May 2007 Newsletter

There is still no sign of our market running out of steam, any property correctly priced and listed for sale around $400,000 or less is selling within days. Most properties around $500,000 are also selling very quickly.

The main driving force amongst the buyers is first home buyers and investors. Now that we are being advised that interest rates are probably on hold for the rest of the year it is obvious that this market will only continue to strengthen.

So please DO NOT SELL, on the contrary, now is a great time to buy. Please call me direct on 0413 976 666 if you would like to discuss any issues.

The recently released research from AMP and the National Centre of Social and Economic Modelling Pty Ltd (NATSEM) and the Australia Institute indicates that Australian Baby Boomers have up to half of their wealth tied up in the family home.

The research confirms earlier findings that there is a sharp contrast between the wealthy and poorer baby boomers. The top 25% of the approaching retirement (aged 55 to 64 years) have an average of $1.078 million in assets, while the botttom 25% have an average of $78,400 in assets.

For convenience defined as those aged 45 to 64 years, the baby boomers accounted for 5.1 million Australians in 2006, representing one quarter of the nations population.

There are many different smoke alarms available eg: 9 Volt battery operated, 10 year lithium battery operated and 240 volt hard wired with long lasting back up battery. These alarms should include a "tamper proof" feature that makes the battery difficult to remove.

In addition to the installation of smoke alarms the new legislation also states:

All smoke alarms to be cleaned and tested within 30 days of the start of a six month tenancy (including lease renewals)

Replace each battery that is flat or which the landlord is aware is almost flat within 30 days of the start of a tenancy (including lease renewals)

Replace the smoke alarm before the end of it’s service life or if it reaches the end of it’s service life immediately.

Under the Australian Standard a smoke alarm should have a service life of 10 years, however, cheaper alarms often only offer warranties of 2 – 3 years. The warranty is a good practical guide to the service life of an alarm.

Tenants are only responsible to clean and test the alarms if they have entered into a 12 month or longer tenancy agreement (including lease renewals). During a tenancy tenants are also responsible for replacing batteries and reporting immediately to the agency if the alarm needs replacing.

In order to reduce the maintenance requirements the Queensland Fire and Rescue Service recommend that:

Higher quality alarms with longer warranties (eg 10 years) be purchased.

10 year lithium or hard wired alarms be

installed. Alarms that include "tamper proof" feature to be installed.

This Fire and Rescue Service Amendment Act 2006 is law and does come with added responsibilities for you as a property owner.

For further information about your obligations refer to the Queensland Fire and Service website www.fire.qld.gov.au

Telly’s service commitment was apparent at all times, something as a principal and owner of a property business that I really do appreciate. Your professional acumen and ability to produce the result was also very impressive after only one day of showings you had two buyers competing to secure the property.

Well done on a magnificent job, you have our families gratitude and respect.Timothy Breckell, ArundelEVERYDAY PHRASES AND THEIR ORIGINS

The phrase Possession is Nine Tenths of the Law began life as Possession is Nine Points of the Law. The phrase was used by anybody claiming an advantage in a legal situation, especially over the ownership of property, whether it belonged to them or not. Prior to the 17th century the expression was 11 out of 12 and it is not known why it was later reduced. However, the nine points are: patience, money, a just cause, a good lawyer, good counsel, witnesses, a true jury, a good judge and good luck.