SPREAD THE WORD 09 THIS OCTOBER
Going Pink for October www.pinkribbonbreakfast.org.au
SUPPORTING PINK RIBBON DAY 2009
MMJ Raises Awareness and Funds for the NBCF by hosting a Pink Ribbon Breakfast. On Monday 26th October MMJ hosted their 4th annual Pink Ribbon Breakfast in support of the National Breast Cancer Foundation. The event was held at the Wollongong Golf Club. Approx 40 staff and their guests gathered in an effort to raise awareness and funds for a worthy cause, exceeding our target.
Luciana Rossi inspires guests with her experience. This year, guest speaker Luciana Rossi, of Rossi Simicic Lawyers inspired the guests with her experience of Breast Cancer. Luciana was diagnosed with Breast Cancer in February of 2008, not long after establishing her successful law firm, Rossi Simicic Lawyers. It was with the support of her husband Rob and her business partner Tiana Simicic, that she was able to push through and beat the disease. The theme of the breakfast was recognising our support networks and thanking those close to us that support us in our times of need. It is these networks that get us through the tough times and help us celebrate the good times. MMJ believe that a good network, be it a personal one or a business one, is the key to a successful future. Help MMJ support those that support us in our time of need. You never know when you may need them. And most importantly, help the NBCF find a cure for Breast Cancer.
Your Partners in Property
Iconic Regent Theatre Up for Grabs. Wollongong’s treasured Regent Theatre has been listed for sale with Tim & Geoff Jones. The 1200-seat theatre and adjoining office space on Keira Street is available for sale by Expressions of Interest closing at 4pm on the 3rd December, 2009. The lovingly restored, landmark heritage building is a truly unique investment opportunity. Additional to the theatre is significant first floor office space with a separate street entry. The Regent Theatre is one of New South Wales’ most elegant and beautiful venues and is located right in the heart of Wollongong’s CBD.
Welcome Welcome to our October Issue of MMJ in Review. Pink is the new black! Each year during October MMJ go Pink to support the National Breast Cancer Foundation. This issue is close to our hearts and through our advertising and promotions during the month we are able to raise both funds and awareness for the such a worthy cause. During October our focus has turned to the shortage of residential rental properties and how it is affecting our local market. The shortage of stock and high rent in Sydney has encouraged more renters turning to Wollongong to call home. However, we are quickly heading down the same path with little stock available. Now may be a great time to start looking at adding an investment property to your portfolio.
The main auditorium boasts both lower circle and mezzanine seating, with a huge capacity of over 1200 seats. Designed with live performance in mind, the acoustics are superb and the size of the stage will provide ample room to tailor a performance space to suit your needs Public transport is located within 5 minutes walk of the venue, making the Regent Theatre very accessible. Since being commissioned in 1957, the Regent Theatre has never looked so good, with major restoration work completed in 2007 on the main auditorium, mezzanine and main foyers, and backstage dressing rooms.
We hope you enjoy this issue of MMJinReview.
Geoff Jones CEO, MMJ Wollongong
for more details on this property, head to mmj.com.au. WebLink iD 1294524
Sale Date Sale Price
WOLLONGONG Unit 3, Gateway Ind. Park
KIAMA 1 Stewart Place
Auction 5 Dec
FIGTREE 2 Mary Avenue,
NTH WOLLONGONG 3 Bessell Avenue
WOONONA (Edgewood) Lot 1461 Mahogany Way
SHELL COVE 34 Lord Howe Avenue
On the Market
From the moment you enter the expansive foyer, there is a feeling that you have been transported back to the 1950’s, a time where buildings were designed to communicate warmth, atmosphere and beauty. Such a foyer serves wonderfully as a reception area or cocktail lounge.
Sydney Renters turn to Wollongong to find a new home.
WIN Grandstand project gains $28.9m State Government boost
Source: RE Business Online
Source: Property Council of Australia
Rental property vacancies remain very tight in Sydney, according to the NSW Real Estate Institute (REINSW).
NSW State Premier Nathan Rees visited Wollongong during October to announce the government’s commitment to build a new $28.9 million western grandstand at WIN Stadium within three years.
The REINSW president Steve Martin said Sydney had not experienced an increase in the rental vacancy rate since July 2009. “In Sydney last month the available rental vacancy rate remained at 1.3 per cent, which means the market remains very tight,” Mr Martin said.
Low vacancy rates good for investors. Source: RE Business Online Sydney’s rental property market is at a stalemate, figures from the Real Estate Institute of NSW (REINSW) have found. According to the REINSW, the number of vacant rental properties across the city and in Newcastle remained stable at 1.3 per cent in September despite incentives designed to encourage people to buy homes. The number of vacant rental properties in Sydney’s outer suburbs rose by 0. 1 per cent to 1 per cent, while vacancies in the inner suburbs fell slightly to 1.4 per cent. In the Illawarra, overall vacancies rose 0.4 per cent to 1.7 per cent while in Wollongong, the percentage of available properties increased 0.3 per cent to 1.6 per cent. “These results are a double-edged sword; great news for landlords but grim news for tenants,” REINSW president Steve Martin said. “The results for Sydney and Newcastle are concerning and show that despite a low interest rate environment and additional first home buyer and other buyer incentives, the rental market remains extremely fragile.” According to Mr Martin, the current vacancy rates are unlikely to change in the immediate future.
“The news was slightly better in Wollongong with the city recording a good increase in available properties for the month. Wollongong recorded a 0.2 per cent increase to 1.8 per cent, which is the highest result recorded since April 2009. Mr Martin said investment in rental properties had improved over the later part of this year with lower interest rates and good rental income enticing investors into the market.
The two-tiered grandstand will include 6,170 covered seats to increase the ground’s total capacity by 3,758 for a total of 23,150. The new grandstand is more modest than the original $47 million proposal which included a hotel and a walkway to the Steelers Club. Included in this plan are four commercial areas facing Harbour St that will be leased, two function areas and media facilities. About 640 jobs, mainly in construction, would be created from the project. The project is aiming for a fast construction timetable, so as to be completed and officially opened within the context of a March 2011 election campaign, according to media reports.
Unfortunately, this combined with the move of first home buyers out of rental accommodation has not enabled rental supply to match demand. “As these stimulus factors weaken, and with no sign of demand abating, things will only continue to be difficult for renters over the foreseeable future,” he said. “The government needs to urgently encourage and incentivize better use of land. We need a strategic approach in NSW to solve this problem in order to avoid a worse situation in 2010.” MMJ has a wide variety of properties suitable for investors, head to mmj.com.au to find your next investment property.
Upcoming Events Nov 18-22 - MMJ Sponsors PGA Nov 25
- MMJ Group Auction
- Illawarra Property Council Luncheon - Green Buildings
- Real Estate Career Workshop
Auctions on the Rise Source: RP Data
Around Australia, property auctions have enjoyed very buoyant conditions with more than 70 percent of auctions selling under the hammer week on week for the last 15 weeks running.
Next Group Auction Wollongong Golf Club 6.00pm, Wednesday Nov 25
The number of auctions held across Australia has increased consistently since the first week of August when just 817 auctions were held. As auction volumes have ramped up, so too have auction clearance rates. The national weighted average has been above 70 percent for the last 15 weeks. Auction clearance rates are often used as a timely barometer of real estate market sentiment. When clearance rates are high we can assume that there is a healthy level of optimism amongst buyers and that vendor expectations about the value of their property is aligned with buyer expectations. On the flipside, when clearance rates are low we can generally infer that home buyers are more cautious and vendor expectations may not be aligned with market conditions. Generally, auctions as a method of sale are most popular with prestigious properties or those that have unique characteristics where it is difficult to determine a market value. The auction process relies on a solid marketing campaign to ensure the auction date is well publicised and prospective buyers have time to inspect the property and arrange for building and pest reports.
Suburb Profile Keiraville Source: RP Data The size of Keiraville is approximately 2 kmÂ˛. It has 12 parks covering nearly 17% of the total area. There is 1 school located in Keiraville. The population of Keiraville in 2001 was 4,351 people. By 2006 the population was 3,497 showing a population decline of 20% in the area during that time. The predominant age group in Keiraville is 20 - 29 years. Households in Keiraville are primarily lone occupant and are likely to be repaying between $1,000 - $1,200 per month on mortgage repayments. In general, people in Keiraville work in a non-specific occupation. In 2001, 62% of the homes in Keiraville were owneroccupied compared with 61% in 2006.
A Great Start Suburb: KOONAWARRA Address: 156 Wyndarra Way WebLink iD: 1291668
Spectacular Re-Development Site Suburb: LAKE ILLAWARRA Address: 58 Purr Purr WebLink iD: 1291908
Refurbished Office Suite Suburb: WOLLONGONG Address: 10/63 Market Street WebLink iD: 1290934
Currently the median sale price of houses in the area is $519,000.
For those buying a property at auction, it can be difficult to know how much to bid, which is why doing your research is of the utmost importance. There are a variety of options available to gauge the value of a property including researching comparable recent sales or obtaining a valuation on the property.
Should you require assistance with Real Estate Auctions, contact our friendly team of experts.