We provide regular property related news blogs to keep our clients informed of what effect important economic, financial and business events and reports will have of the Perth and Western Australian property market.If you wish to receive our regular blogs:
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Perth office rental market overview – First half of 2015
Wednesday, July 1st, 2015The Perth office rental market market along with the suburban office market is experiencing its highest vacancy in almost 20 years with a report from the Property Council of Australia in February 2015 indicating that the Perth’s CBD office vacancy is 14.8% in January 2015, up from 11.8% in July 2014 and 9.0% in January 2014. The Property Council of Australia report also indicated that “The office market in Perth is the barometer for the State’s economy. The lack of demand is a reflection of WA’s economic performance.” With a further 149,000m² of new supply to be added to the CBD ...
Read moreValuing Strata lots and difficulties encountered
Wednesday, July 1st, 2015Below is a summary of a presentation that Matt Garmony, Licensed Valuer and Managing Director of Garmony Property Consultants, gave to the Bachelor of Commerce – Property students at Curtin University in March 2015. The presentation provided the property students with an overview of Strata titled properties, Unit Entitlements, valuing strata lots and issues we have identified for strata titled properties into the future. Should you have any questions in relation to strata titled properties and the valuation process, our licensed valuers will be more than willing to assist. VALUING STRATA LOTS AND DIFFICULTIES ENCOUNTERED 2015.PDF
Read moreRBA LOWERS RATES TO IN AN ATTEMPT TO FOSTER SUSTAINABLE ECONOMIC GROWTH
Friday, February 6th, 2015With recent falls in the commodity, oil and gas prices, the Western Australian economy appears to be contracting as the viability of some mining projects appears to be compromised with sharp falls in these markets. We are of the opinion that this has reduced both business and consumer confidence and has caused subdued property market conditions. The Reserve Bank of Australia (RBA) board decided to lower the cash rate by 25 basis points to 2.25% at its 3 February 2015 meeting, which is the lowest cash rate in Australia’s history. Reasons for the Board’s cash rate reduction included; the continued decline ...
Read moreChristmas Donation to Princess Margaret Hospital
Friday, December 5th, 2014From all of the Staff at Garmony Property Consultants we would like to wish you a Merry Christmas and an enjoyable 2015. This year we have chosen to make a Christmas donation to Princess Margaret Hospital.
Read moreWeakening Property Markets a cause to keep rates on Hold
Wednesday, September 10th, 2014The Reserve Bank of Australia (RBA) Board decided to leave the cash rate unchanged at 2.5% at the 2 September 2014 meeting. In a statement released by RBA Governor, Glen Stevens, he indicated “growth in the global economy is continuing at a moderate pace . . .with weakening property markets a challenge in the near term . . . and commodity prices important to Australia have declined this year.” He went on to say “resource sector investment spending is starting to decline significantly” as well as “public spending is scheduled to be subdued.” In relation to unemployment, the RBA stated “the ...
Read moreGarmony Property Consultants Support Jeans for Genes Day 2014
Friday, August 1st, 2014The Staff at Garmony Property Consultants are proud to support Jeans for Genes Day 2014. The work of the scientists at Children’s Medical Research Institute (CMRI) has a single aim – to improve and extend the lives of children everywhere. One in twenty children is born with a congenital abnormality or genetic disease. That’s over 12,000 children born in Australia each year. CMRI is dedicated to changing this. CMRI has been a pioneer in the field of paediatric medical research since its inception in 1958. Its many achievements include increasing survival rates of premature babies, establishing Australia’s first research unit for newborns, developing life saving microsurgery ...
Read moreGross Rental Valuations to be tested as Council Rates issued
Wednesday, July 23rd, 2014The Licensed valuers at Garmony Property Consultants have already started to receive enquiries about objections to increases in Gross Rental Values (GRV) for commercial properties. As local councils issue rates notices to land owners, enquiries to our licensed valuers have commenced, as some property owners have received significant increases to the Gross Rental Value (GRV) assessments which form the basis for council rates and taxes. The GRV which is the value used to multiply the council’s “rate in the dollar” to determine the Council rates amount payable is determined by the Valuer General. If the GRV appears too high, the land ...
Read moreHas the Perth property market reached its peak?
Wednesday, June 4th, 2014As the Reserve Bank of Australia (RBA) held the official cash interest rate at 2.5% at its June 2014 meeting for the 10th consecutive month, the Perth median dwelling values fell by 0.8% in May 2014 according to RP Data-Rismark. RP data’s statistics indicate Perth’s median house price has declined by 1.2% this year to date, however still remains 5.7% above the May 2013 median house price of $525,000 and is the only capital city in Australian in which home values have declined in the year to date. The Reserve Bank of Australia governor Glenn Stevens stated on 3 June 2014 ...
Read moreGarmony Property Consultants Celebrates 30 Years
Friday, May 9th, 2014In May 2014, the Licensed Valuers at Garmony Property Consultants are celebrating 30 years of providing Valuation and Property Consultancy advice in Perth and Western Australia. Garmony Property Consultants – Licensed Valuers & Property Valuation Consultants Perth was established in 1984 by John Garmony, Licensed Valuer known as valuation firm John Garmony & Associates and immediately became one of Perth’s first and foremost independent property valuation & consultancy firms. Since then, the company’s licensed valuers have acted in a wide range of property valuation consulting situations and have prepared tens of thousands of property valuation reports on numerous property types throughout Perth ...
Read morePerth property market slows in the March quarter
Thursday, April 10th, 2014The Westpac Melbourne Institute Index of Consumer Sentiment declined by 0.7% in March 2014 and has declined 10.9% from its November 2013 peak, being at its lowest level since May 2013. The Institute was of the opinion “the initial declines in December-January looked to be mainly the unwinding of the election related sentiment boost”, however they go on to state the “more recent falls though have had a very clear theme centring on a sharp loss of confidence in the economic outlook and escalating job-loss fears.” Concern around job security is very high with the Institute stating “the run of ...
Read moreInterest rates on hold for the 7th month as residential building approvals continue to rise
Tuesday, March 4th, 2014The RBA has kept the official cash rate at 2.5 percent on the basis that “monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target” with a “period of stability in interest rates” most likely going forward, reported by RBA Governor, Glenn Stevens today. Some of the comments from the RBA Govenor, from the Board’s decision today included “dwelling prices have increased significantly over the past year”, “a solid expansion in housing construction” and “some indicators of business conditions and confidence have shown improvement”. “The US economy continues its expansion” and ...
Read moreInsurance Valuations – Important Information
Wednesday, December 11th, 2013Maintaining a current assessment of the Insurance Replacement Value of Strata Titled complexes is important, particularly with the building construction costs escalations in recent years. In addition to building replacement costs, consideration needs to be given to changes in Town Planning Schemes and Zoning, particularly if the current zoning does not support or prohibits the replacement of the whole of the existing strata development. This is more essential within older suburbs where councils have made changes to their local Town Planning Schemes since buildings where originally constructed. Strata Complexes and their owners may be under insured and in risk of ...
Read moreLand Tax Notices – Objections have commenced
Friday, November 29th, 2013Western Australian property owners have been receiving their annual Land Tax notices, with some having significant increases in the Tax charged when compared to previous years. Under the “Valuation of Land Act” any person who is liable to pay any rate or tax assessed in respect of land who is dissatisfied with a valuation of such land made under the Act, may serve upon the Valuer-General a written objection to the valuation. An authorised representative can also make an objection on the land owners behalf. Property owners need to be aware the objection must be lodged within 60 days after the issue ...
Read moreSuburban Office Market Slow Down
Friday, October 11th, 2013The contraction in the Perth CBD office market, following a slowdown in the resources sector has flowed onto the fringe and suburban office market. Suburban office market throughout the Perth Metropolitan area have seen an increase in vacancy rates to almost 12% in August 2013 following the downsizing of construction and engineering firms with an increased number of offices becoming available to the market on a sublease basis. As the increase in supply of office space becomes available there is a trend for businesses to upgrade the quality of space with A-grade buildings being the least affected by vacancy, however ...
Read moreValuations for Self-Managed Superannuation Funds
Wednesday, October 2nd, 2013Asset Valuations are a key component in preparing meaningful self-managed super fund (SMSF) financial reports. These have an impact on the returns for members and ultimately self-managed super funds sector performance as a whole. The valuations are also required to confirm that your self-managed super fund has complied with relevant super law for: Preparing the financial accounts and statements of the fund; Acquiring assets between SMSF’S and related parties; Investments made and maintained on an arm’s length basis; Disposing of certain collectables and personal use assets to a related party of the fund determining the market value of a SMSF in house assets as ...
Read moreRBA Leaves Cash Rate Unchanged At 2.5%
Wednesday, October 2nd, 2013The Reserve Bank of Australia Board met yesterday and decided to leave the cash rate unchanged at 2.5% on the basis that inflation in most countries remain well contained and that commodity prices have declined from their peaks but generally remain at high levels by historical standards. RBA Governor Glenn Stevens stated “changes in the outlook for US monetary policy have increased volatility in the financial markets, but long term interest rates remain very low and there is ample funding available for credit worthy borrowers.” He also stated that “global growth is running at a bit below average this year, ...
Read morePerth Residential Property Market heading in the right direction.
Wednesday, March 13th, 2013Following the Reserve Bank leaving interest rates on hold in March 2013 and a slow start to building approvals, the increase in buyer activity at the lower end of the market is seeing a steady growth in the medium house price for the Perth Metropolitan area. Increased activity from the investors looking to capitalise on increasing residential rents and low interest rates, coupled with strong population growth and increase in consumer confidence, has increased the demand for residential homes in the $400,000 – $800,000 price bracket. A report put out by the Real Estate Institute of Western Australia (REIWA) stated “agents ...
Read moreWA Property Transactions increase in 2012
Wednesday, January 16th, 2013A report released by Landgate, Western Australia’s official register of land ownership, in their “Business Activity Profile” stated the number of transfer documents lodged in December 2012 increased by 31.4% compared to the corresponding period in 2011 and 9.7% between November and December 2012. Landgate also reported the number of mortgages increased by 23.1% compared to December 2011 with Landgate’s Chief Executive Mike Bradford stating “the December figures support the current trend of improved property activity for the 2013 financial year.” The above statistics support the opinions of the licenced valuers at Garmony Property Consultants that there is increased activity in the ...
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