June 2013 Sales Market Update

Posted on 12 Jun 2013, 12:31 p.m. in Abercromby's, Market Updates

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The Autumn real estate market finished extremely well.

We have seen some exceptional results in the $2m-$5m price range over the past 3 months. This resurgence in the top end is due to a number of Baby Boomers selling the big family home to downsize.

Off market transactions continue to go from strength to strength, accounting for 71% of our business.

We recently sold a luxury apartment in Washington Street, Toorak for just under $6 million, still under construction.

We feel that with Winter now here and school holidays fast approaching, stock levels will slow but demand will continue to be strong.   To learn more about the premier, premium, independent partnership driven business, please feel free to contact us on 9864 5300.

ATO target landlords after claims surge

Posted on 12 Jun 2013, 12:27 p.m. in Abercromby's, News

Crackdown on landlords after surge in claims

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Almost 1.3 million Australians own at least one investment property.

The Australian Taxation Office is targeting more than 110,000 rental property owners who have been identified through last year’s tax returns as making incorrect claims.

A team within the office known as ”the doctors” is using sophisticated analytical techniques, including data mining, to identify unusual patterns of claims. It is also targeting work-related expenses.

Rental property deductions have surged in recent years as investors prefer bricks and mortar to shares.

For the 2010-11 year, the latest for which data is available, almost $39 billion was claimed by landlords in deductions, an 18 per cent rise on the previous financial year. Investors are taking advantage of negative gearing, where the interest costs on the loan used to buy the property, and other costs, are greater than the rental income. The shortfall reduces the investor’s income on which income tax is paid.

Almost 1.3 million people own at least one investment property. About two-thirds of those with rental income reported a loss on the investment.
The assistant commissioner of client services and assistance at the ATO, Graham Whyte, said expenses can be claimed only for the portion of the year where the property is rented or available for rent. Expenses that cannot be claimed include those incurred while the owner is occupying the property.

The Tax Office is targeting the work-related expenses of 218,000 building and construction workers, and sales and marketing managers, as June 30 nears. It is writing to them because of rising work-expense claims and a high occurrence of incorrect claims in last year’s tax returns.

The main problem with work-related expenses is taxpayers not separating private expenses from legitimate work-related ones. Workers should make claims only where the expenses are incurred to earn an income.

Mr Whyte said about $18 billion of work-related expenses were claimed last financial year.
”The ATO focuses on occupations where the pattern is of large or rising claims, as well as claims that do not fit the pattern of a particular occupation,” he said.

Work expenses claimed incorrectly in last year’s tax returns include sales managers claiming for mobile-phone calls based on the time spent at work, rather than for work-related use.
Source: http://www.theage.com.au/money/tax/crackdown-on-landlords-after-surge-in-claims-20130611-2o26i.html

What could be more Melbourne than this address?

Posted on 28 May 2013, 1:48 p.m. in Abercromby's, Just Listed

‘SARGOOD HOUSE’, Loft Apartment
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302/73 Flinders Lane Melbourne is scheduled for auction Saturday 22nd June at 11.30am.
The property will be open this Thursday 30th May & Saturday 1st June from 12pm to 12.30pm.
Should you have any queries about this property, or any other real estate matter please do not hesitate to contact:

Hugh Hardy 0407 339 807
Sam Goddard 0448 870 454

 

Abercromby’s Expands – We’ve Added New Talent to our Team

Posted on 23 May 2013, 2:19 p.m. in Abercromby's, Market Updates, News

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At Abercromby’s, we are delighted to welcome two experienced Stonnington & Boroondara experts, Simon Hicks and Hugh Hardy, onto the team.

Simon’s stellar career in residential real estate commenced in 2000, he has forged an outstanding reputation based on his ability to take clients’ property ambitions from the desired outcome stage to the reality of the delivered result. Immediately approachable and genuinely friendly, Simon’s track record over a sustained period confirms the importance of putting people first.

Hugh’s exceptional career in real estate commenced in 1993. With a major focus on exceeding customers’ expectations. Hugh has built up a wonderful client base that is exceptionally loyal. Hugh’s hard working ethic and friendly demeanour means outstanding results for his clients.

We are assured of the continued growth and success at Abercromby’s with the addition of both Simon and Hugh to the sales team.

Outstanding With Scope To Recreate Your Toorak Dream!

Posted on 23 May 2013, 2 p.m. in Abercromby's, Selling

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3 McMaster Court, Toorak is currently available for private sale. The property will be open on Sat 25th May, 3:00pm-3:30pm.
We thought we should give you prior notice in case you know of anybody keen to move into the surrounding area. Should you have any queries about this property, or any other real estate matter please do not hesitate to contact:

Jock Langley 0419 530 008
Tim Derham 0438 332 844

MARKET UPDATE APRIL 2013

Posted on 16 Apr 2013, 2:35 p.m. in Abercromby's, Market Updates

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The current strength of the 2013 residential market has not been witnessed for
several years.

Abercromby’s clearance rates are running at 92% as compared to the industry average of just over 70%.

Interest rates remain steady, the stock market has increased, which in turn gives both Vendors and Purchasers confidence to act.

Some exceptional results have been achieved over the past month including:

• 186 Burke Road, Glen Iris.
• 45-47 Lyndhurst Street, Richmond.
• 21 Vincent Street, Glen Iris.
• 9 & 10 Lisbuoy Court, Toorak.
• 4 Devorgilla Avenue, Toorak.
•150/1008 Clarendon Street, East Melbourne.
• 54 Caroline Street, South Yarra.

And we have a superb collection of luxury and lifestyle properties on offer.

To learn more about the premier, premium, independent partnership driven business, please feel free to contact us on 9864 5300.

History and society style

Posted on 15 Apr 2013, 2:39 p.m. in Abercromby's, Selling

The former South Yarra home of prolific mid-20th century society architect Marcus Martin will be auctioned at 12.30pm on April 27.

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The property, 240 Walsh Street, was built by Martin, who died in 1981, as his residence about 1935.

Previously listed for private sale, the property comes with an Edna Walling-designed walled garden and a central feature pond designed by Ola Cohn.

Jock Langley, of Abercromby’s, is quoting $2 million-plus.

EAST MELBOURNE 193 George Street

Posted on 10 Apr 2013, 2:42 p.m. in Abercromby's, Selling

‘Sunnyside’  c1864 is currently available for sale by Tender, closing 5pm on Tuesday 30th April 2013.

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We thought we should advise you in case you know of anybody keen to move into the surrounding area.

Should you have any queries about this property, or any other real estate matter please do not hesitate to contact:

Jock Langley  0419 530 008

Talana in Hawthorn East for $10mil+

Posted on 25 Mar 2013, 3:18 p.m. in Abercromby's, Buying

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Introducing Talana, a beautifully restored period home in the prestigious Hawthorn East. Talana offers a resort style family lifestyle with six bedrooms and three bathrooms, a tennis court with golf driving nets, enormous dual-heated lap/leisure pool, and an extra fully self-contained, Boston Ivy-clad summer house.

Talana with its Federation Queen Anne design, is impeccable inside and out with incomparable plasterwork, stained glass windows and elaborate fireplace mantles and a beautiful red-brick façade. Designed by renowned 19th century architect, John Beswicke, the spectacular house sits on over an acre of beautifully landscaped, yet rustic grounds, with a sweeping driveway and four car garage, it exudes a relaxed country lifestyle, while being in the heart of the city.

Source and read more: Millionplus

4 Devorgilla Avenue, TOORAK

Posted on 17 Mar 2013, 3:28 p.m. in Abercromby's, Sold

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SOLD
It is late Saturday morning, the sky is grey and a few raindrops fall as a crowd of 60 watch the auction of this well-presented two bedroom Neo-Georgian home. Abercromby’s auctioneer Tim Derham goes through the ritual of presenting the relevant contractual points and highlights the many attributes of this renovated property that had sold fairly recently in the low twos. “A magnificent renovation” he sums up and it will be interesting to see how prices have held up in the last two years. However, the auction starts slowly. With no bids forthcoming, a vendor bid of $2,200,000 is lobbed to entice a buyer to come forward, and $25,000 rises called for. This works as two bidders emerge to compete to see who will be the new owner. Swiftly the price reaches $2,300,000 and then there is another pause, so Mr Derham goes in to consult. On his return, he states “it’s close, but not on the market yet” and just as he is about to pass it in and calls it three times, he’s offered two further bids of $10,000 and then it stalls at $2,320,000. Mr Derham goes in to consult for a second time, and on his return pronounces it “on the market”, and as there are no further bids it is bought by the last bidder.

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