A SYDNEY residential price record for this year has been set with the sale of Kalua, the largest and most prestigious property at Palm Beach.
Details surrounding the sale remain confidential, but the 5500-square-metre beachfront estate is understood to have sold for close to $25 million.
Considered the jewel in the crown of the northern beaches peninsula, Kalua stands at the prestigious southern end of the beachfront, nestled among the lush vegetation of Cabbage Tree Boat Harbour.
A NEW tax ruling sounds a warning to some of Australia’s 1.5 million property investors and may cost them thousands of dollars in tax breaks, experts say.
The Australian Taxation Office has flagged it will crack down on property investors claiming deductions for interest expenses on certain types of loan arrangements.
Property owners using some or all of the rental income from an investment property to pay off their own home loan while adding the interest from the investment loan to the principal and claiming it as a deduction would come under scrutiny, accountants BDO said.
Struggling listed property developer Sunland has put its flagship Palazzo Versace hotel on the Gold Coast up for sale with price expectations of around $80 million arising from strong expected Asian buying interest.
The decision to sell the hotel comes just seven months after Sunland acquired the hotel outright following a swap arrangement with Dubai development partner the Enshaa Group.
The sales campaign is being handled by father and son real estate agents Dan and Sam McVay from boutique commercial real estate agency McVay Real Estate, which has offices in Brisbane and Sydney.
Lindeman Island in the Whitsundays has been bought by William Han, chairman of China-based White Horse Australia Holdings Pty Ltd and non-executive director of Western Australia’s Padbury Mining, for around $12 million.
Han has plans to redevelop the island, but it could be up to two years before Lindeman Island reopens.
Han acquired the resort island from French chain Club Med, which bought it for $15 million in 1990 and had spent the last two decades developing and upgrading the location.
Waterfront estates usually hold the crown, not this year.
Traditionally, a trophy waterfront residence takes first place on a top-20 Sydney house sales list, but a non-waterfront Vaucluse property takes the honour for the most expensive house sold during the past 12 months.
The Hillside Avenue estate, set high on the ridge above Kincoppal-Rose Bay School, was sold last June for $21.5 million by businessman John McNiven to the Yang family from Hong Kong, in an off-market deal negotiated through Alison Coopes, principal of Agency by Alison Coopes.
Peter Brewer, a 30 year Real Estate agent and social media expert, discusses why agents need to take a more proactive approach to managing their reputation on line.
As I travel the country presenting on emerging trends in consumer behaviour, I constantly watch the looks of despair across the faces of my audiences when we get to the topic of Online Reputation Management.
You may know it better as the ability for the consumer of today to share their thoughts about your business and the service delivery of your team to the World Wide Web.
Advertising your house for sale used to be a relatively straightforward matter. Sellers would spend most of their money on newspapers and glossy magazines while putting a smaller amount aside for websites such as realestate.com.au or domain.com.au.
However, a series of price rises by REA Group, the owner of market leader realestate.com.au, is changing that. The price rises mean the gap between print and online advertising options is narrowing.
New artist’s impressions have been released of the entertainment precinct and marina in the Western Australian Government’s planned Perth waterfront re-development.
Plans for the $440 million project will see the Perth foreshore transformed to include large public recreation areas and commercial and residential developments.
WA’s The Sunday Times revealed the first look at the aquatic playground on the Swan River foreshore, the a ground-level view facing the city from what will be a 7000 sqm island in the middle of an inlet.
More agents are using video listings for properties valued under $500,000, and many are now produced in different languages, listings site domain.com.au has said.
“It is not just prestige property listings using video but also homes, land and apartments valued at under $500,000,” said Tony Blamey, general manager real estate, Fairfax Marketplaces, owner of domain.com.au.
“This sector is one of the fastest growing price brackets in the adoption of video."
