Spring Current Affairs
Australia has experienced some 27 years of continuous growth, unlike most economies in the world. It is probably more due to our ability to sell our natural resources to China and elsewhere, rather than any great cleverness in the part of our Governments over that time.
It has been both good and bad for the country. Good in the sense that we have not had the difficult economic times experienced by most other countries around the world. Bad in that it has created several generations who have not experienced a normal cyclical downturns and as a result, are less equipped to cope with what is inevitable. The question is not if, only a matter of when.
We are seeing historic lows in interest rates, but also extraordinary high personal debt levels. The Governor of the Reserve Bank has indicated that it is unlikely that we will go into negative interest rates as elsewhere. While there is actually quite a lot of stress in the market place, the number of defaults is still relatively low as a result of low interest rates. However, if there is a change, it will have a major impact on so many people with such high levels of household debt and mortgages.
The property market appears to have reached a bottom for the time being, and it is in fact showing an increase primarily in Melbourne and Sydney. Whether that is short lived, remains to be seen. However, the old age remains true. It does not matter when you get into the market, it is more of a question of time in the market and when you get out. Short term property holding is speculation, longer term is investment.
If you have off-the-plan commitments for the future, particularly if you are an offshore investor, we strongly recommend that you make arrangements well in advance if you intend borrowing and in any event, you transfer your funds into Australia, well in advance of the likely settlement date.
The market is continuously changing, and while at present, there is a tightening of funds out of China, we are seeing increased investment from both Indonesia and Vietnam.
Several months ago, I had the pleasure to spend some time both in Alice Springs and surrounds and then Uluru or Ayres Rock, as previously known. The “Red Centre” as it is called, is certainly an interesting area for both domestic travellers and also for international travellers. There is much to see, both from a historical point of view and also a cultural point of view. It is rather an extraordinary thing that it is only several hundred years ago that people were still exploring the outback and that an extraordinary feat of endurance and hardship. A telegraph line was pushed through in the 1860’s from the Port of Adelaide through to Darwin to enable Australia for the first time to communicate with the rest of the world by undersea cable. The mission at Hermannsburg which was the birthplace of Albert Namatjira, the first recognised Australian Aboriginal Artist. Alice Springs has some very interesting galleries of Aboriginal Art. It is hard to imagine the extraordinary privations and hardship that people were going through at that time when many other parts of the world were particularly, China, South East Asia, Europe, had cities and cultures had been developed for hundreds, if not, thousands of years. It was very much the last frontier.
The Clouds are Clearing
AN OVERWHELMING NUMBER OF STATEMENTS FROM EXPERTS IN THE INDUSTRY ARE PREDICTING A GROWTH IN THE MARKET FOR 2020
Source: PRG Corp
Last week PRG Group reported stats about the Melbourne Apartment market having flattened and corrected itself and a predicted undersupply in the pipeline.
Off the back of solid sales rates, there is a great deal of support coming out from property experts that the Melbourne market stating we will see some incremental growth in 2020 and 2021.
Angie Zigomanis – Property analysts at BIS Oxford Economics “is positive about growth in Melbourne house prices, with houses predicted to increase by 7% and apartments by 4% between now and 2022.”
Trent Wiltshire – Domain Economist has stated that while the market will bottom out at the end of Spring, the growth will be a little more conservative sighting factors such as, lack of wage growth, housing affordability crisis and consumers fear of debt. He predicts a price rise rate of 1-3% in houses and 0-2% for units/apartments.
Felicity Emmet – Senior Economist at ANZ is another optimist, believing that the we will see a total increase in prices of 4.3% in 2020, stating Victoria will out-perform the rest.
The Power of Making a Decision – A Power of Attorney
Situations arise in our daily lives, where the ability to allow someone else to make decisions on our behalf, is convenient for a variety of reasons and makes good sense. It is a good idea to be aware of the advantages and disadvantages of delegating Powers of Attorney.
Powers of Attorney are documents that allow other people you select, to make specific or even general decisions on your behalf, and hopefully, in your best interests.
Their decisions are often subject to conditions specified by you and to some extent governed by legislation. It is probably stating the obvious to suggest that, you think very carefully about the person to whom you wish to entrust your life and/or your financial wellbeing.
Contact us for further information on how we can assist you.
Traci Chen nominated as finalist in Lawyers Weekly Women in Law 2019 Awards!
Traci recently won Lawyer Weekly’s 30 under 30 in her field of Migration, and is a finalist for Rising Star of the Year – SME for Lawyers Weekly – Women Law Awards.
Art Prize Winner Mission to the Seafarers
Nevile & Co. was proud to once again sponsor the Mission to Seafarers Victoria’s Maritime Art Awards & Exhibition by awarding the Nevile & Co. ‘Runners up’ prize.
2019 marks Nevile & Co.’s 11th year of involvement with the Mission to Seafarers Victoria. Principal, Peter Nevile, began by providing pro bono legal assistance to the organisation, and quickly came to understand the very real need for the services offered by the Mission, and the benefits for the seafarers of having a place for rest, relaxation and a friendly welcome, friendship and counsel in port.
The 2019 Nevile & Co. ‘Runners up’ prize winner Barbara Tyson for her art work “Weight of Living” awarded by Peter Nevile.
A bit about the Artist – Born in Sydney Australia.
Barbara Tyson’s art work is regularly on exhibition and is highly successful around Australia and her paintings can also be found all around the world.
She is an artist who has develop her own style and combines a myriad of techniques in her work.
Her work expresses freedom and movement.
CENTRAL EQUITY WINS HIA Victoria Apartment Complex of the Year!
Central Equity has done it again for the fifth time!. HIA judges were full of praise for Central Equity’s recently completed Southbank Place.
They were impressed with the aesthetic appeal and liveability of the apartments, the generously appointed and sophisticated resident facilities and the very high standard of build quality throughout.
The HIA is Australia’s peak residential industry body.
Watch Out! – Protect yourself against Cyber-Crime and Email Fraud
We want to draw your attention to emails supposedly from our office requesting payment to a particular account.
The only account to be used is the Nevile & Co. Law Practice Trust –
BSB 183 334,
Account no. 3018 74764
Swift Code MACQAU2S
For your protection, we will not transfer any monies following an email from you directing where payment should be made until we have either spoken with you by telephone, WhatsApp or WeChat or confirmed your bank account details by telephone.
Handy tips to keep in mind –
- Watch out for phishing scams. These are emails or messages that appear genuine and trick you buy asking you to download a file or information to open a link. They are attempts to retrieve credentials or sensitive data or release a virus on your computer.
- When you use internet, make sure you are navigating on trustworthy or safe websites. These can easily be detected as they will start with https://. If you come across one that is missing out on the “s”, be suspicious and don’t use this site! It could be a fraud.
- Although we live in a digital age, scams can also come via ordinary post or even by telephone impersonating organisations to which you belong to or have had some dealings with at some point of your life. Beware if you receive a letter out of the blue requesting to make payments or provide sensitive information or if you receive a call about an issue regarding your computer, bank account, or any other contracts you have with other providers. Always check first before you give away your information. Remember the movie “The Net” with Sandra Bullock?
- Change your password regularly, maybe every 2 -3 months and keep it safe. Do not share it with anyone. Keep your computer updated with anti-virus systems.
Notifications due 15 January
Source:© State Government of Victoria (State Revenue Office)
Vacant residential land and absentee owner notifications due
Notifications for vacant residential land tax and the absentee owner surcharge are due by 15 January 2020. If you made a notification last year, you only need to make a new one if your circumstances have changed.
An absentee owner surcharge applies to Victorian land owned by an absentee individual, corporation or trust. If you are an absentee owner, you must notify us via our absentee owner notification portal.
Claire has a Doctor of Jurisprudence and masters in Law and speaks both Mandarin and Cantonese.
She practises in commercial and corporate law, dispute resolution, litigation and family law as well as property law.
Please see more information on Claire Tan.
Word Tips: We Love Emojis!
Everyone uses emojis these days. With your Windows 10 PC, you can easily insert emojis in your emails, word documents, or other applications in 2 simple ways.
2. Click on any emoji to insert it. Easy!
If you do not have a Windows Key on your keyboard, here is another way to use emojis.
1. Right-click on the task-bar and select “Show touch keyboard button”;
2. Click the “Keyboard icon” to open up the on-screen keyboard;
4. Click on any emoji to insert it!