Amazing Sales Weekend

Two incredible auctions held today were both attended by over 70 people and each had more than 30 bids, resulting in sales well above reserve.  It's not easy to see how the authorities can control Underquoting, when things like this happen.  Our sales people (Douglas Macarthur with 5 Summerwood, and Peter Raco with 7 York) were as surprised as the owners when the final bids were knocked down.

Five Rentals away in one day!

Over last weekend, we rented five residential properties in one day, in Rodney Ave, Lamorna Ave, Pennant Hills Rd, Mawson Ave, and Carver Place in Dundas Valley.

Downloading from our Website

The raywhitebeecroft.com.au website has a new feature, with downloadable documents.  For instance the Rental Property Application Form is there and can be downloaded directly from the website.  Click on the button 'Contracts' then click the link.

Swimming Pool Fence Regulations

As has seemed inevitable for months, the NSW government has given up on trying to enforce pool fence certification this year.  As happened just before the rules were to come into force in 2014, they have again announced a twelve month slip until end April 2016. 

“We have listened to stakeholder requests for more time and examined the evidence from certifiers,” Minister for Local Government Paul Toole said, announcing that pool owners will be granted a 12-month extension to obtain a compliance certificate before the property can be sold or leased. 

“The evidence showed there was a high failure rate for initial inspections and a heavy demand to make pools compliant,” Mr Toole said. 

One issue is that the certificates are only valid for three years, so those who were ready for the 2014 deadline will soon need to apply for another inspection in order to renew their certificates, further clogging an already overloaded system! 

It would be good to see statistics for how many of the registered pools have been checked and certified since the scheme was first introduced!

 

RBA Reduces Interest Rates

The official cash rate has been reduced to a new record-low of 2.25 per cent after being left on hold at 2.5 per cent since August 2013.

The Reserve Bank’s decision has come as a surprise: a finder.com.au survey of 30 economists and commentators found that 28 expected the cash rate to remain unchanged.

However, a rate cut is hardly a shock given the weight of speculation that has occurred since the last board meeting on December 2.

The Module, Beecroft Shopping Village

Last night [Wednesday, 17 December] the NSW Joint Regional Planning Panel unanimously approved the redevelopment of the Module site, corner Beecroft Road & Hannah Street, Beecroft.  The approved development generally satisfies the concerns of the community that were raised following the first proposal, refused earlier this year.  

Ray White Beecroft Excells in State Statistics

In November 2014, Ray White did the best ever monthly trade of $1.2 BILLION!

As usual, Ray White Beecroft featured in the list of Personal Bests (Metro), coming 50th out of 227 offices.  Not bad with only one salesperson for much of the year, whereas others have 6, 10 or even 15 salespeople.

How to pay off your Mortgage Quickly

The real answer is, you can't.  Here is an extract from a Real Estate news blog.

"An Australian security watchdog has offered an olive branch to a property management and financial planning business, warning them to clean up their act over misleading advertising.

"The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from Gold Coast-based Equanimity Concepts.

"ASIC said from January 2012 to July 2014, Equanimity advertised on its website, YouTube and in numerous in-flight magazines and police journals that consumers could pay off their home loan in a very short amount of time.

"For example, one line read, "Pay off your 25-year home loan in less than five years".

ASIC said by making these promises and publishing them in advertisements, Equanimity is relying on various assumptions in its financial modelling, which is considered by ASIC to be “unrealistic”, including but not limited to continued growth in property values, high rental returns, annual rent increases of eight per cent and no upward movements in applicable interest rates.

"Equanimity presented to consumers that they could direct all and any rent and negative gearing tax benefits received in relation to the investment property into their existing home loan.

"ASIC deputy chairman Peter Kell said the need for finance advertising to be accurate cannot be stressed enough.

“Anything misleading can create unrealistic expectations that may lead to poor financial decisions and, ultimately, consumers could end up in a dangerous debt spiral,” he said.

"ASIC’s investigation found that Equanimity’s compliance processes in terms of its advertising were unsatisfactory and may have breached consumer protection credit laws.

“Consumers who may have comes across these ads may have been misled in Equanimity’s ability to help them pay back their home loan in a significantly reduced timeframe without incurring further debt,” Mr Kell said.

“Advertising of this nature will not be tolerated and ASIC will take swift action when confronted with false claims.”

"Under the EU, Equanimity must appoint an independent consultant to review its compliance with consumer protection credit laws and proper advertising processes, and develop a plan to rectify any deficiencies identified by the expert.

"The independent expert will report regularly to ASIC over the next year on Equanimity’s implementation of the plan.

"The advertisements have been removed."

So ASIC has allowed this company to mislead the public for over two years, and they no doubt benefitted financially from those who believed the adverts.  Yet ASIC imposed no penalty other than to 'appoint an independent consultant'.  ASIC's promise to 'take swift action' might itself seem to be false advertising, as it makes no promise that any effective penalty will be applied, only that swift action will be taken.  Nice to see ASIC at it's ferocious best defending the poor people of Australia from unscrupulous advertisers. 

JRPP Rules to Kill the Tree

Regarding my last post, the JRPP sided with the developers and condemned the tree so that the developer can build another 9 units.  Beecroft shoppers will find the public open space surrounded on all four sides by residential dwellings.

DA for The Module

DA 1006/2014 is now with Council, and appears to be a huge improvement over the earlier DA 545/2013!  There are now retail shops along the street front of Hannah Street as well as commercial offices along Beecroft Road.  The residential units are set back from the street front, and a green public space is provided between the three five storey blocks, looking out to the north.  Hopefully the magnificent White Mahogany tree behind 83 Beecroft Road will be spared from the developers and will then present a spectacular feature of the public space.