Tag Archives | Real Estate Paddington

Thinking about Property as Investment? – Just do it!

Everyone knows that property makes a great investment but jumping on the property investment ladder can be a daunting experience. Finding the right advisors, selecting the best property and securing tenants are major considerations all investors face.

Getting started is the key to building wealth in property. For many, property investment never makes it beyond the imagination. Inertia around acting or decision-making needs to be overcome.

Tips to get you started:

  • Find a group of like minded property investors.
  • Have the right mindset. Make sure you obtain a basic understanding of property investment and identify your goals.
  • Numbers are everything. Do the maths on each opportunity and stick to your plan. If the maths doesn’t work, find another opportunity.
  • Build a team of like-minded people around you. Develop relationships with agents, developers etc.
  • Take action. Without action property investment remains a dream.

If you are considering purchasing an investment property contact us we would love to help you select the right property for you.

Comments { 0 }

E is for Efficiency – E-conveyancing to Finally Cut the Red Tape…

E is for Efficiency – E-conveyancing to Finally Cut the Red Tape…Property settlements are set to become simpler and more efficient with a company recently appointed to design and build a national e-conveyancing platform.

Acting Treasurer Rachel Nolan said the appointment of Accenture by National E-Conveyancing Development Limited (NECDL) was an important step forward in cutting red tape and simplifying property settlement.

“NECDL is the company responsible for developing a national electronic system for property exchange, and is majority-owned and funded by the Queensland, Victoria, New South Wales and Western Australian governments,” Ms Nolan said.

“NECDL has also secured funding from the big four banks, who will become minority shareholders in the company.”

Ms Nolan said national e-conveyancing is a key project in the Council of Australian Governments’ agenda to create a seamless national economy.

“It will reduce the need for conveyancers, solicitors and bank staff to meet in one place to complete a property settlement,” she said.

“It will also help streamline the property settlement process, and cut the regulatory and administrative burden for government, business and communities.

“Home buyers also stand to benefit from reduced time and money spent on property coveyancing, and those in the industry will enjoy process efficiencies.

“The system will also deliver increased and enhanced client identity verification and checking processes – welcome improvements in light of a spike in real estate scams.

“The new system will be a big win for anyone who has ever experienced the complexities associated with property transactions.”

National e-conveyancing will commence in 2012 as NECDL will be working closely with key stakeholders in the coming months to determine their needs.

 

Comments { 0 }

November 2011 Month in Review and National Property Report

Hi All,

We hope everyone had an enjoyable Melbourne Cup experience! Wasn’t it a cracker? Literally gave meaning to that old expression: ‘won by a nose hair…’ Most of our team enjoyed lunch together at the Blue Grotto in Rosalie and cheered the race and festivities together. We hope you backed a winner!

November 2011 Month in Review and National Property Report

Included here is a link to the latest Herron Todd White Month in Review – November 2011 and National Property Report.  Lots of facts and figures here too for those who love to analyse like we do, and market predictions too.

  • Supreme Property – The Top End in our Market – Feature Article
  • Commercial : the prime office real estate market
  • Rural : our wrap up of the Australian rural property market
  • Residential – the very upper end of the residential market

Please click here to read this month’s Month in Review:
http://htw.com.au/Month_in_Review/Month-in-Review-November-2011.pdf

If we can be of any assistance with respect to plant and equipment valuations, quantity surveying, valuation, or general property advisory, please don’t hesitate to call.

Regards and best wishes,

Christina and Grant Penrose

 

Comments { 0 }

The Great Real Estate Divide… Changes to Shared Fences Law & Who Pays for What!

As Real estate agents from time to time we come across issues with dividing fences. The Neighbourhood Disputes Resolution Act 2011 commenced on 1 November 2011. The Act proposes a wider definition of the term fence (including hedges) and a clearer definition of the term ‘sufficient dividing fence’. Other general changes include a single ‘Notice for contribution to fencing work’ form, clarification that the ownership of the dividing fence on a common boundary is shared equally, distinction between a retaining wall and a fence, and clearer rules for pastoral and agricultural fences.

So What Exactly Makes a Dividing Fence?

A fence is a structure, ditch or embankment, or a hedge or similar vegetation barrier, enclosing any land, whether or not it extends along the whole boundary of the land separating neighbours. It includes any gate, cattle grid, or apparatus necessary for the operation of a fence.

A dividing fence is constructed on the common boundary line of adjoining land. Sometimes a dividing fence can be built off the common boundary line when it is impractical due to the physical features of the land.

Who Owns a Dividing Fence?

The Act does not affect the common law position. A dividing fence is owned equally by the adjoining neighbours if it’s built on the common boundary line. However, a fence or part of a fence built on one neighbour’s land is owned by that neighbour, even if the other neighbour contributed to the construction of the fence.

Basic Rules for Dividing Fences

There should be a sufficient dividing fence between two parcels of land if an adjoining owner requests one – even if one or both parcels of land are vacant. Generally neighbours must contribute equally to the cost of building and maintaining a sufficient dividing fence and should not attach something to a dividing fence that unreasonably and materially alters or damages it.

In most cases, issues about dividing fences need to be solved by the owner of the property. Except in very long-term leases, lessees of properties should not need to be involved in the issues about dividing fences. If a tenant is asked by their neighbour about a dividing fence issue, this should be referred to the property owner or the agent.

Are There Any Circumstances Where a Dividing Fence Isn’t Required?

Yes, there some circumstances where a dividing fence is not required:

  • if both neighbours of adjoining land do not want a dividing fence
  • where either parcel of land is outside the scope of the Act e.g. Southbank public land or a stock route
  • where both parcels of land are agricultural land
  • where there is no owner of the land eg. land under the Nature Conservation Act 1992 is not subject to a lease or stock grazing permit.

What Makes a Dividing Fence ‘Sufficient’?

A dividing fence is considered a ‘sufficient dividing fence’ in the following circumstances:

  • where two parcels of residential land are adjoined, the fence must be between 0.5 metres and 1.8 metres in height and constructed substantially of prescribed material.
  • where two parcels of pastoral land are adjoined, the fence must be able to restrain livestock of the type grazing on each of the parcels of land.
  • the owners agree a particular fence is a sufficient dividing fence
  • QCAT decides that a particular fence is sufficient. There are specific factors which QCAT must take into account (e.g. types of fences in the neighbourhood).

In working out what kind of fence is sufficient in the circumstances, the starting point is what will be sufficient to divide the properties. For example – a short chain wire fence. If either owner wants more, then they will have to pay the difference.

When one owner approaches their neighbour about a dividing fence, they should provide at least one quote. If the other neighbour thinks this is too high, they can obtain their own quote.

Who Helps Sort Out Disagreements Over Dividing Fences?

QCAT stands for the Queensland Civil and Administrative Tribunal. QCAT provides a single tribunal through which the community can access justice. QCAT provides the community with a more accessible, informal and responsive means of resolving neighbourhood disputes, including conflicts over dividing fences. For more information visit Queensland Civil and Administrative Tribunal (QCAT)

Who Pays for What?

Adjoining neighbours are each liable for half the cost of fencing work required to have a sufficient dividing fence. However, where one neighbour wants to have more work done than is necessary for a sufficient dividing fence then they will be liable to pay the extra expenses.

For example, if a neighbour wants a higher fence for privacy or security they should meet this extra cost. This does not mean that QCAT will order that the fence will be built according to their wishes. In those circumstances, QCAT would consider the wishes of each neighbour and the other factors which QCAT is required to take into account. A neighbour’s contribution might be made of materials or labour.

Please note: The information provided is a general guide to the key changes in the Act. The resolution of each neighbourhood situation depends on its own unique circumstances. This information provides a general guide only. Legal advice should be sought if in doubt about legal rights. Visit the Queensland Law Society to find a solicitor in your local community. The best policy is always to try and seek an amicable agreement with a neighbour so as to avoid any possibility of a legal dispute and ongoing ill-feeling.

Source: and for more information visit http://www.justice.qld.gov.au/justice-services/justice-initiatives/neighbourhood-disputes-resolution-act-2011

As specialists in real estate Paddington and surrounding areas we would recommend that any issues with dividing fences be cleared up prior to marketing your property.

 

Comments { 0 }