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Housing Market Enjoys Solid Growth
Source: REB Online
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29 July 2010
Investors have officially filled the gap created by first home buyers, new research has found.
According to Australian Property Monitor's Quarterly Housing Report, Australia recorded solid house price growth over the June quarter as investor activity mitigated the fall in demand from owner occupiers and FHBs.
Nationally, annual house price growth remained strong - sitting above 15 per cent.
APM's economist Matthew Bell said the strong results came as a surprise, given the six interest rates rises in recent months.
"Most markets around the country saw modest growth for the quarter, contributing to the continuing high year-on-year figures," Mr Bell said.
In what was the fifth consecutive quarter of house price rises for Sydney, house prices increased by just over 2 per cent and unit prices were up by almost 3 per cent, pushing annual growth to over 13 per cent - well above the long-term trend.
The current Sydney median house price now sits above $625,000 and the median unit price above $435,000.
Melbourne was another star performer; despite quarterly growth falling to the lowest rate since March 2009, a result of over 4.4 per cent has meant that Melbourne is still a relatively hot market.
Canberra remains the second strongest housing market in the country with the annual rise in median house price coming in at over 16.5 per cent, with the median house price fast approaching $600,000.
"APM expects further price growth moderation in the next three to six months as the low levels of housing finance and the risk of further rate increases weigh on the market. However, the medium-to-long-term outlook for property prices remains strong, and we expect the 2010 annual rate of national house price growth to settle in the eight to 10 per cent range," said Mr Bell
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Stamp Duty Savings Great News for Buyers, Investors and Developers
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21 June 2010
The NSW Goverment has announced that it is abolishing stamp duty for dwellings purchased off the plan from July 1, this year. Stamp duty will be elimated for the next two years for any purchasers buying a home worth up to $600,000, before construction has started.
 Get OSR Factsheet
This could add up to a saving of over $22,000 for families and investors who buy a house or apartment in the pre-construction stage (off the plan). A 25% stamp duty discount will apply to homes already under construction or newly-completed worth up to $600,000.
Stamp duty will also be elimated for the next two years for over-65's who sell their home to move into a newly-built dwelling worth up to $600,000. It is being done in an effort to encourage empty nesters to trade down to smaller homes.
The discounts are combined with increased funding for councils to speed up development applications. The programs are expected to cost the Govenment about $184 million over the two years they apply.
Developers will also benefit from the Stamp Duty savings with predictions that pre-construction sales will rise and assist with obtaining finance to fund new projects.
MMJ have dedicated Project Marketing, Town Planning and Sales teams that assist developers with new projects from planning, to pricing, to marketing, to sales and even ongoing management.
To find out more about how MMJ can help you get your next project off the ground contact us today.
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Chris Johnson & Bob Houston Join the MMJ Team
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08 June 2010
Chris Johnson’s 25 year real estate career encompasses an extensive track record in property; sales, financing and senior management. In addition to his agency management roles, Chris was also previously the Head of Westpac’s Property Finance Division, where he managed a business with over $2.5 billion in property loans.
This experience provides Chris with a rare insight into the critical role financing plays in structuring real estate transactions. Throughout his agency career, Chris has specialised in the sale of predominantly investment grade property up to $100 million in value.
Chris’ partner Bob Houston has a career that spans three decades, three property booms and three recessions. He has extensive hands on experience in virtually all facets of real estate. Bob has also studied the USA property market first hand at considerable length adding cutting edge property solutions to his knowledge base. Specialising in sales, Bob has held senior positions with leading commercial property agencies, most recently with Jones Lang LaSalle.
Contact Chris & Bob today!
Chris chris.johnson@mmj.com.au
Bob bob.houston@mmj.com.au
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MMJ Sydney Opening its Doors this Month
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08 June 2010
Last Friday MMJ celebrated its 50th anniversary at a client function held at the The WIN Entertainment Centre. During the event, Geoff Jones – MMJ’s Wollongong Director took the opportunity to make an exciting announcement about the expansion of the MMJ brand into the Sydney market. Geoff welcomed Chris Johnson & Bob Houston, Directors of MMJ Sydney, to the MMJ family in front of approximately 140 guests and staff.
The new office will be located in the Sydney CBD at 3 Spring Street and initially will offer predominantly Commercial Agency services, with the intention to deliver a full service office with the recruitment of other senior specialists.
“Although we are initially focusing on commercial property services, we have the benefit of being connected to the MMJ umbrella of services and can offer our clients additional services such as Valuation and Town Planning.” said Chris Johnson, Director - MMJ Sydney.
Bob and Chris will bring a fresh new service to the Sydney property market under the MMJ umbrella. MMJ Sydney will offer its clients a unique service with the loyalty, integrity and honesty that has seen the MMJ brand successfully operate for over 50 years in the Illawarra.
“MMJ has a strong, rich brand in the Illawarra property market and we are excited about unleashing our unique range of services to the Sydney market.” said Geoff Jones.
Contact MMJ Sydney today! sydney@mmj.com.au
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As Predicted, Interest Rates Remain on Hold
01 June 2010
Source: RBA Statement by Glenn Stevens, Governor: Monetary Policy Decision
At its meeting today, the Board decided to leave the cash rate unchanged at 4.5 per cent.
Since the Board last met, concerns about sovereign creditworthiness in several European countries have been a focus of financial markets. Investors have generally displayed a good deal more caution. As a result, equity prices have fallen and long-term government bond rates have declined outside of the countries most affected by the sovereign concerns. The Australian dollar fell sharply as part of this adjustment. Commodity prices have also softened, though those important for Australia remain at very high levels.
European policymakers have responded by assembling a large package to provide financing for the relevant countries for a period of time, stabilise bond markets and provide liquidity. They have also committed to action to bring budget deficits down and stabilise debt over time.
The effects of these various factors on the world economy will need to remain under review. At this stage, global growth is still expected to be at about trend pace in 2010. Conditions in Europe overall have been relatively weak, and the foreshadowed budgetary tightening will probably mean that this will continue, but growth is becoming more established in North America. In Asia, growth has continued to be quite strong and may need to moderate in the year ahead.
In Australia, with the high level of the terms of trade expected to add to incomes and demand, output growth over the year ahead is likely to be about trend, even though the effects of earlier expansionary policy measures will be diminishing. Inflation appears likely to be in the upper half of the target zone over the next year.
Consistent with that outlook, and as a result of actions at previous meetings, interest rates to borrowers are around their average levels of the past decade, which is a significant adjustment from the very expansionary settings reached a year ago. Taking all the available information into account, the Board views this setting of monetary policy as appropriate for the near term.
Interest Rates Up Again
04 May 2010
Source: RBA Statement by Glenn Stevens, Governor: Monetary Policy Decision
At its meeting today, the Board decided to raise the cash rate by 25 basis points to 4.5 per cent, effective 5 May 2010.
Recently, forecasts for world GDP growth have been revised up again, and growth is expected to be at trend pace or a little above in 2010. Conditions in Europe remain quite weak, though recent data suggest growth is becoming more established in North America. In Asia, where financial sectors are not impaired, growth has continued to be strong, contributing to pressure on prices for raw materials. The authorities in several countries outside the major industrial economies have now started to reduce the degree of stimulus to their economies.
Global financial markets are functioning much better than they were a year ago, but sovereign risk concerns have escalated significantly in Europe over recent weeks. This has prompted additional efforts by policymakers to put fiscal policies onto a sounder footing and to provide support for Greece in the near term. To date, there has been very little contagion outside Europe.
Australia’s terms of trade are rising by more than earlier expected, and this year will probably regain the peak seen in 2008. This will add to incomes and foster a build-up in investment in the resources sector. Under these conditions, output growth over the year ahead is likely to exceed that seen last year, even though the effects of earlier expansionary policy measures will be diminishing. The process of business sector deleveraging is moderating, with business credit stabilising and indications that lenders are starting to become more willing to lend to some borrowers, though credit conditions for some sectors remain difficult. Credit outstanding for housing has been expanding at a solid pace. New loan approvals for housing have moderated over recent months as interest rates have risen and the impact of large grants to first-home buyers has tailed off. Nonetheless, at this point the market for established dwellings is still characterised by considerable buoyancy, with prices continuing to increase over recent months.
Recent data on inflation confirm that it has declined from its peak in 2008, helped by a noticeable slowing in private-sector labour costs during 2009, the rise in the exchange rate and the earlier period of slower growth in demand. In both underlying and CPI terms, inflation over the most recent 12 months was around 3 per cent. Nonetheless, the extent of decline from here may not be quite as much as earlier forecast and inflation now appears likely to be in the upper half of the target zone over the coming year.
With the risk of serious economic contraction in Australia having passed some time ago, the Board has been adjusting the cash rate towards levels that would be consistent with interest rates to borrowers being close to the average experience over the past decade or more. The Board expects that, as a result of today’s decision, rates for most borrowers will be around average levels. This represents a significant adjustment from the very expansionary settings reached a year ago.
The Board will continue to assess prospects for demand and inflation, and set monetary policy as needed to achieve an average inflation rate of 2–3 per cent over time.
Green Buildings Alert
19 April 2010
Tracy Preston, Department Manager - Commercial Management, MMJ Wollongong
In 2010, the Government will enact policy requiring owners and Lessor of commercial office space with a net lettable area of 2000 m² or more to disclose a valid Building Energy Efficiency Certificate to prospective purchasers & tenants when the space is to be sold, leased or subleased.
The Building Energy Efficiency Certificate will include 3 components:
1. NABERS Energy base building rating
2. a tenancy lighting assessment
3. energy efficiency guidance.
Latest Government advice indicates that the Bill will likely be passed by mid-2010 and legislation is due to come into effect around October 2010.
Transitional arrangements will apply for 12 months from commencement to allow Nabers rating to be used alone, if obtained before October 2010.
We actively encourage building owners of commercial space of 2000sqm or more to obtain a NABERS rating for their building within the next 6 months to take advantage of 12 month transitional arrangements. MMJ Commercial Management can assist you with your questions in relation to this important legislative change. Call Tracy Preston on 4229 5555 for information about how the legislation may affect your commercial property investment.
Rates up Again. RBA increased cash rate by 0.25%
06 April 2010
Statement by Glenn Stevens, Governor: Monetary Policy Decision
At its meeting today, the Board decided to raise the cash rate by 25 basis points to 4.25 per cent, effective 7 April 2010.
The global economy is growing, and world GDP is expected to rise at close to trend pace in 2010 and 2011. The expansion is still hesitant in the major countries, due to the continuing legacy of the financial crisis, resulting in ongoing excess capacity. In Asia, where financial sectors are not impaired, growth has continued to be quite strong, contributing to pressure on prices for raw materials. The authorities in several countries outside the major industrial economies have now started to reduce the degree of stimulus to their economies.
Global financial markets are functioning much better than they were a year ago and the extraordinary support from governments and central banks is gradually being wound back. Credit conditions remain difficult in some major countries as banks continue to face loan losses associated with the period of economic weakness. The concerns regarding some sovereigns appear to have been contained at this stage.
Australia’s terms of trade are rising, adding to incomes and fostering a build-up in investment in the resources sector. Under these conditions, output growth over the year ahead is likely to exceed that seen last year, even though the effects of earlier expansionary policy measures will be diminishing. The rate of unemployment appears to have peaked at a much lower level than earlier expected. The process of business sector de-leveraging is moderating, with the pace of the decline in business credit lessening and indications that lenders are starting to become more willing to lend to some borrowers. Credit for housing has been expanding at a solid pace. New loan approvals for housing have moderated over recent months as interest rates have risen and the impact of large grants to first-home buyers has tailed off. Nonetheless, at this point the market for established dwellings is still characterised by considerable buoyancy, with prices continuing to increase in the early part of 2010.
Inflation has, as expected, declined in underlying terms from its peak in 2008, helped by a noticeable slowing in private-sector labour costs during 2009, the rise in the exchange rate and the earlier period of slower growth in demand. CPI inflation has risen somewhat recently as temporary factors that had been holding it to quite low rates are now abating. Inflation is expected to be consistent with the target in 2010.
With the risk of serious economic contraction in Australia having passed some time ago, the Board has been lessening the degree of monetary stimulus that was put in place when the outlook appeared to be much weaker. Lenders have generally raised rates a little more than the cash rate.
Interest rates to most borrowers nonetheless have been somewhat lower than average. The Board judges that with growth likely to be around trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average. Today’s decision is a further step in that process.
Buyer Inquiry Ramps Up
19 March 2010
Last weekend MMJ offices across the Illawarra saw buyer interest levels jump to higher than normal. MMJ hosted 22 open houses over last weekend and recorded above average traffic numbers through the door on most. An open house held at Outlook Drive Figtree from 10am – 10.30am Saturday morning attracted 51 groups through and resulted in 9 parties prepared to pay the full asking price or above. On top of this the internet page has over 300 hits, with other properties also recording high traffic.
“Interest levels like this from buyers are a good sign that the market is regaining strength after the GFC. It looks like 2010 is gearing up to be a good year for Real Estate” Says Daniel Hastings Director, Residential Sales.
This year has started with a bang with potential buyers hitting the ground running. “It appears buyers are more educated and willing to make decisions quickly as they have done all their homework in advance.” Says Sales Agent Daniel Frazer.
Reports from the mortgage industry show that investors are slowing creeping back into the market with increases in investor mortgages during February. The investors are beginning to put pressure on the home buying market, especially first home buyers and forcing them to snap up properties quickly or loose out.
MMJ Wollongong reports reveal that the average days on market for February was 26, dropping from 34 for the same period last year. Selling conditions are improving in the Illawarra with high buyer interest and interest rates still at low levels.
The Edgewood Estate also recorded high traffic with the release of its Seniors Apartments. On Saturday afternoon MMJ hosted a private release for its apartments designed specifically for over 55’s with 30 groups attending.
“The launch turnout exceeded our expectations and resulted in 5 sales on the day, which our vendor is very happy with.” Says Maurice Bertapelle, Sales Manager MMJ Project Marketing.
The public release for the Edgewood Apartments is scheduled to take place this Saturday with interest already streaming through the sales office.
MMJ Auctions Showing High Clearance Rates
15 March 2010
On March 3rd, Real Estate Agents MMJ Wollongong, hosted their second group auction for 2010 with the results of this and their previous auctions this year proving promising for prospective sellers.
This years auctions included a variety of property types from smaller residential homes to bulky good space to commercial CBD warehouses.
Two residential properties at 3 Carrington Street, Bulli and 4 Bedford Street, Berkeley were snapped up swiftly at an in-house auction on the 20th February. “The auction had strong bidding and good interest from both owner occupiers and investors. It was good to see the investors coming back into play.” Said Daniel Hastings, Director & Auctioneer, MMJ.
On the 3rd of March, five commercial properties went under the hammer at the Wollongong Golf Club. The highlight being a retail / bulky goods premises in Warrawong. The campaign drew great interest from a number of parties keen to secure the property at auction. With a number of interested parties bidding confidently it made for an exciting auction. After much to-ing and fro-ing the hammer finally fell at $2,050,000.
The winning bidder was a local investor who plans to find a tenant in the near future to occupy the property.
13/163 Princes Highway Corrimal also sold under the hammer, whilst 4 glebe Street, sold not long after auction strengthening industry talk of increased activity.
“The market has been extremely active the during the first two months of 2010, more so than previous years. It appears buyers are beginning to look at options and taking steps to either expand their portfolios or get into the property market.” Says Tim Jones, Director MMJ Wollongong.
RP Data reports that the first week in March saw the greatest number of auctions so far this year with 2,200 auctions nationally, an increase in volume of 52% from the previous week. Across the combined capital city markets the weighted average clearance rate was 73%. Sydney which is the second largest auction market recorded a clearance rate of 75% which was an improvement on the previous week’s results.
MMJ’s year to date clearance rates of 71% is on par with the rest of the country. Auction is an attractive way to sell your property, giving purchasers a restricted time frame to make their decision and creating a competitive environment for them to participate in.
Investors Dominate Property Market
11 March 2010
Source REBOline
Property investors are dominating the mortgage market, new data from Australian Finance Group (AFG) has found.
According to AFG’s latest mortgage index, 34.1 per cent of all mortgages arranged nationally in February were for property investors – the highest percentage ever recorded by the company.
The amount of investor mortgages arranged was 25 per cent higher than the level of investment loans recorded six months ago in August 2009.
AFG’s general manager sales and operations Mark Hewitt said while investor confidence has been rising for several months, the company had not expected the level of investors in the market to be as strong as it was.
“Investors are now the driving force of the market, encouraged by rising property prices in recent months, and the longer term view that a housing shortfall will continue to underpin future price growth as well as rental yields,” Mr Hewitt said.
"We are pleased to see second tier lenders making a strong return in recent months. Borrowers are starting to see these lenders as a genuine alternative to the majors again.”
AFG data showed second tier lenders accounted for 17 per cent of all new loans written in February, more than the double the proportion that was recorded this time last year.
This figure supports the latest Australian Bureau of Statistics data, which found that bank lending had edged backwards to 88.1 per cent of all loans in the fourth quarter of 2009 – down from a high of 92.5 per cent recorded in the first quarter of the year.
Congratulations to Kim Pollard
9 March 2010
Congratulations to Kim Pollard, 23 years at MMJ today.
New Home Sales Climb
1 March 2010
REBOnline
New home sales climbed 9.5 per cent during January, a new report has found.
According to the most recent New Home Sales Report By the Housing Industry Association (HIA), private sector detached house sales increased by 10.1 per cent in January 2010, the first decent result since August last year.
According to HIA’s chief economist Dr Harley Dale, private Multi-unit sales also recorded an increase, rising 4.1 per cent in January on the back of a 14.5 per cent jump in December last year.
“If we were to get a sustained improvement in new home sales over the first half of 2010 then that would suggest a second round new housing recovery is achievable, driven by private demand from upgrade buyers and investors,” Dr Dale said.
“The January new home sales result is a promising start in this regard. However, it is vital to see evidence of a second round recovery emerge in coming months in what remains a very challenging period for residential construction. The successful policy of targeting new home construction via the tripling of the grant to first time buyers has now gone, interest rates are on the rise, and the considerable supply side obstacles to boosting the new housing stock, such as land supply and skilled labour constraints, are still clearly evident.”
Detached new home sales increased by 3.1 per cent in New South Wales, 17.1 per cent in Victoria, 6.3 per cent in Queensland, 6.6 per cent in South Australia, and 12.2 per cent in Western Australia.
Prepare for Further Rate Rises says RBA
February 2010
AAP
Homeowners should brace for further interest rate rises this year, although the degree of official changes will be subject to how retail banks react according to the Reserve Bank of Australia (RBA). Facing his six-monthly questioning from the federal House of Representatives economic committee in Canberra on Friday, Mr Stevens reiterated that if economic conditions evolve as the central bank expects, further adjustments to monetary policy will probably be needed."This is a normal experience in an economic expansion: as economic activity normalises interest rates do the same," he said.
"Though, of course, it is the interest rates borrowers actually pay, and that savers receive, that are important rather than the cash rate per se."The board sets the cash rate with that in mind." The central bank raised the official cash rate three times in as many months late last year, although unexpectedly left it unchanged at its first board meeting of the year earlier this month. He noted that most lenders raised borrowing rates by a little more than the cash rate. But, he said, even allowing for these margin changes, borrowing rates were still below average.
He said the economy was well positioned to prosper due to its proximity to a strong Asian region, as it sets course on a new upswing in growth. "We expect that it will grow by a bit over three per cent for 2010 and about three per cent in 2011 and 2012."
The economy expanded by 0.2 per cent in the September quarter for an annual rate of 0.5 per cent in the year. But he took issue with a claim by opposition frontbencher Barnaby Joyce that Australia risked defaulting on its borrowings if government debt kept rising.
"There has never been an event of sovereign default by Australia," Mr Stevens said. "I very much doubt there ever will be." Earlier in February, Senator Joyce raised concerns over Australia's debt levels, saying the country was going into "hock to our eyeballs" to overseas investors.
"We are getting to a point where we can't repay it," Senator Joyce. Mr Stevens also said that a speech he gave for the 50th anniversary of the RBA was not meant as a commentary on current Australian fiscal policy. He said the point he was making was that globally, governments had made more active use of fiscal policy recently than they had for a long time, Australia included.
"That is understandable and makes sense in the circumstances that we faced," he said. But it raised issues of how fiscal policy around the world would be conducted in the future and the timing of debt consolidation. "This is a very important question, less for us than for Europe or the UK or the US," Mr Stevens said, adding some countries had budget deficits of 10 or 13 per cent of gross domestic product and debt ratios of 80, 90, 100 per cent or more.
Mr Stevens, agreed under questioning, that there was a link between excessive government spending and interest rates. "That link is always there."
MMJ Raises Awareness and Funds for the NBCF by hosting a Pink Ribbon Breakfast.
October 2009
This morning 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. A total of $395 was raised from the morning, making our total $670, exceeding our target of $500.
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.
MMJ North played an active role in Spring into Corrimal celebrations.
September 2009
With all hands on deck, they raised $1000 for Corrimal and Towradgi Surf Clubs through a sausage sizzle and a guessing competition. The weather was perfect and the crowd estimated at 30,000 enjoyed a full day. Congratulations to Donna Monk from Bulli who took home the Nintendo Wii. Also drawn was the August winner of the 32” Sony plasma which was taken out by a vendor from Scarborough. Even though a long and exhausting day, all staff did their bit and made the day a success.
MMJ Recognised for Commercial Management by the NSW Real Estate Institute
August 2009
Tracy Preston, Department Manager of the Commercial Management Division of MMJ Wollongong has been announced as a Finalist in the Real Estate Institute of NSW’s Annual Awards for Excellence, in the Category of Commercial Property Management.
Congratulations to Tracy Preston of MMJ Commercial Management Tracy has devoted her career to Commercial Property Management since completing a Land Economics Degree at the University of Technology Sydney and now boasts an impressive career in Commercial Property Management spanning more than 13 years.
“Commercial Property is a wonderfully diverse field”, says Tracy, “the management of commercial property is a multifaceted beast”, she declares. “Excellence in Commercial Property is all about providing your clients with pro-active solutions to meet their goals from holding the property in their portfolio. You have to make the little things count on a routine basis”.
Warren and Tania to appear on Channel Nine's new show 'Random Acts of Kindness' to air on July 12th, 2009.
July 2009
"And when I thought my life couldn’t get any better, while enjoying a barbecue on our back deck with Warren’s family and his mates to celebrate their achievement in winning the ‘Pride of Australia Award’ TM for Mateship, we were pleasantly surprised when a visit came from Channel 9’s Karl Stefanovic for a new show called ‘Random Acts of Kindness’.
I couldn’t believe this was all happening. We were all totally caught unaware as film crews came running down the side of our house and up onto our back deck saying, ‘Surprise’. Warren’s father and mate Tim were in on the act and the rest of us were dumb founded in shock. It was the sought of thing you see happen to others on television and you could never dream that you would be chosen out of everyone in Australia for this to happen to you.
Karl said that he had been watching our story closely and was so touched by Warren’s tenacity and strength of spirit, along with my love, devotion and commitment to him over the years in caring for him, that he wanted to give back something to our family and also to his mates for sticking by him." To read more click here.
MMJ Auction Success
July, 2009
MMJ held a successful Group Auction yesterday at the Wollongong Golf Club with 3 out of 4 properties selling on the night. The highlight of the night being the sale of the Keelong Juvenile Justice Centre site at Cordeaux Heights. An Illawarra family paid $2.75 million for the 6ha site.
Daniel Frazer, from MMJ Wollongong, said the family wished to remain anonymous and were "tight-lipped" about their plans for the site. "It will be some sort of development or alternate use," Mr Frazer said. The site did not sell at auction, with the highest bidder only offering $2.4 million. A hive of activity after the auction led to the successful negotiation and eventual sale by Daniel Frazer.
Other properties successfully sold on the night included a development site at 60 Princes Highway, Corrimal. Agent James Ianni was pleased with the result and advised the new owners do plan to redevelop the site.
A commercial property at 1 Luso Drive, Unanderra was also snapped up under the hammer by a local investor for $1.24 million which represented an approx nett yeild of 8.5%.
MMJ's next group auction is scheduled for 19th August 2009, bookings for this auction close Monday 21st July 2009. Speak to one of our Sales Agents to discuss selling your property by auction today.