This week we continue our series looking at suburbs with the highest median prices in 2010, with a focus on two suburbs in New South Wales. We speak with Byron Rose, National President of the Real Estate Buyers Agents Association of Australia and Principal at Rose and Jones about the advantages of having a buyer’s agent. And in our tax tip we look at claiming expenses for repairs caused by a natural disaster.
News
The Australian Bureau of Statistics has reported that residential building approvals declined 1.3 per cent to 13,377 units in April. Also out this week, RP Data’s home value index showed the value of Australian capital city dwellings fell more than one per cent in the three months to April, in a period impacted by severe weather conditions across the country. However, as the nation starts to recover the Housing Industry Association has posted a slight lift in new home sales, rising 0.2 per cent to 11,000 in the month of April. Across Australia the results were mixed: Queensland, South Australia and Western Australia recorded falls in detached new house sales while New South Wales and Victoria posted increases.
Suburbs in Focus
This week we continue our series looking at suburbs with the highest median prices in 2010, with a focus on two suburbs in New South Wales.
First let’s look at Bellevue Hill, a suburb located 6 kilometres east of Sydney’s central business district. With a population of 9,446 in the last census, multi-million dollar properties are characteristic of the suburb. There are some apartments in the area, many clustered along Birriga Road. Westfield Bondi Junction is close by, as is Bondi Junction train station. A bus service winds through the streets of Bellevue Hill, but many residents have their own cars. Notable Bellevue Hill locals include Lachlan and Sarah Murdoch.
Turning to the figures, houses in Bellevue Hill recorded the capital’s highest median price in 2010 of $3,760,000. 80 properties were sold in the year.
Our next suburb is Vaucluse, located 9 kilometres east of Sydney’s CBD. With a population of 9,121 in the last census, Vaucluse is a highly prestigious residential eastern suburbs address. The most expensive properties boast expansive harbour views. The Vaucluse shops are on New South Head Road, but larger shopping areas are nearby in Rose Bay and Westfield Bondi Junction. Many of the residents rely on their own private means of transportation, but there is a semi-regular bus service into the city. There is a local primary school, but many of the suburb’s school age residents attend nearby private schools such as Ascham and Kambala for girls and Cranbrook and Scots College for boys. Residents of note include James Packer and his wife Erica.
Turning to the figures, houses in Vaucluse recorded the capital’s second highest median price in 2010 of $3,700,000. 103 properties were sold in the year.
Interview
We speak with Byron Rose, National President of the Real Estate Buyers Agents Association of Australia and Principal at Rose and Jones about the advantages of having a buyer’s agent.
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 claiming expenses for repairs caused by a natural disaster.
If your rental property has been damaged or destroyed because of a natural disaster, you can still claim expenses for repairs, even if it is unoccupied. The property must have been rented out immediately prior to the repairs being needed, and the damage must have occurred while the property was rented out.
For example, a rental property was tenanted at the time it was severely damaged by flooding. Because of the damage the tenants had to move out. The landlord carried out the repairs and readvertised the property for rent. Even though the property was not available for rent while being repaired, the landlord can claim the cost of the repairs.
As always, do remember to consult with a tax accountant or tax professional before making any tax related decisions.
