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Monday, February 06, 2017

Most affordable suburbs to invest: TOP TEN SUBURBS by compound annual growth

These are the most affordable suburbs close to capital cities for investors to look out for in 2016 January 21, 20164:14pm Mansfield Park was listed by realestate.com.au as an investment spot to look out for in 2016. This home at 2A Kent St, is listed for $430,000 to $440,000. Picture: realestate.com.au Michelle Hele Network online real estate editor News Corp Australia Network TWO states dominate the list of suburbs for investors to keep an eye on in 2016. Suburbs in Western Australia and South Australia have been labelled by realestate.com.au as the best affordable suburbs to invest based on their strong compound annual growth in 2015. South Australia’s Mansfield Park topped the list of suburbs for three-bedroom homes less than $400,000 and within 20km of the CBD. It had a median house price of $375,000 and had a compound annual growth of 6.8 per cent last year. There were seven Western Australia suburbs on the list, with Maddington the most prominent. It had a median house price of $366,500 and recorded compound annual growth of 4.1 per cent last year. Dahlia Rechichi of LJ Hooker Thornlie who grew up in Maddington said the suburb was a real mixed bag of property types. She said the newer product tended to sell fairly quickly, although anything older which needed a bit of work did not sell so fast. 20 Lancaster Place, Maddington is listed for offers from $409,000. Picture: realestate.com.auSource:Supplied “It has been an area that has been a little left behind, but it is a good investment area,’’ she said. “A lot of land is starting to get rezoned and there are a lot of apartments underway.’’ Ms Rechichi said the price bracket for the suburb was one in which first home buyers and investors generally bought, but with banks cracking down on investor lending, that side of the market had quietened down a little. TOP TEN SUBURBS by compound annual growth Mansfield Park, SA - 6.8 per cent Maddington, WA - 4.1 per cent Salisbury Heights, SA - 4 per cent Langford, WA - 3.4 per cent Midvale, WA - 2.9 per cent Kenwick, WA - 2.8 per cent Middle Swan, WA - 2.8 per cent Gosnells, WA - 2.7 per cent Huntingdale, WA - 2.6 per cent Queenstown, SA - 2.6 per cent Originally published as Most affordable suburbs to invest ============ What to do if your tenants go AWOL Nicola McDougall Home / What to do if your tenants go AWOL Sometimes no matter how stringent your property management systems, tenants go AWOL. And often when they do, they leave a lot of their possessions behind. So, when faced with tenants who’ve done a runner, what rules, regulations and best practice do property managers have to follow? Across the country, there are clear legal guidelines about what to do with goods that have been abandoned on the premises by tenants. The rules outline what, when and how the goods should be stored and then disposed of if the tenant cannot be located. Sometimes, the relevant tribunal needs to be involved, especially if the lease had not ended when the tenants disappeared. Real Estate Institute of NSW president John Cunningham said best practice can help to prevent tenants abandoning a property – but it can still catch property managers unawares. “Clearly one of the first indicators is really getting behind in the rent … if they keep promising to fix it up but they don’t it’s a pretty clear indicator,” he said. “You can try to predict it through your own periodic inspections three to four times a year to see if there’s anything looking unusual. “If there’s any likelihood of (abandoning the property) happening it’s going to be a pretty observant agent to notice anything strange going on. In most cases you’re just caught short. You find out too late and they’re gone.” According to NSW Fair Trading, goods of value need to be kept for at least 14 days from the day of notification to the tenant. Personal documents need to be kept in a safe place for at least 90 days. In Queensland, according to the Residential Tenancies Authority, after a 30-day storage period has expired – depending on the type of goods left behind – they must be disposed of by auction unless the tribunal orders another method. Real Estate Institute of Queensland CEO Antonia Mercorella said tenants abandoning a rental property caused a problem for all parties. “Unfortunately, despite the utmost diligence as a property manager, sometimes a tenant will abandon the property and abandon their belongings, which presents a huge headache for everyone,” she said. “It’s quite complicated and any property manager facing this situation needs to be well armed with information before they take any action. “This includes when they can – and can’t – sell the abandoned goods, how long they are required to store goods for, and exactly how to inventory all the goods correctly and what to do with that inventory.” In Victoria, according to the Real Estate Institute of Victoria (REIV), goods of monetary value can be disposed if the total estimated cost of removal, storage and sale of all those goods is greater than its combined monetary value. Abandoned goods that cannot be disposed of must be stored for 28 days and the former tenant notified within seven days by sending notice to a forwarding address or, if not known, by publishing a notice in a newspaper. “The Victorian Residential Tenancies Act is currently being reviewed, and this issue is being considered at present,” REIV chief executive officer Geoff White said. “The REIV would like to see the act amended so that landlords can claim these expenses from a tenant’s bond after they vacate, which would help to offset the cost of storage.” So what’s the rules for your state? NSW If unsure whether the premises have been abandoned (if lease is still ongoing), apply to the NSW Civil and Administrative Tribunal. Tenants must be notified in writing (mailed to a forwarding address if known or to the property in case the tenant is having their mail redirected), in person or over the telephone. After two days, a notice can also be left in a prominent position somewhere on the premises (e.g. stuck to the front door) Goods of value need to be kept for at least 14 days from the day of notification. Personal documents need to be kept in a safe place for at least 90 days from the day of notification. Unclaimed goods can be disposed of by donating to charity, taken to the tip, or sold for a fair value with proceeds going to the tenant. After six years, unclaimed monies should be sent to the Office of State Revenue. Victoria Abandoned personal documents must for stored for at least 90 days and reasonable steps taken to notify the tenant. Goods of monetary value can be disposed if the total estimated cost of removal, storage and sale of all those goods is greater than combined monetary value of all those goods. Abandoned goods which cannot be disposed of must be stored for 28 days and the former tenant notified within seven days (by sending notice to forwarding address or, if not known, by publishing notice in newspaper). If not reclaimed within 28 days, goods can be sold at public auction as soon as possible but the auction must be advertised in the newspaper at least 14 days beforehand. Queensland After the tenancy agreement has ended, goods left behind by the tenant can be disposed where: the total market value of the goods is less than $1500, or; storage of the goods would be unhealthy or unsafe, or; storage of the goods would cause their market value to be completely or substantially reduced, or; the cost of removing, storing and selling the goods would be greater than the amount raised in the sale of the goods. If the goods do not fall into one of the above categories, the goods must be stored for one month. After the storage period has expired, the goods must be disposed of by auction unless the tribunal orders their disposal by another method. A notice of the auction must be placed in a newspaper circulating in the area where the goods were abandoned. Any money remaining from the proceeds of the sale must be paid to the Public Trustee within 10 days of the sale. Sources: NSW Fair Trading, Real Estate Institute of Victoria, Residential Tenancies Authority Queensland

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