Apollo Bay Real Estate News October 16
SOLD ON BRICKS AND MORTAR
Residential property is becoming a favoured option with investors, writes Ruth Liew.
Cashed-up self-managed superannuation funds wary of volatile share markets are increasingly on the prowl for real estate buys – and some are spending big on residential property, industry observers say.
Sales to trustees within the $43—billion DIY super sector are expected to pick up pace, especially after the recent regulation changes permitting funds to borrow to invest and renovate their property.
Some of the sales transactions this year include a fund paying $1.45 million for a one-bedroom apartment at 3 Macquarie Street in the Sydney CBD. The property, sold by Ettiene West of Morton & Morton, boasts views of the Harbour Bridge and is part of the Bennelong apartments.
The Australian Tax Office’s decision to ease borrowing rules, allowing funds to improve the value of their homes, is widely expected to sweeten the prospect of real estate investment in the SMSF sector.
According to the ATO, funds that borrow to invest may potentially build swimming pools, larger kitchens and add extensions to boost their property’s value, as long as the money for the renovation comes from inside their fund.
Trustees were previously not permitted to use funds from any source to do so.
THE OPTIMISTS – THE 3 ECONOMISTS POINTS OF VIEW.
Bill Evans - Global Head of economics, Westpac. ‘We expect this patchiness to be relatively mild and short-lived with interest-rate cuts paving the way for a firmer housing market from mid-2012’

Paul Bloxham – Chief Economist, HSBC ‘We do not envisage a major economic collapse. We’re not concerned that the housing market is going to have a big fall any time soon’

Brian White – Chairman, Real Estate Agency, Ray White ‘People say the market’s deteriorated but our sales don’t show that. We’ve not gone under $2 billion in sales in any month’

AUCTION TOMORROW – MOONLIGHT RETREAT 50 Parkers Access Road, Wattle Hill 2pm
Don’t miss this opportunity
SEACHANGE OPPORTUNITY
Casual cleaners/housekeepers email info@greatoceanroadrealestate.com.au
WHATS ON
- Apollo Bay Farmers Market 16th October Youth Club Hall 9am to 1pm
- Opera in the Otways, conducted by Richard Hill with the Victorian Opera at Cape Otway Lighthouse. Ticketswww.lightstation.com
See you on the coast.

Darren Brimacombe
darren@greatoceanroadrealestate.com.au
0418 317 424