian approvals, followed by New South Wales up by 8.5 per cent and Western Australia, up by 3.4 per cent.
Suburbs in Focus
We continue our series looking at suburbs with the highest median prices in 2010, with a focus on two suburbs in Victoria.
First let’s look at Toorak, a suburb located 8 kilometres south-east of Melbourne’s central business district, located on the left bank of the Yarra River. With a population of 13,127 in the last census, Toorak has become synonymous with wealth and privilege in popular Australian culture. The suburb has long had the reputation of being Melbourne’s most elite. The main street, Toorak Road is the commercial area of Toorak Village – a strip of shops and cafes. Many of the large 19th century mansions survived in neighbouring suburbs, but not so in Toorak, because of higher land values. Today the suburb has a mix of high, low and medium density due to intense subdivision. 48 per cent of housing is apartments. Single-family detached homes make up 35 per cent of housing stock and attached housing, such as terraces comprise 16 per cent.
Turning to the figures, houses in Toorak recorded the capital’s highest median price in 2010 of $2,650,000. 150 properties were sold in the year.
Our next suburb is Kooyong, the suburb next to Toorak, located 10 kilometres south-east of Melbourne’s CBD. With a population of 781 in the last census, the suburb is bordered by the Monash Freeway, Glenferrie Road and Toorak Road. Kooyong has many stately three, four and five bedroom homes along leafy, tree-lined streets. Property finishes are of an exceptionally high standard, as would be expected in this price range. Property in the suburb is very tightly held. Kooyong Stadium, at the Kooyong Lawn Tennis Club was at one point the venue for the Australian Open. Kooyong Park is located opposite the tennis centre. The suburb is serviced by Kooyong railway station and tram route 16.
Turning to the figures, houses in Kooyong recorded the capital’s second highest median price in 2010 of $2,233,000. 14 properties were sold in the year.
Interview
We speak with Jim McKerlie, Chairman of Onthehouse about the property website giving competitors a run for their money.
Tax Tip
And now to the Tax Tip of the week from Depreciator - the Tax Depreciation Schedule specialists.
This week we take a look at instant write-offs and low value pools.
If you have purchased an asset for your rental property this tax year and it is worth less than $300, you can claim the entire cost in your tax return. For assets costing more than $300, but less than $1,000 low-value pool rules can apply. This allows items to be depreciated more quickly. So, if, for example, you need to replace the boiler or the stove for your rental property, look for items under $1,000 including installation, and have it done before the end of the financial year to recoup the best deductions.
As always, do remember to consult with a tax accountant or tax professional before making any tax related decisions.
