Find your space The election result

What does it mean for property?

The election has returned a majority We understand every customer coalition government, and so the spectre is different, and we are focused of Labor’s tax reform agenda is now on providing each client with the dead and buried. People in the property best advice – tailored for them. sector have expressed relief, and the view that things will continue as before.

However, there will be some changes. and demand for housing stock is ensuring the market remains buoyant. However, residential property prices have dropped markedly in the two major mainland states, The main policy initiative of the government, announced and are continuing to fall. There is now significant concern during the election campaign, was to offer a fixed number being expressed as to the effect on the economy overall. of first home buyers access to finance enabling them to fund a deposit with only 5% of the purchase capital. Two other matters have been flagged that The policy is intended to enable first home buyers to could have significant implications for the access the market and buy their own home sooner. property market, nationally and here.

At a state level, the government has announced an The first is the suggestion that the RBA will drop the cash extension of the $20,000 First Home Builders Grant rate next month (June) and possibly decide on a further for another year. The grant was doubled to $20,000 reduction in August. The Governor of the RBA has made in the 2016/17 State Budget, and was meant to noises to the effect that this may be a “good thing” for operate for a limited time. That time has now been the economy. A lowering of interest rates by commercial extended, and with $100 million already spent over the institutions will stimulate buyers and also potentially reduce last 4 years, a further $12.7 million, enough for over investment return benchmarks that buyers are seeking. 630 payments, has been allocated in the budget. The second is the suggestion by the banks’ governing body These two measures will encourage greater interest in the APRA that the requirement for a 7% minimum interest property market, and in the building of new homes. There rate serviceability buffer” for mortgage borrowing could does seem to be some overlap between the two policies, be lowered. In the past, APRA has regarded the 7% rate and whether that will continue is unknown. Some concern (or cap) as allowing for an appropriate buffer between the has been expressed that demand is far greater than the RBA’s cash rate and the lending institution’s mortgage available supply, and that the policy still requires homes rate. The general view is that the buffer needs to be only to be built and therefore the builders to build them. around 2% in the current climate, and as such there is room for an easing in the loan rate by removing the cap. The State government has also recognised that homelessness has become a serious issue, These two moves will no doubt create greater interest and has now decided to allocate $68 million in in the property market and encourage potential home the current budget to provide more affordable buyers and investors to become active participants. housing stock. Details at this stage are scant. With all of this happening in the next month Figures suggest that the market in is softening, or two, we remain optimistic that the property but nowhere near the level being experienced elsewhere, market will remain in positive territory.

Page | 2 We are a full-service real estate agency covering all aspects of residential and commercial property Building height issue continues to rise

The issue of building heights has become In particular he noted was not built on a flat landscape but, existed within a basin that reached up significant, with a range of proposals for into the hills beyond. He expressed the view that there high rise buildings in and around the city were 5 discrete zones (“cove floor”, “escarpment”, “cove face”, “hill face”, and “edge”) and that developments in centre having been rejected by Council. each of these zones should be sensitive to the specific characteristics of the site, as well as to their form and A public meeting was held to discuss the issue. Central substance (eg height, bulk). He emphasised in his Report to the discussion is a recommendation from the Hobart the concept of a “central” zone lying between the “cove City Council’s Planning Committee that the height face” and the “hill face” zones, and of the type and form of of all buildings should be restricted to 45 metres. developments that could occur in this zone, analyses block by block. He made a specific recommendation that within There are buildings which already exceed that height the CBD the building height should not exceed 75 metres, and the fear expressed by many is that an uncontrolled due to visual amenity issues, and this recommendation height limit will destroy the fabric of the city. In fact has been taken up by supporters and critics alike without the issue is not simply one of height. Form, structure reference to other factors. Council officers, in a report to and density also play a part, as does visual impact Council, recommended that this figure be reduced to 60 and visual amenity (described as view cones). All are metres (a figure recommended by Woolley for different essential ingredients in this debate and these factors areas) and that recommendation has been amended yet are at risk of being overlooked or discarded in a desire again by the Council’s Planning Committee to 45 metres, to set an overall maximum height limit for the city. (a figure also suggested by Woolley for yet other areas). Council has yet to make a final decision on this matter. The “K” block development at the Royal Hobart Hospital is a case in point. This monolithic structure In other words the nuance that was the driver behind the abuts Campbell Street and dominates the surrounding Woolley report is in danger of being lost altogether. landscape. It is a 10-storey building and stands 68.5 metres tall. But just imagine if a similar structure had been We support the Woolley Report recommendation. built behind a three or a four-storey building. In such a We recognise that further development can occur in circumstance the impact would be far less intrusive from the CBD without affecting the character and charm a streetscape point of view, although its height would still of the city, and that such guidelines, if accepted, have some impact on visual amenity from a distance. would give proper guidance to developers.

The council in 2016 sought advice from Leigh The full report can be accessed on the Woolley, an architect and urban design consultant, Hobart City Council website. who advised on the need to take such factors into account, as well as landform characteristics. Factors are at risk of being These concepts were accepted by Council and were written into the Council’s Interim Planning overlooked or discarded in a Scheme as amendments to the Scheme, and desire to set an overall maximum these amendments were subsequently approved by the State’s Planning Commission. height limit for the city.

Council then sought further advice from Mr Woolley, who in 2018 provided a very detailed Building Height Standards Report, which took into account what could/should be built in particular parts of the city. It truly is a seminal piece of work, a vitally important planning document. It is a must-read.

p 03 6238 4800 devineproperty.com.au e [email protected] Page | 3 Short or long term tenancy management...

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Years of experience underpin our new brand and we are passionate about each and every property we place in Devine Stays. We welcome conversation with you on how Devine Stays can assist you with your accommodation portfolio. Kat Little (L) and Libby Devine (R) of Devine Stays Fiona

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Devine Stays p 0419 422 124 Fiona’s Stays property, South Arm e [email protected]

Find our space at Page | 4 119 Harrington Street, Hobart We have you covered

With over 80 years of combined experience in the Are you achieving the best return on your investment property? industry, at Devine Property we know that there is Contact our Property Management Team for an up to date assessment. no substitute for experience when it comes to the successful management of property investment.

Property ownership is both a short and long term investment. Maximising your properties return is achieved through constant occupancy, prudent and proactive maintenance process’, ensuring rental is at the appropriate market levels and tenant selection.

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Tanya Cornish Jacqui Allen Katrina Gleeson Property Management Property Management Property Management

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Elizabeth St Apartments, Hobart CBD Davey St Terrace, South Hobart

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p 03 6238 4800 devineproperty.com.au e [email protected] Page | 5 Iconic continues to evolve

The North Hobart Oval is a much loved part of Hobart’s sporting and cultural heritage. It has hosted royalty, music and sport legends, as well as major festivals and civic events.

One constant of the ground and its evolution has been the North who have worked with Hobart City Council, State and Federal Governments to continue to adapt to changing needs of the public and maintain the ageing infrastructure. The days of attracting 15,000 people to a footy final may have passed, but the ground is very well placed to be a boutique stadium facility that offers unique charm and history, as was well displayed earlier this year by hosting the first AFLW match to be played in Tasmania and televised to a national audience.

In recent years the oval has been resurfaced, including new drainage, upgraded the power supply, replaced lighting to allow night or twilight fixtures, installed new terrace seating and rebuilt the Ryde St grandstand. All changerooms have been remodelled to accommodate men’s and women’s sports. The North Hobart Football Club has been able to secure funding for the next stage of improvements. This includes a new kiosk, an undercover wet area, new coaches and media boxes on the Rydges side of the ground. A lift is being installed into the Plaister stand and this will improve access for disabled and aged patrons to the upper level function room which hosts events on game days.

An objective of the improvements is to allow the facility to become a venue of choice for many sporting codes including “rectangle” based sports such as soccer and both rugby codes. and Melbourne Rebels have successfully played several pre-season games at the oval and rate the venue very highly. But it does not stop there, with the North Hobart Football Club already eyeing off the next upgrade which is to improve change room and gym facilities in the Gorringe stand area.

As with any community activity, so much is owed to the volunteers and their relationships with other stakeholders and, in this case, the relationships between NHFC, HCC and governments have endured for well over the last 100 years! Devine Property is a proud partner of the North Hobart Football Club and who knows, we may get back to hosting 15,000 people at this wonderful landmark.

p 03 6238 4800 Page | 6 devineproperty.com.au e [email protected] Tips for first home buyers

It has never been more difficult for the first home buyer to other common fees and charges on home loans, such as early payout enter the market. However, with the recent softening of fees, establishment fees, monthly account keeping fees, or the benefits of linking other products. It’s important to take a holistic approach when the market and announced Federal Government deposit choosing a Home Loan Provider. guarantee assistance, maybe the time is right to move. We turned to Peter Brazendale to provide some guidance, What advice do you have for a first home buyer? on how best to plan your first property purchase. Our number one tip for First Home Buyers is to be prepared and seek expert advice from a lender and obtain a Pre-Approval of Finance prior to commencing your property search. We can help you to understand How is MyState Bank helping home buyers? what’s involved in the loan process and how much you can borrow. At MyState Bank, we don’t just want to write the loan and then wave Gone are the days when a deposit of 20% was necessary to secure a goodbye. We know that people’s personal circumstances change over home loan. Now, with the availability of Lenders Mortgage Insurance the lifetime of their loan and we want to support our customers for the - insurance that protects your lender in the event you can no longer long term. That’s why we start each loan getting to know each of our pay off your loan - the deposit amount required is much less strict. In customers’ needs via a “Discover” session. By better understanding what some cases, you only need a minimum of 5% of the value of the home. your goals and personal circumstances are, we can tailor your lending and However, we always recommend you aim for around 10% as a starting overall banking to better suit your individual needs. point, so you can set a savings goal. The more you save, the less you have As local lenders we also know what’s happening in the Tasmanian market. to borrow, and the less you’ll pay in interest over the life of your loan. We’re experienced and here to help any customer, whether they are There’s no doubt that there are many different options and things to looking to purchase a home for the first time, purchasing land, wanting to consider when it comes to choosing a loan. It’s worth exploring all of your build or upsizing or downsizing their home. options to make sure the one you choose suits your circumstances and What is the most important factor when it comes to choosing the right that’s where we can help. Knowledge is power when it comes to creating loan? your own success. We find that many customers think rate is the most important factor Visit mystate.com.au for more information. when choosing a loan. However many often don’t take into account

Peter Brazendale Mobile Home Lending Specialist

Peter Brazendale is your Mobile Home Lending Specialist in Southern Tasmania, with over 30 years industry experience, he specialises in:

• House & Land Purchases • Refinancing • Construction Loans At MyState Bank, we know the local housing market and lending conditions, which gives us that little bit of extra understanding to allow us to find the right loan for you.

Call Peter anytime on 0419 376 040 or email Keep up to date with new first [email protected] home buyer opportunities. Register Loan applications are subject to MyState’s credit approval criteria. Terms and Conditions, Fees and Charges apply, and are subject to change. MyState Bank Limited (MyState) ABN 89 067 729 195 AFSL 240896 Australian Credit Licence your details on our website. Number 240896. A wholly owned subsidiary of MyState Limited ABN 26 133 623 962.

Any outlooks in this publication are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the outlooks given in this publication are reasonable, the outlooks may not take into account known or unknown risks and uncertainties. Material contained in this publication is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The information and any advice in this publication do not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. MyState Bank Limited (MyState Bank) ABN 89 067 729 195 AFSL 240896 Australian Credit Licence Number 240896. A wholly owned subsidiary of MyState Limited ABN 26 133 623 962.

Devine Property Find us on Facebook and Instagram Find your space @devinehobart Page | 7 Commercial - For Sale

PRIME HOBART STRIP RETAIL

42-48 , Hobart

This property, which occupies a dominant Hobart Elizabeth Mall frontage, provides a secure investment as well as longer term development opportunity.

Offering three levels (partly underutilised), the property benefits from a very strong and secure income of which 70% is provided by blue chip tenant Telstra. The site of 685m² in addition to frontage of almost 21 meters to the mall benefits from ROW access off Collins Street.

Enquire Mark Devine 0438 133 950

290-296 Argyle Street 216-218 Liverpool Street 319 Elizabeth Street 644 Sandy Bay Road North Hobart TAS Hobart TAS North Hobart TAS Sandy Bay TAS

105 Murray Street 6941 Lyell Highway Shop 32/77 1807 Bruny Island Main Road Hobart TAS Ouse TAS Battery Point TAS Bruny Island TAS

Page | 8 Residential - For Sale

MOONAH MAKEOVER

7 Hurlstone Crescent, Moonah

We challenge you to find better value for money in today’s market. Here’s a freshly renovated, instantly appealing, as new home, with spacious interior design. Offering an expanse of light, warmth and space with views across to the bridge from the balcony. This 1950’s home is ideally located for work and play in any area, with close proximity to either Moonah or Glenorchy’s shopping precincts, or the city – all just a few minutes’ drive away.

Early-mid $400,000’s Enquire Marcus Freebody 0409 973 632

3/17 Melissa Street 15 Laurel Street 455 Huon Road 25 Princes Street Brighton TAS Risdon Vale TAS South Hobart TAS Sandy Bay TAS

SOLD SOLD

1/327 Park Street 153 Goulburn Street 122 Hill Street 307 Strickland Avenue New Town TAS West Hobart TAS North Hobart TAS South Hobart TAS

Page | 9 The Devine team

Libby Devine Kat Little Craig Sullivan Jo Harris Marcus Freebody Director Property Representative Property Representative Property Representative Property Representative

Mark Devine Managing Director Heather Mason Libby Jessup Daisy Twaits Rod Thornton Gary Cooley Property Representative Property Representative Property Representative Property Representative Property Representative Property Representative

Tanya Cornish Harry Lambrakis Jayne Fox Benitta Bones Alistair Davis Property Representative Property Representative Administration Office Manager Marketing Manager

Cheryl Bennett Jacqui Allen Katrina Gleeson Sara Pitera Fleur Hilton Julie Arnold Property Representative Property Representative Property Representative Administration Sales Administration Trust Account Manager

Connect with us today:

119 Harrington Street Hobart TAS 7000

p 03 6238 4800 e [email protected]

devineproperty.com.au