Real Estate News Hilltop Carindale to join brisbane’s Dress Circle Suburbs CARINDALE is set to reach new heights and join Wilston and Newmarket in the north, Paddington and Taringa in the west and neighbouring Hawthorne in the east as an acknowledged dress circle suburb with striking City views, following an exclusive new hilltop land release. The $180 million Hilltop Carindale residential estate occupies land previously owned by Brisbane’s former Lord Mayor, Clem Jones. Keith Lucock, Marketing Manager said Hilltop Carindale was without doubt the best remaining land in Brisbane, within a 12 kilometre radius of the city. “It is no secret that Dr Clem Jones, the father of modern Brisbane had a passion for this city and an eye for exceptional property. His foresight in town planning and his skill in identifying unique development sites speak for itself in this outstanding residential opportunity,” said Mr Lucock. “Hilltop Carindale reflects his vision for grand living with sweeping views and bay breezes, just minutes from the heart of the Brisbane CBD.” Mr Lucock said launch interest has been impressive with 8 early sales primarily out of Carindale and surrounding suburbs, looking to upgrade to a prime elevated address. “Carindale is thriving with a choice of respected schools, a comprehensive range of leisure and sporting facilities including the Pacific Golf Club and manicured parklands, as well as a $300 million redevelopment of Westfield Carindale that will include a new parallel mall over two levels when completed in 2012,” he said. “With this quality of services and conveniences, it’s no wonder residents choose to stay and upgrade within the suburb.”
Hilltop Carindale’s Stage One offering of 38 homesites occupies a total area of more than 38,000m2 and overlooks more than eight hectares of native Australian flora and fauna. Roy Leaver, Managing Director of Project + Land said Hilltop Carindale was an outstanding release which offered breathtaking views of the City and surrounds. “Our potential buyers are drawn to the Estate’s proximity to the city and its easy access to favoured establishments including Pacific Golf Club and shopping hub Westfield Carindale,” Mr Leaver said. “With all homesites level and slab friendly, owners can explore the best of contempo-
rary architecture and style combined with cost-effective construction to design their ultimate dream home. “Hilltop Carindale is situated on Greendale Way and set on a ridgeline overlooking some of Brisbane's finest homes. It is the final and connecting link in this exclusive eastern suburb.”
CARINDALE LAND Act now to secure fantastic value in this premium and sought-after Eastern Suburb. Carindale Green is a strictly limited release of elevated homesites neighbouring quality established homes. t Level, easy-build blocks t Adjoining leafy bushland t Prime position close to Pacific Golf Club t 5 minutes to Westfield Carindale t 12km from the City
CGR /6-BIT
EXCLUSIVE HOMSITES from Phone:
$390,000
1 1300 300 789 0 001 01
We s t bur y P l ac e (off Gr eendale Way) , C ar indale , Queen s l and UBD Map 182 C-12
32 - THE BRISBANE INDIAN TIMES, September, 2011
It has convenient access to the Gateway Motorway and M1, is only 10 minutes away from Manly on Moreton Bay and 25 minutes from Brisbane CBD.
For more information on the Stage one release of Hilltop Carindale visit the onsite Sales Centre in Ridgeview Street (off greendale Way), phone 1300 789 001 anytime or log on to www.hilltopcarindale.com.au
Alternative ways into the property market Co-buying: Co-buying – also known
Limited Release
Hilltop Carindale is close to parks and walking trails, with a highly regarded golf course and shopping centre at its doorstep.
as shared ownership, joint ownership or coownership – is when two or more people decide to spread the financial burden and buy a property together. Parents are buying with their children, siblings are buying together, as are friends, extended family members, even colleagues. By joining forces, you can afford somewhere bigger, better and sooner than you could alone. For investors, the obvious advantages include the reduction in capital required, the reduction in other associated costs involved in buying a property and, as a result, the reduced risk, especially when better locations can be made more accessible. “It is important to remember that a mortgage mate, a co-buyer or a co-investor is in essence a partner. There are significant legal and financial obligations to consider and plenty of due diligence is called for,” REIQ managing director Dan Molloy said. “It is vital that all parties have the same intentions and goals and a legally prepared document – such as a Deed of Trust – is advisable for anyone entering into a co-
buying arrangement.”
Mum and dad finance: Baby boomer parents are increasingly helping their children into the property market. Creative ways they are giving their children a “leg up” include co-buying where the parent(s) provide the equity and the children take responsibility for paying the debt. The other arrangement is by way of a guarantee. The traditional bank guarantee has been replaced by a product that allows a parent to guarantee an amount to supplement the borrower’s deposit. The size of the guarantee can be limited to a specific amount which protects the parent from losing their home should the child default on the loan. “Declining housing affordability has made it increasingly difficult for first home buyers, however opportunities currently exist for buyers who can afford to enter the market,” Mr Molloy said. “The REIQ encourages anyone who can afford it to buy property to secure their long-term future. However, they must be able to afford the property and the ongoing costs.”
better protection for seniors using reverse mortgages Continued from page 31 background on Reverse Mortgages A reverse mortgage is a type of equity release product under which a consumer, who is usually at least 60 years, borrows money against the equity in their home, in return for a lump sum, line of credit or regular payment. The debt does not need to be repaid until the home is sold (usually when the borrower dies or voluntarily vacates the home), with interest compounding until that time. Reverse mortgage therefore have unique risks and complex financial and legal impacts for borrowers different from other more traditional credit products. These include: • interest rate risk - that interest is capitalised, leading to negative equity or insufficient equity to cover the cost of future needs; • Property value risk - that the borrower’s equity in the home may be eroded more quickly due to, for example, unexpected
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falls in property values, reducing the equity available to the borrower after they have entered the contract; • Longevity risk - that the borrower may have ongoing financial needs longer than expected; • Informaiton asymmetry risk - that borrowers currently may not be able to readily access information regarding the long-term costs of a reverse mortgage and how it may affect their ability to meet future financial needs. Under the delivering for seniors package, the government will also be enhancing protections for seniors using home reversion scheme products. Home reversion schemes are another type of equity release product which allows seniors to sell a portion of their home for a fixed lump sum payment. The consumer is able to remain in their home until they die or voluntarily vacate the property. Enhancements to the regulation of home reversion scheme products are expected to be implemented in a 2012 Bill. (RJ) Call Trudi on 07 3356 0102