Sell or Extend?
ACCOUNTANTS say it can make financial sense to reinvest in your home, than buying another – particularly if you are in a good suburb.
Agents agree, saying the value of property goes up by more than the sum of its parts when owners reinvest in extensions, kitchen and bathroom renovations, paint and flooring. Coupled with the fact the tax office does not impose capital gains tax on an owner’s main place of residence, investing in your own home sometimes make more sense than buying another.
An extension has the potential to add the greatest value to your home, particularly if it creates a larger open-plan living area or increases the number of bedrooms.
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THE Dubai-based investors who in 2009 paid about $4.8 million for landmark city restaurant Campari, are relisting the asset for sale.
A SECOND work stoppage in three months has plagued the much hyped development of Lend Lease Group’s $6 billion Barangaroo project, on a waterfront piece of the Sydney CBD.
PLANS to lease and redevelop the struggling Rottnest Island resort in Perth have fallen over for the second time in three years.
SYDNEY based developer and fund manager Stockland has outsourced the management of its office and industrial assets to California-based CBRE.
A NEW skyscraper will dot Adelaide’s city skyline, after the South Australian government’s Development Assessment Commission approved a 27-level tower that will be the city’s fourth tallest.
PLANS to make Canberra Airport “the best small airport in the world” are advancing.
ANTILLA, the $1 billion family home of wealthy Indian businessman Mukesh Ambani, is due for completion this month.
QUEENSLAND based Cromwell Group will sell Hobart’s Village Cinema Centre for $15.9 million.
PLANS to build a $1.5 billion master planned community in the Hunter Valley are on the table.
TOURISM operators in Alice Springs have been delivered good news, after Federal Environment Minister Peter Garrett deferred a decision which would have banned people from climbing Uluru, which used to be called Ayers Rock.
AT A RECENT auction in Prahran, a family of four was bidding against a single, first-time home buyer for a one-bedroom apartment close to Prahran train station, the trendy Boutique nightclub on Greville Street and Swinburne University.
IT’s difficult not to draw parallels between the current Spring selling season, and that of 2007 when Melbourne was heading into a boom.
A SUPERSIZED block in bohemian Fitzroy is expected to make way for an $80 million-plus mixed use development after selling off-market to a developer.
HOMES which promise to provide “the most advanced eco-friendly design elements ever built in Australia” is being launched on the Sunshine Coast in Queensland.
LEND Lease has secured the $315 million contract to widen the M5 West Motorway in Sydney.
INVESTORS from the United Kingdom are planning a $400 million fund to invest in cotton and wheat properties in eastern Australia.
LEND Lease has been unveiled the preferred “proponent for construction work” for the Adelaide Oval redevelopment.
MOHAMED al-Fayed has reaped about $A2.5 billion from the sale of one of the world’s most famous shops, Harrods, in Britain.
THE Department of Defence has approved a new 97-dwelling housing project, to be developed at the Larrakeyah Barracks.
YOU KNOW you are well and truly in a new century when selling your home requires a web designer and domain name administrator.
THE federal Labor government’s carbon tax has been blamed for a spike in rates, to be passed on by Australia’s largest council next financial year.
AUSTRALIAN Reward Investment Alliance is reportedly in due diligence to buy a half share of Perth’s QV1 Tower for more than $300 million.
ADELAIDE’s IKEA store is for sale, with a price tag of some $50 million.
COSTCO will open its third Australian outlet in Canberra, and retail giant Woolworths is right behind it.
PLANNING history and residential property development appear prominently in a new multimedia initiative released this month by the Melbourne City Council.
A memorial complex possibly including a golf course and amusement park with characteristics of the Neverland Ranch, have been mooted as a proposal to honour the late Michael Jackson.
BUYING a property is a complicated process. There’s more to it than scouring websites and newspapers for sale prices, or knowing what your neighbour’s house sold for last week. A large part of it is getting your finances right – and knowing what the legal processes are.
MOONEE Valley City Council has demanded international entertainment giant Reading Cinema sell a prime piece of Moonee Ponds land after it “wasted a one in 100 year building boom”.
THE life insurer formerly known as Tower, and now, TAL, will relocate across from Sydney’s north to the CBD after committing to lease 10,500 square metres at 363 George Street, near Martin Place.
SENTINEL Property Group has paid $15.6 million for the Northpoint Homemaker Centre in Mackay, Queensland.
The former home of controversial Perth businessman Alan Bond has sold for $39 million.
DEFENCE Housing Australia has spent more than $150 million on some 500 houses in Adelaide’s northern suburbs.
EMBOSS Capital has paid $55 million for a Canberra office building – its second major transaction on Australia’s east coast recently.
QUEENSLAND born, Sydney based property developer and investor FKP has opened up the ground retail level of a CBD office building occupying the prominent south-west corner of Lonsdale Street and Hardware Lane.
HALF a billion has been invested around Brisbane’s Queen Street Mall this year.
THE Moreland City Council and developers are battling against the clock to get a contentious Brunswick project out of the ground before mid-2012, when the permit expires, and resident concerns regarding the proposal must then be heard.
PROPERTY fund manager Charter Hall Group is reported to have snared construction giant Leighton Holdings as a tenant for a major Perth CBD office project.
PASTA manufacturer San Remo has paid just over $8 million for an industrial property in Dry Creek, in Adelaide’s north.
Industry Superannuation Property Trust can expect to make between $30 million and $35 million from what might be the most under-utilised property in St Kilda Road.
DECIDING what method of sale to adopt to sell your home has become more difficult.
AS TEACHERS and the cashed-up education unions bully for more pay, the cash-strapped Baillieu government has been forced to sell two prime assets including the landmark former Kangan TAFE in Gwynne Street Richmond, expected to one day make way for a $200-million plus mixed use village.
REAL estate hobbyists will be able to play the part of a property entrepreneur, as part of a new internet-based computer game set to hit the market soon.
DEVELOPER Brookfield will push ahead with a second office tower on the site of its City Square project, in Perth.
