Latest Property News from Ted Hanson

Friday 28 January 2011 Honey, I shrunk the yard ... but it's still the great outdoors THE Australian backyard is an ingrained part of our culture. We cling to our patch of earth: in the green and terracotta suburbs, the dirt-brown bush and the bluestone bricks of the city. Read the full article 1. Less work on housing The value of work done on building new homes dropped in the September quarter last year, according to figures released this week by the Australian Bureau of Statistics. It is, nevertheless, an improvement on work done a year ago. New residential building work done fell by 6.3 per cent to $9,917.2m in the September 2010 quarter, driven by a 9 per cent drop in detached houses. Work completed on major alterations and additions turned in a flat result over the same period. In the September 2010 quarter, seasonally adjusted new residential building work done fell by 0.9 per cent in New South Wales, 4.8 per cent in Victoria, 16.5 per cent in Queensland, 1 per cent in South Australia and 1.8 per cent in Western Australia. New residential work done was effectively flat in Tasmania and rose by 14.4 per cent in the Australian Capital Territory. In original terms new residential work done fell by 13.1 per cent in the Northern Territory to be down by 15 per cent when compared to the September 2009 quarter. Over the year to September quarter 2010, the (seasonally adjusted) value of work done on new residential building rose 5.9 per cent and 8.0 per cent on alterations and additions. 2. Not happy, planners Australia has been found sadly lacking in affordable housing by an international survey that annually assesses housing affordability in 325 urban markets around the world. The 7th Annual Demographia International Housing Affordability Survey found that Australia is the "most severely unaffordable country" and Sydney is the second least affordable city. For housing markets to rate as "affordable", housing should not exceed three times gross annual household income (the Median Multiple). Housing markets are rated as "affordable" at or below 3 times gross annual household income (Median Multiple), "moderately unaffordable" at or below 4 times income, "seriously unaffordable" at or below 5 times income and above 5, rated "severely unaffordable". Hong Kong was found to have the most unaffordable housing of the 325 urban markets surveyed, with prices at 11.4 times household income, followed by Sydney at 9.6 and Vancouver at 9.5. Of the countries surveyed, Australia (32 urban markets) has the most intense housing stress with housing prices at 6.1 times household incomes, followed by New Zealand (8) at 5.3 times, United Kingdom (33) at 5.2, Ireland (4) at 4.0, Canada (35) 3.4 and the United States (211) with overall the most affordable housing at 3.0 times gross annual household incomes. 27 of the 32 Australian housing markets are severely unaffordable, with the remaining 5 seriously unaffordable. Survey author Hugh Pavletich of Performance Urban Planning said that wherever the "affordability threshold" is breached, it indicates local political impediments to the provision of affordable housing that need to be dealt with. "For metropolitan areas to rate as "affordable" and ensure that housing bubbles are not triggered, housing prices should not exceed 3.0 times gross annual household earnings", Pavlevitch said. "To allow this to occur, new starter housing of an acceptable quality to the purchasers, with associated commercial and industrial development, must be allowed to be provided on the urban fringes at 2.5 times the gross annual median household income of that urban market." He added that the critically important Development Ratios for the cost of this new fringe starter housing should be 17-23% serviced lot, with the balance being the actual housing construction. "The fringe is the only supply/inflation vent of an urban market", Pavlevitch concluded. 3. Green tax breaks a winner The Australian Government's new Tax Breaks for Green Buildings program will improve the energy efficiency of buildings, reduce greenhouse gas emissions and support the nation's shift to sustainability, the Green Building Council of Australia (GBCA) said this week. GBCA Executive Director, Robin Mellon welcomed the incentive to retrofit existing buildings, saying that buildings are one of the fastest, most cost-effective and most attainable opportunities for climate change abatement and mitigation. The Australian Government has released a consultation paper calling for industry feedback on the proposed scheme. From 1 July 2011, it is proposed that businesses that invest in eligible assets or capital works to improve the energy efficiency of their existing buildings would be eligible to apply for a one-off bonus tax deduction of 50 percent of the cost of these improvements. "It's also vital that federal and state governments widen their focus beyond energy efficiency", Mr Mellon said. "Sustainability is about more than just energy efficiency, and encompasses greenhouse gas emissions, water, waste, indoor environment quality and many other factors", he added. The GBCA is currently developing a Green Star rating tool that can assess the sustainability of existing buildings, including management, transport, indoor environment quality, land use and ecology, emissions, materials and innovation. The tool is expected to be launched in 2012. 4. Five ideas for a summer makeover Whether you are planning to sell your house or just want to give it a fresh look, there is no doubting the power of a "lick of paint", so we've found five quick makeovers you can do before the end of summer. According the Paint Quality Institute (PQI), applying a little top-quality acrylic water-based paint can transform your home quickly and easily without costing the earth. "Paint is an easy way to transform the exterior of your home,' said Mike Beresford, manager of PQI. "All it takes is a bit of imagination and you can have a lot of fun while value-adding." Here are five suggestions from the Paint Institute for a `quick fix' makeover that will change the look and feel of your house in no time at all. Idea #1: Paint an accent wall Consider painting just one wall or section of a wall in a different colour. An accent wall will add visual interest without the expense of a full repaint. Idea #2: Paint the fence A fence is a little like the picture frame around a painting. If it is old and decrepit or the wrong colour it can detract from the visual presentation. Painting your fence in a colour that complements your home adds to the overall presentation. Idea #3: Paint window frames and trim Another option is to leave the external wall colour but paint your window frames and trim in a different, contrasting colour. This can produce a dramatic change to the look of your home, especially if the walls are painted in a neutral colour. Idea #4: Paint the front door First impressions are lasting impressions! A fresh coat of paint to the front door will make a favourable impression on your visitors and is a great investment if you are thinking of selling! Idea #5: Paint architectural details Even if you don't have to paint your home's exterior for maintenance, painting just the architectural details can improve its appearance. Painting shutters, pergolas, veranda trim and posts in colours that contrast with the walls is an inexpensive way to give your home a lift. Whichever exterior home painting project you choose, Mike Beresford suggests it pays to choose top quality, acrylic water-based paints made by a reputable manufacturer. "These paints have superior `hiding' capability, they are moisture and mildew resistant, are often self priming and offer tremendous durability, so your paint job will continue to look great for years to come," he says. For more ideas on painting, check out the PQI websites at www.paintquality.com.au. 5. What a rubbish hotel What's the trashiest hotel you've ever stayed at? Here's one that can probably top it, and all in the name of raising environmental awareness. Made with twelve tonnes of trash taken from beaches around Europe, the Corona Extra Save the Beach Hotel opened its doors in Madrid recently, for a short time only. The hotel could be visited every day between 11 am and 7 pm, and ten people selected by a raffle were accommodated each night in the five double rooms of the hotel. Not exactly a luxury hotel, but it did offer a once-in-a-lifetime holiday, drawing attention to what our holidays could be like in the future if we do not take care of our beaches and continue to discard thousands of tonnes of trash each year. 6. Positively glowing Human eyes are adept at adjusting to dark surroundings, but even the smallest amount of light in the dark can make a world of difference. When it comes to navigating our own house we sometimes lose our bearings with the lights out, and that's designer Jeong-Sun Park's Knob Light's time to shine. The light bulb-come-door-knob has an inbuilt generator that stores energy as the door is used throughout the day, leaving it luminous in the dark. Apart from saving a potential bump in the night and providing direction in the case of an emergency, the knob can also serve as a nightlight in children's rooms.

Latest Property News from Ted Hanson

Friday 21 January 2011 Australia Day Celebrations & Illawarra Aquathon Celebrate Australia Day 2011 in Wollongong! Australia Day celebrations will be full of staged entertainment, roving entertainment, stalls, amusement rides & a spectacular fireworks display. More Information 1. Housing finance posts modest growth Loans for owner-occupied housing increased in November 2010 for the sixth consecutive month, according to figures released this week by the Australian Bureau of Statistics. The number of commitments (in trend terms) rose for the purchase of established dwellings (1.1 per cent), the purchase of new dwellings (2.3 per cent) and construction of dwellings (0.7 per cent). In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions rose 1.2 per cent. The trend estimate for the value of owner-occupied housing commitments rose 1.1 per cent, while investment housing commitments fell 0.5 per cent. Seasonally adjusted figures for November show that the total number of owner-occupier loans increased by 3.3 per cent in New South Wales, by 2.2 per cent in Victoria, 1.6 per cent in Queensland, 2.3 per cent in South Australia, 2.2 per cent in Western Australia, 7.4 per cent in the Northern Territory and 3.7 per cent in the Australian Capital Territory. Loans fell by 1.9 per cent in Tasmania. 2. Land sales hit rock Land sales volumes are the lowest they have been in a decade and prices are rising, according to the latest residential land report from the Housing Industry Association and analytics provider rpdata.com. The HIA-rpdata.com Residential Land Report shows the volume of land sales fell sharply in the September 2010 quarter to be down 57 per cent on the same quarter in 2009. Meanwhile, the median value of land in Australia grew 2.8 per cent in the September 2010 quarter to $186,629. Over the year to September 2010, the median value is up 5.2 per cent. Residential land value in capital cities grew 5.3 per cent over the year to the September 2010 quarter while land value for Australia's regional areas grew 4.4 per cent over the same period. RPdata.com senior research analyst Cameron Kusher said that the escalating cost of land was not only impacting the affordability of new homes but also that of existing housing product. "When the median price of a block of land in Sydney is $269,000 it's easy to see why affordability is spiralling out of control", Mr Kusher said. "When you add on top of the land cost: professional fees, government charges and the actual cost of constructing a home it's no surprise that many Australians are forced to remain in the rental market, paying off others' mortgages. "When an adult working full-time is earning an average of $1,310/week ($68,120 pa) and is looking at a median purchase cost for land in a capital city of between $145,000 (Hobart) and $269,000 (Sydney) there is clearly a disconnect. "People looking to purchase the land on which to build a house are paying between two and four times their annual wage just to secure the land", he concluded. 3. Wild weather warning: check your policy As the damages bill from recent extreme weather in Queensland, northern NSW and Victoria reaches billions of dollars and continues to increase, affected householders are left wondering just what their insurance will cover. Was this a flood, or stormwater run-off? The Insurance Council of Australia (ICA) this week warned that not all insurance policies will cover policyholders for this type of flood event and that policyholders should contact their insurer for clarification. "All claims received by the general insurance industry will be assessed on a case-by-case basis taking into account the nature of the damage sustained and the terms and conditions of each insurance policy", ICA Chief Executive Rob Whelan said. "Flood insurance products are widely available in QLD and have been for a number of years," he added. A report by consumer advocacy group Choice into home and contents insurance found that while rainwater run off is covered by almost all policies, cover for flash flooding is only offered by around two thirds of policies. Flooding that occurs when it hasn't rained in your area such as when a river overflows due to heavy rain upstream -- is only covered by about 50 per cent of insurers, the report showed. Flooding now makes up almost one-third of all insurance pay-outs related to natural disasters, according to the ICA. Choice found that if you are living in one of 170,000 homes in Australia considered to be in a high flood-risk area you may experience some difficulty getting flood cover and may be charged a surcharge which can range from 30 per cent up to 1000 per cent of your premium. While many policies do include coverage for rainwater run off, this may not include flash flooding. It was also found that insurers also use different definitions and exclusions for floods. Some cover you against flash flooding after heavy rain if it was caused by a man-made waterway but not if it was caused by a water catchment system, such as a creek flowing behind your house. Generally speaking, if your property is located within an area that has been classed as "flood prone", your insurance policy will not cover you for flooding. If your property is not in a flood prone area, you may or may not be covered for `flash' flooding, depending on the insurance policy you hold. If you're not sure if your property is in a flood prone area, contact your local council. As always, the golden rule is if you don't know, ask! Phone your insurance company and ask them exactly what you're covered for and under what circumstances. 4. City of the future We like to see people who don't just talk the walk, but live it. It seems Masdar is a whole city of people who do just that. An emerging global hub for renewable energy and clean technologies, the Arabian city offers a fertile environment to inspire innovation, creativity and growth in the areas of future energy and sustainable technologies. Basically, it is the place where best practice in sustainable urban planning and development is being developed, tested and deployed. Construction of Masdar City began in February 2008, and since then: The residential units use 54 per cent less water and 51 per cent less electricity than the UAE norm Low-carbon concrete design mixes were developed to reduce the carbon footprint The application of active and passive orientation, design and specification has led to a 55 per cent reduction in buildings' external heat gains. Up to 30 per cent of their electricity demand is provided by rooftop photovoltaic panels 75 per cent of the buildings' hot water is provided by rooftop thermal collectors Cutting-edge pilot projects have been implemented in the areas of geothermal energy; solar thermal absorption chillers; greywater treatment; personal rapid transit; smart appliances and smart grid 5. How to find north When you're looking for a new home it is important to know how the movement of the sun through the day will affect your living space. If you have an i-Phone, you would probably use its Compass app, but you can also locate north using an analog watch and the sun. Simply hold your watch parallel to the ground and line up twelve with the sun. Exactly half way between the hour hand and twelve is approximately north. Try it and see! (In the Northern Hemisphere, you would point the hour hand in the direction of the sun.) 6. Beyond the looking glass There is often more to life than we see; perhaps that's why we keep looking for it. Catching things from the corner of our eye, allowing our gaze to linger on inanimate objects for longer than perhaps we should, or checking our periphery in the mirror. Glimpse gives us just that, a glimpse through a door to a room that isn't there. The cleverly designed wall mirror is tall, thin and designed to give the appearance of a slightly opened door, thus creating an eerie peek to a doppelganger of your room through a solid wall.

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Latest Property News from Ted Hanson

Friday 14 January 2011 Property or shares? It is one of the perennial questions of investing - shares or property? Both asset classes have their positives and negatives, their supporters and detractors. Over the very long term, it seems likely that Australian shares have provided better returns than property. Read the full article 1. Dwelling approvals down again After a surprise lift the previous month, approvals for new homes dropped again in November according to data released this week by the Australian Bureau of Statistics (ABS). The figures show that the total number of dwellings approved fell 4.2 per cent in November 2010, in seasonally adjusted terms, after rising 8.3 per cent in October. Victoria (3.1 per cent), Queensland (3.3 per cent) and Western Australia (7.1 per cent) recorded more dwelling approvals this month while New South Wales (-13.4 per cent) and South Australia (-2.7 per cent) recorded fewer dwelling approvals in seasonally adjusted terms. Private sector houses approved fell 1.7 per cent with falls in New South Wales (-4.9 per cent) and Victoria (-2.8 per cent) while Queensland (4.1 per cent) and Western Australia (0.9 per cent) rose. South Australia remained steady. The value of total building approved fell 3.5 per cent in November in seasonally adjusted terms. The value of total residential building fell by 5.9 per cent while non-residential building rose by 1.4 per cent. 2. Homes could take year to dry out Flooded homes in Queensland could take up to twelve months to dry out, building advisors have warned this week. While the initial devastation is painfully clear, homeowners are being urged by Archicentre to be aware of the less-obvious effects of sustained water damage on insulation and the structural integrity of their homes. Ian Agnew, Queensland State Manager of Archicentre said that flood damage can be quite extensive requiring all particle board cupboards, doors and plaster work to be totally replaced especially where water penetrates the house and insulation in walls becomes water logged. "The size of the floods, the depth of the flood water and the time buildings could be underwater will mean home owners affected will need ongoing community and government support over a long period of time to restore their homes, businesses and community assets within townships". Mr Agnew said. "It is important to recognise that flood damaged buildings could take over a year to dry out completely and the natural tendency for people to renovate and redecorate as quickly as possible can lead to mould growth and the work having to be repeated." Mr Agnew added that the intensity of the flood will also have major structural implications for affected homes and the structural integrity of attached decks, balconies or tank stands supporting full tanks of water weighing several tons. "The underlying health issues associated with the floods and the disinfecting of homes should not only include interior surfaces but also should extend into the wall framing and sub-floor structure", Mr Agnew suggested. Archicentre has prepared the following points to consider for flood damage clean-up: 1. Start at the roof. Remove the iron or tiles to allow the sun to shine in to help the drying out process. 2. Check for vermin - there could be rats or snakes in the roof space that have come into the building to escape the flood waters. 3. Remove any insulation that is water-damaged in the walls or ceilings. 4. Plasterboard will need replacing. 5. Solid furniture should be put somewhere to dry. Particle furniture will most likely be destroyed. 6. Clean everything down with a high-pressure hose. 7. New meter boxes will need to be fitted. All other electrical equipment must be checked and replaced where necessary. 8. Put old photos in a flat container of water with some detergent. The detergent will separate them. Once all else is done, take them out and let them dry. This won't work with ink-jet produced photos. 9. Following floods, large pools typically form under the house. These areas need to be re-graded to prevent long-term structural damage like rotted floor framing. 10. Be careful of power points and switches that collect mud and impurities. Ensure a licensed electrician checks these before reconnection of power and a licensed plumber for water or any gas appliances being reconnected. 11. Debris and rotting wood left from flood waters are an ideal food source for termites long term and a termite check by a professional pest inspector is also an important element of flood recovery. 3. New homes not selling New home sales faltered in November 2010 despite a lift in the apartment sector, the Housing Industry Association (HIA) announced this week. The latest HIA/JELD-WEN New Home Sales Report, a survey of Australia's major residential builders, showed that the number of new homes sold eased by 0.2 per cent in November 2010 with detached house sales declining by 1.1 per cent. Sales of multi-units increased by 8.1 per cent last November. Over the three months to November 2010 new home sales fell by 2 per cent to be 11 per cent lower when compared to the same three-month period in 2009. Detached new house sales increased by 6.2 per cent in New South Wales and by 1.5 per cent in Western Australia in November 2010. Sales fell by 0.2 per cent in Victoria, 10.4 per cent in Queensland, and 0.8 per cent in South Australia. HIA Chief Economist, Dr Harley Dale, said that new home building conditions weakened considerably over the second half of 2010 and activity looks set to decline across all states and territories in 2011. "The risk of a sharp contraction in new home building in 2011 is exacerbated by the negative impact on households and small businesses of increases in borrowing costs and by the persistent lack of available credit for small and medium sized new home projects", Dale said. "It would be a shot in the arm for confidence and activity in the residential sector to see the New Year kicked off by a re-engagement of housing policy reform by the Federal Government to address a range of supply side constraints including the credit squeeze. "Furthermore, given that new housing is one of the most heavily and inequitably taxed industries in Australia it is essential that the upcoming taxation summit delivers bold and effective policy reform", he added. 4. Fixed rate loans gain edge Australians' demand for fixed rate home loans has increased to a 31-month high, according to loan approval figures from a leading mortgage broking firm. Mortgage Choice customer data for December 2010 shows the year ended with a bang for fixed interest rates as appetite for fixed loans increased to a level not seen since May 2008. For a third consecutive month, every state saw a lift in its uptake despite the continued rising cost of fixed rates. Company spokesperson Kristy Sheppard remarked that Australian borrowers' demand for fixed term mortgages has reached a pace unseen for over two and a half years, at 15.2 per cent of our loan approvals in December, despite the cash rate being much lower now than back then. "Fixed term loan approvals rose four percentage points over the month to more than double the six month average of 7.1 per cent and more than triple the 12-month average of 4.6 per cent", Ms Sheppard said. "Much is being written about the cautious attitude of Australians and our latest data reflects that. Many mortgage holders are locking in the interest rate on part or all of their loan so (that) they can better control their ability to meet repayments. "It's obvious that concerns about utility bills and other living cost hikes along with predicted rate rises for 2011 are having a noticeable effect on the purchase decisions of new borrowers. "Home loan commitments are no exception." However, standard variable rate loans continue to hold relatively steady as the favoured home loan type, at 32.9 per cent of approvals, followed by basic variable loans at 25.1 per cent and ongoing discount loans at 21.2 per cent. The latter type of loan - where the interest rate is discounted over the entire loan term (most of these would be `professional package' loans) - experienced a significant rise of 4.3 percentage points in December. This also reflects the growing conservatism of new mortgage holders. Line of credit home loans (often popular with investors) rose to 5.4 per cent of approvals from 3.8 per cent while introductory rate home loans accounted for only 0.3 per cent of all approvals in December. Note: Mortgage Choice currently claims to write one in 25 new home loans in Australia, equating to over $10 billion in approvals per year, allowing it to provide insight into borrower preferences. The 18-year old firm has a loan book of over $40 billion. 5. Home is where the runway is If your favourite mode of transport is the family's Lear Jet, then you'll probably want to live at a residential airpark where you can land and park close to home. There are around 500 residential airparks (also known as fly-in communities) across the United States, according to the Living With Your Plane organisation which produces a newsletter, annual directory of airparks and a library of floor plans for homes with airplane hangars. 6. A day off Eighties movie buffs take a deep breath and get ready to cut class, because the house from the movie Ferris Bueller's Day Off is on the market. The very same iconic abode housed Bueller's best friend Cameron's dad's Ferrari, up until the point that they tried to run the car in reverse to take off the Ks they'd accumulated over their adventures, and consequently watched the car plummet through the panoramic windows to the wilderness below. The 5,300 square foot residence in Illinois offers four glass-cased bedrooms, three bathrooms and floor-to-ceiling windows overlooking wilderness, the UK Daily Mail reports.

Latest Property News from Ted Hanson

Friday 07 January 2011 Change you can believe in Whether galvanised by that shiny new treadmill under the tree, the trial gym membership in your Christmas stocking, or the flab you've packed on over the holidays, you're determined to get fit in 2011. Full Article 1. Housing shortage will underpin market While the ratio of house prices to income has risen over the past decade, it has eased to below pre-GFC levels, according to the Housing Industry Association (HIA). HIA Economics found that as of September 2010, Australia's house price to household income ratio was 4.1. HIA Senior Economist Andrew Harvey said recently that in terms of the capital cities, the ratio is 4.2, while in Regional Australia the ratio is 4.1. "This is in contrast to claims from some quarters that the ratio is more like six or seven", he commented. Harvey noted that the International Monetary Fund (IMF) recently slashed its earlier view that Australian houses were overvalued by 25 per cent and while stating that prices could be 5 to 10 per cent higher than market value, it signaled that the Australian housing market will continue to be supported by fundamentals including strong population growth and high real incomes. "HIA's work on underlying demand indicates that Australia continues to run large annual deficits between the underlying demand for dwellings and the completion of dwellings, so in the longer term Australia's housing market is underpinned by the immutable forces of insufficient supply and robust underlying demand", he said. HIA's updated projections of the underlying demand for housing suggest that Australia built 22,000 too few dwellings in 2009/10, with a projected deficit of 16,800 dwellings in 2010/11 and 21,000 dwellings in 2011/12. "In addition to the strong fundamentals in terms of housing supply and demand, Australia's housing market has already been correcting in terms of price movements and most Australian home owners can readily meet their debt servicing obligations", Mr Harvey added. Looking forward, supply-side factors such as the increasing scarcity of land in the main urban centres in Australia will continue to play a major role in driving Australia's housing prices, a point also raised by the IMF. "Governments at all levels need to increase their efforts to address these supply side issues as a matter of urgency," Harvey concluded. 2. Councils stockpiling levies Local councils across Sydney are sitting on almost $560 million in unspent infrastructure levies - and some earn more in interest than they spend, according to a recent audit conducted by the Property Council of Australia. The investigation looked into Section 94 levies, based on local government financial statements for 2009-10. These infrastructure levies are built into the cost of new houses and collected on the promise they will be spent on essential infrastructure and community facilities. NSW Executive Director Glenn Byres said the figures show a 12 per cent increase in unspent levies over the past 12 months - up from $499 million in 2008-09. More than $193 million in Section 94 contributions were collected during 2009-10 - but only $168 million was spent. Seven councils raised more in interest on unspent infrastructure levies in the past year than they spent - collectively earning $14.7 million but spending $8.9 million. "Some councils do the right thing but there is a clear case for greater accountability in the collection and use of infrastructure levies," Mr Byres said. "Some of the worst offenders have sought exemptions from the cap on Section 94 contributions and oppose development on the grounds of strained infrastructure. "They would be better served by a regime that trims the amount councils can collect and then ensures it is spent effectively. "The opportunity for fundamental reform of infrastructure levies was missed this year when the NSW Government lost its nerve on plans to overhaul them. "Ultimately, we need structural reform of local government that includes larger councils with strict fiscal rules and in return, the abolition of rate capping." Mr Byres suggested that solutions could include: - Alternative financing methods like Growth Area Bonds - where governments fund infrastructure with a bond then repay it with the growth in property taxes generated by the investment - `Use it or lose it' provisions when unspent money above set benchmarks is reallocated by the Local Government Grants Commission - Stricter enforcement of caps on infrastructure levies and a greater role for IPART in scrutinising S94 plans. KEY FACTS ARISING FROM S94 AUDIT * The audit is sourced directly from the financial statements of councils for 2009-10. In other words, these are figures supplied by councils. * The collective closing balance in S94 funds across 39 Sydney councils as at June 30th, 2010 was $559.181 million. * The equivalent balance for the F2009 year was $499.555 million. * The change represents a 12% increase in unspent S94 levies. * Ku-ring-gai Council had the highest balance in unspent levies at $67.496 million. * It is the second consecutive year Ku-ring-gai has had the highest balance - and it increased by 19.5% from $56.479 million. * Seven councils collected more in interest on levies during 2009-10 than they spent on infrastructure. * Sutherland Council collected $6.897 million in interest - but spent just $3.863 million. 3. On a roll A rolling stone may gather no moss, but does a rolling city gather occupants? Time will tell, as the Swedish architecture office Jagnefalt Milton has won a Norwegian master plan competition with their idea to have buildings rolling through the city of Åndalsnes on rails. Putting pre-existing railroads back into use, along with adding a few new ones, the winning concept would use the base for new buildings that could be moved around depending on seasons and situations, freeing the stigma of being locked into a location. Among the proposed rolling buildings are a hotel, concert hall and public bath. 4. 10 top ways to make buyers hate your house All homebuyers are looking for something different, but there is one thing that is common to them all - they'll usually turn around and walk back out your door if they notice one or more of these problems. If you really want to sell your house, make sure it's free and clear of the top 10 things that discourage buyers. 1. Odours The way your house smells is the first thing any visitors notice and cigarette smoke, pets, mildew and last night's meal are the worst offenders. Covering up the odours is often not enough - you need to eradicate them so that your house has a clean, fresh atmosphere. Shampoo the carpets and wash the curtains, cushion covers and bed linen. Open the windows and doors to allow plenty of ventilation. Nevertheless, baking a cake on open day is always a good idea, as it has an instant "mmmm..." effect. 2. Dogs that meet you at the door Dogs and open houses do not mix. Fido may frighten or annoy buyers, even if you know he is the sweetest animal around. Likewise, some people are allergic to cats and won't be charmed by your moggie lounging on the furniture. If possible, remove pets while your house is open for inspection. Take your dog for a walk, keep the cat outside or in a carrier basket, put a cover over the bird-cage and get the kids to take the ferret to their friend's house for the day! 3. Dimly Lit Rooms Few homebuyers in Australia are looking to live in a dark house. Besides that, they will want to be able to see what the house looks like "in the daylight". Make sure your house is shown to its best advantage by cleaning the windows and opening curtains and blinds. Replace dim or broken light fittings and turn on lamps in the sitting room or bedrooms. You may consider repainting some rooms with light-reflecting colours or trimming trees that shadow the house. 4. Dirty Bathrooms Dirty bathrooms are an instant turnoff. Scrub them, paint them, and replace some tiles if necessary. Matching (fluffy) towels, clean mirrors and a new shower curtain will make even the dingiest bathroom sparkle. 5. Clutter Leaving your house untidy may make it look "lived in", but it's your stuff, not something the buyers will relate to. They need to be able to picture themselves in the space. Remove the kids' toys, the newspapers you were reading and the clothes your teenager left on the floor, and replace them with a bowl of fruit or a vase of flowers - nothing else. Clear shelves and other surfaces to a minimum - just enough to make them look good, but not overwhelming. 6. Damp Any dampness, mould or even damp smells in the house throw up a red flag to buyers. If you have leaks, fix them. Mould on walls can be cleaned off with a mixture of bleach and detergent. Look for peeling paint in the bathroom as this indicates excessive moisture and lack of ventilation and signals future problems to the prospective owner. 7. Bugs No-one wants to live with spiders, cockroaches, ants or any other type of insect that shouldn't be in the house. Get rid of them and any evidence that they've ever been there (such as spider webs). Ant piles in the lawn are also a deterrent, as they are indicative of a greater problem. 8. Unappealing frontage Unless you were looking for a place to renovate, would you bother walking into a house that looked like a junkyard? Buyers won't expect to pay top dollar for a house with a messy yard, sagging doors or peeling paint. Clean up the yard, plant some flowers and fix the obvious signs of neglect on the exterior of the house. 9. Messy Gutters Gutters with plants growing in them or rusty broken bits hanging down will make buyers wonder what other maintenance tasks have been neglected. Imagine how it will look if it rains on open day and your gutters overflow because you haven't cleaned them in years... 10. Sellers Who Hang Around Go to the beach, have coffee with a friend, do some shopping - but be out of the house when it is open for inspection. Homebuyers feel awkward about opening cupboards and lingering for a really good look at the house if the seller is there. They will also ask more questions and clarify issues if they are talking to an agent rather than the owner. 5. A handle on health It's difficult to feel good about shaking hands with someone who has just been coughing into theirs, or to touch a door handle on a public lavatory after you've washed your hands. The bacteria and viruses our bodies deal with on a daily basis are often hard to avoid, so it's good to see an innovation that helps. With the aim of preventing the spread of communicable diseases from hand to hand, designer Choi Bomi has developed Door Handle with Self-sterilisation. The door handle is home to a UV lamp that constantly sterilises itself while not being used; the moment someone pulls it down to open the door it switches off until it is released, and subsequently cleansed. As a result, it also emits a nice glow while the UV light is activated.

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Friday 17 December 2010 Happy Holidays! Southern Estates management and staff would like to wish all clients and friends a very Merry Christmas, and safe holiday break! Our office will be closed from 12pm Thursday, 23rd December 2010 and re-opening on Tuesday, 4th January 2011. For any sales enquiries during this time, please contact Jason Capelo on 0424 372 722. For property management enquiries, contact Karen Simpson on 0419 611 926. Best Wishes for the festive season! The Southern Estates Team. 1. Home loans bloom in Spring The year has ended on a high note for housing loans, according to data released this week by the Australian Bureau of Statistics. Housing Finance figures show an increase in October 2010 in both the number and value of housing finance commitments for owner-occupied and investment housing finance. There was also a considerable rise in the number of new dwelling purchases. The total value of dwelling commitments rose by 2.2 per cent from September to October 2010. The number of loans for owner-occupied housing increased 1.9 per cent, while the value increased 2.8 per cent. The number of first-home buyer commitments as a percentage of total owner-occupied commitments dropped slightly from to 15.4 per cent in October from 15.9 per cent in September. The number of loans for the purchase of new dwellings increased 9.4 per cent, which is a significant gain on the 3.2 per cent and 2 per cent drop experienced during September and August respectively. The number of loans for the purchase of established dwellings rose by 1.8 per cent and the number of loans for the construction of dwellings rose 0.1 per cent. At the same time, the value of investment housing/fixed loans increased 1.1 per cent. Mortgage Choice CEO Michael Russell remarked that it is a relief to see that mid-Spring brought about a second consecutive monthly rise in the value of housing finance commitments. "This was perhaps due to a rise in consumer confidence alongside a greater willingness from lenders to lend, particularly for new dwelling purchases", Mr Russell suggested, adding that it is "great news for many in the residential building industry". 2. The heavy weight of Christmas lights There's just over a week to go till Christmas and the signs are all around us. Some just stand out more than others. If you're concerned your Yuletide display may be a bit over the top, find comfort in knowing there are others who share the passion for decorating, and they blow the budget by a lot more than you do. Giving Clark Griswold a run for most extravagant Christmas displays, one American family has decked their home for the past quarter century with a million festive lights. HouseLogic, a free source website of housing-related information and tools, has done some number-crunching on the Faucher family's pride and joy, estimating the cost of powering the display is around AU$688 an hour. With an average showing of 4 hours a night for a month, the family would face a bill of $82,560. When an estimate of how much the family would save if they converted to LED lighting was worked out, the spending came up as $89 an hour or $10,680 a month - an astounding saving of $599 an hour, or $71,880 a month. 3. We're in it for the luxury Australians could spend a record $12.3 billion next year on more luxurious kitchens and bathrooms, according to a report released this week by the Housing Industry Association (HIA). The HIA Kitchens and Bathrooms Report shows that the past financial year was a positive one for the industry. There were more than 1.2 million kitchen and bathroom installations (new and renovated) in 2009/10 and roughly the same number is predicted for the 2011/12 financial year. In value terms, the kitchen industry was worth $6.9 billion in 2009/10, a strong lift of 9.2 per cent on the previous year. There were 509,400 kitchens (new and renovated) installed by Australians in 2009/10 - that's an increase of 7.5 per cent on the previous year. HIA Chief Economist Dr Harley Dale predicts that the value of kitchen installations will rise to $7.6 billion in 2011/12. "We are forecasting growth of nearly 11 per cent in the total value of kitchen installations over the 2010/11 - 2011/12 period," Harley Dale said. "That is a healthy outlook." The bathroom industry also grew strongly last year. The report found it was worth $4.2 billion in 2009/10, which represents a healthy 10.9 per cent increase on the previous year. This figure is predicted to increase to $4.7 billion in 2011/12 The number of bathrooms installed (new and renovated) was 711,200 - an increase of 9.2 per cent on the previous year. So what are we spending all this money on? The report also looked into the types of materials and appliances consumers are demanding in their kitchens and bathrooms and notes the following trends. Benchtops: engineered and stone benchtops were most popular followed by solid-surface and granite. There was a decline in use of stainless steel, concrete and timber benchtops. Door types: Polyurethane doors, followed by low-pressure laminate doors, were more popular in 2010. Glass doors and vinyl wrap/vacuum-formed doors also increased in usage. On the way out were roller shutter doors, natural timber doors and timber veneer doors. Splashbacks: Glass and engineered-stone splashbacks are in. Granite and tiles are out. Perspex coloured splashbacks and acrylic splashbacks also declined in use. Appliances: New appliances that are hot in our kitchens include LCD/plasma TVs, two-door fridges with icemakers, wine cooler/fridges and European freestanding stoves. Tap ware: Budget tap ware and insinkerators are no longer in vogue. Over the past year, the fastest growth was in lever tap ware followed by premium tap ware and multiple sinks and taps in bathrooms. Sinks: Under-mount sinks continue to be the fastest growing sink, but there was also an increase in use for double-bowl and square-form sinks. Water filtration systems are becoming much more popular. On the way out are solid surface, round bowl and single bowl sinks. Drawers: Soft closing drawers and deep and wide drawers for pots and plates are now hot. Concealed garbage bin/disposal units are also popular. 4. Housing starts drop National dwelling commencements fell sharply in the September 2010 quarter, particularly for the volatile investment housing sector. Figures released this week by the Australian Bureau of Statistics show that the seasonally adjusted estimate for the total number of dwelling units commenced fell 13.2 per cent in the September quarter, following a rise of 2.1 per cent in the June quarter. The number of commencements on new private sector houses fell 4.3 per cent in the September quarter, but the seasonally adjusted estimate for new private sector `other residential building' fell by a huge 13.5 per cent in the September quarter following a rise of 16.8 per cent in the June quarter. The number of housing starts (including conversions) in the September 2010 quarter fell by 14.5 per cent in New South Wales, 25.2 per cent in Queensland, 5.7 per cent in South Australia, 19.9 per cent in Western Australia and 30.5 per cent in the ACT. Housing starts rose by 1.5 per cent in Victoria, 22.0 per cent in Tasmania, and 27.6 per cent in NT. 5. World's most expensive Christmas tree Carollers would have you believe that the prettiest sight to see this season is the holly that will be on your own front door. While that may be the case, you should keep an open mind until you've seen Ginza Tanaka's 24K gold Christmas tree. Weighing over 21 kgs, the tree is adorned with over 240 jewels including diamond baubles and strings of pearls, and has definitely pulled its weight with the World Records Academy as the AU$1.8M price tag has earned it the title of World's most expensive Christmas tree. 6. Last minute tips to give your home a festive feel This is such a busy time of the year and with work, play and Christmas shopping, it's easy to let things slip under the radar. If you love to get into the spirit of the season by decorating your house but just haven't found the time this year, here are some simple tips for creating the mood at the last minute - without breaking the budget. Drape strings of lights around the mirror in bathrooms, over doorways and along railings around the house. When purchasing lights, look for ones that burn cool instead of hot and work through battery power - even solar, if you're going to use them outside. Dress up dolls and teddy bears with ribbons and holiday fabrics to bring a festive feel to your home. Group them under the tree, on mantels and on windowsills. Start wrapping presents now and put them out in full view to create that Christmas morning excitement every time you enter a room. Place a few glass balls, some Christmas baubles and a candle or two in a bowl and embellish with a few sprigs of greenery or some leftover ribbon. Give furniture some seasonal style with red and green slipcovers and throw pillows in gold silk fabrics or fabric with Christmas designs.

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Friday 10 December 2010 Matilda's Farmyard Nursery Animals Meet your favourite baby animals including lambs, chicks, piglets, goats, ducks, guinea pigs & bunnies! Entry is free! Kids can enter the pen to touch, pat and feed the baby animals. They can even brush the fur of a guinea pig using a toothbrush. 1. Happy Christmas, borrowers The Reserve Bank has lent its own little brand of cheer to the festive season this week, deciding to leave the Official Cash Rate (OCR) on hold at 4.75 per cent. Even better, in a statement announcing the decision Reserve Bank Governor Glenn Stevens hinted that there are not likely to be any further interest rate hikes in the near future. "Over the next few quarters, inflation is expected to be little changed, though it is likely to increase somewhat over the medium term if the economy grows as expected", Governor Stevens said. "Following the Board's decision last month to lift the cash rate, and the subsequent increases by financial institutions, lending rates in the economy are now a little above average. "The Board views this setting of monetary policy as appropriate for the economic outlook", he concluded. 2. Slow but steady for 2011 Home values continue to fluctuate slightly, with October figures leading industry analysts to predict a sedate performance for residential property in 2011. RP Data-Rismark's Hedonic Home Value Index shows that Australian capital city dwelling values rose 0.3 per cent, seasonally adjusted, in the month of October 2010. The report shows that market conditions remain diverse across the key cities, with Perth and Brisbane the only capital city markets where home values have declined over the twelve months to October (down 1.8 per cent and 0.7 per cent, respectively). Over the three months to end of October, home values were down 3.8 per cent in Perth and 1.6 per cent in Brisbane. In contrast, the other major cities recorded improvements in dwelling values over the three months to the end of October. Home values rose in Canberra (up by 2.4 per cent), Darwin (up 1.7 per cent), Sydney (0.8 per cent) and Melbourne (0.5 per cent). In the first 10 months of the year, Australian capital city dwelling values have risen by a modest 4.3 per cent (seasonally adjusted). This is broadly in line with disposable income growth, according to Rismark International joint managing director, Ben Skilbeck, who pointed out that the national Dwelling Price-to-Disposable Household Income Ratio Index was sitting at around 4.6 times in the second quarter of 2010. This is consistent with the ratio of home-price-to-income for the preceding seven years. "The good news is that the current flat-lining in home values should result in a moderation in the national price-to-income ratio and present patient buyers with interesting opportunities in the year ahead." RP Data's research director, Tim Lawless believes the outlook for residential property is likely to be fairly sedate over the coming 12 months. "If we use market conditions after the 2000 to 2003 property boom as a guide, month to month value changes saw a mixture of small upwards and downward movements over the following two years with total value growth just 4.7 per cent between December 2003 and December 2005." Mr Lawless added that unemployment at that time was 5.9 per cent and trending downwards, while the resources sector was heating up. "In the years ahead the RBA is forecasting very strong household income and employment growth. "These two factors should help mitigate the impact of higher rate rises and prevent any material decline in prices", he concluded. 3. Switch and save - your choice The average Australian family can give themselves an early Christmas present with the hundreds of dollars saved by switching home loans, savings accounts and credit cards to cheaper options, according to consumer advocacy group Choice. In figures released this week, Choice says that by switching accounts from the big four banks to other providers, mortgage holders can save up to $2,500 a year, credit card holders up to $440 and those with standard savings accounts up to $330*. The Compare, Ditch and Switch initiative, part of the group's Better Banking campaign, encourages Australians to size up their banking options with the help of an independent online tool. "You don't have to wait for banking reform to get a better deal. People who are proactive and can spare a few minutes might be surprised at how much they can save," says Better Banking campaign director, Richard Lloyd. "Too many people are staying in cards, loans and accounts which are costing them too much - switching makes real sense," says Richard Lloyd. "More mobile and discriminating bank customers help make a more competitive banking system for everyone." The Compare, Ditch and Switch price comparison tool can be found on the Choice website. It enables consumers to objectively compare credit cards, home loans, savings products and transaction accounts from 89 banks, credit unions, building societies and non-bank lenders. * The potential savings from switching have been calculated by comparing the yearly cost of the worst `big four' products for savings accounts and credit cards, as well as the yearly cost of the average standard variable rate `big four' home loans, with the best cost alternative on the market today. Costs include interest rates and fees. The potential annual savings from switching from the mid point big four products to the best rate alternative in the market are $190 for savings accounts and $270 for credit cards. 4. Industry responds to shortages The increase in apprenticeship commencements announced this week by the Federal Government is a positive sign that industry is responding to skill shortages by investing in the training of young people, according to the Australian Industry Group (Ai Group). Commenting on the announcement, Ai Group Chief Executive Heather Ridout said that she would like to see the Kickstart Bonus scheme made permanent. "The traditional trades are a key area to focus on in addressing skill shortages and the growth in apprenticeships needs to be sustained", Ms Ridout remarked. "The results show that the Kickstart Bonus appears to have been a success in supporting apprenticeships and Ai Group is strongly of the view that there should be some redesign of the incentive to make it permanent. "Ai Group itself employs well over 500 apprentices yet there remains strong demand from employers to host apprentices and there are plenty of vacancies in the scheme for young people. "Another promising aspect of today's training data from the National Centre for Vocational Education Research is that the number of higher level qualifications (diplomas and advanced diplomas) commenced in 2010 is more than double the number of these qualifications which were commenced in 2009 (8,200 compared to 3,700). "While this increase is off a low base, we have consistently stressed the need for industry to have access to higher level skills and these statistics show an increased commitment to the building of those higher level skills," Ms Ridout said. 5. For the butterfly in us all Christmas in Australia may be far from white, but with many parts of the country experiencing erratic weather, evenings usually spent at the beach or at a BBQ are better spent rugged up on the couch. One way of making sure the blanket never strays too far from the couch would be to blend the two, and that's just what design studio Les M has done in Cocon. A cross between sun-lounger and sleeping bag, the armchair provides a snug, comfy pocket to slip into while you read, watch TV or just relax and hibernate. 6. As if life weren't magical enough The Harry Potter series has inspired many wishes for a life less-muggle and more magical. While there may not be a real Hogwarts school to attend (at least not publicly recognised), the UK Telegraph reports that a gothic chateau looking remarkably similar has come onto the British market. Dating back to 1849, the property offers the perfect backdrop for any imagination to run wild, with a 42ft wood-panelled banqueting hall (floating candles not included), circular turrets, mullioned windows, carved fireplaces and balconies (shifting staircases not included) and huge grounds perfect for outdoor activities (Quidditch accessories not included).

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Friday 03 December 2010 Lucky Bear's Christmas Party 2010 If you go down to Crown St Mall on Saturday 4th December you're in for a big surprise! The Leukaemia Foundation will be holding Lucky Bear's Christmas Party at the Amphitheatre Stage on Saturday the 4th December at 10am in support of patients affected by blood cancers. 1. A bounce in the step Approvals to build new homes bounced back last month after a six-month slump, according to figures released this week by the Australian Bureau of Statistics (ABS). The total number of dwellings approved, seasonally adjusted, rose 9.3 per cent in October 2010, due largely to a surge (14.0 per cent) in New South Wales. Victoria (4.6 per cent), South Australia (6.1 per cent) and Western Australia (2.3 per cent) recorded an increase in dwelling approvals in October, while Queensland reported fewer dwelling approvals (-0.7 per cent) in seasonally adjusted terms. Private sector houses approved rose 1.5 per cent with rises in New South Wales (3.5 per cent), Victoria (3.1 per cent) and Western Australia (2.4 per cent). The number of approvals for private sector houses fell in Queensland (down by 8.1 per cent) and South Australia (down 2.1 per cent). The value of total building approved rose 4.1 per cent in October in seasonally adjusted terms. The value of total residential building rose by 8.2 per cent while non-residential building fell by -3.8 per cent. The housing industry welcomed the news with reservations. Master Builders Australia Chief Economist Peter Jones said that a sustained recovery in approvals is needed over the next few months to ensure the upswing in residential building activity gathers momentum. "A long and strong residential building upturn is desperately needed given that we have been underbuilding in Australia over the past six or seven years", Mr Jones said. "Even if approvals were to bounce back to an annualised rate of 170,000, the level of building would still be well below what is required to make inroads into the supply shortage." Mr Jones commented that government policy, together with lenders' reluctance to offer credit, is constraining the ability of housing supply to meet demand and that without reform, the problem of housing affordability will only get worse. "With the credit squeeze still operative banks should do more to help investor-driven activity thereby ensuring a recovery in approvals of units and apartments. "Reputable commentators, including the Reserve Bank Governor have stated that unless there is urgent reform to address bottlenecks, the strong supply response needed to meet demand will not eventuate", he said. "Master Builders supports many of the findings of the Henry Tax Review on housing affordability and will continue to push for the need to address inefficient developer charges, land release regulations and the approvals process as part of reforms to remove impediments affecting the supply of housing." 2. New home sales warm upSales of new homes lifted slightly in October, according to a survey of Australia's major residential builders. The latest HIA/Jeld-Wen New Home Sales Report shows that the number of new homes sold increased by 2.4 per cent in October 2010 following a downwardly revised 1.7 per cent decline in the month of September. Detached house sales increased by 3 per cent in October while multi-unit sales fell by 2.6 per cent. Over the three months to October new home sales fell by 9 per cent to be 17 per cent lower when compared to the same three-month period in 2009. Sales of detached houses were down 10 per cent while sales of multi-units rose by 1 per cent. In the month of October 2010, detached new house sales increased by 5.9 per cent in Victoria, 7.4 per cent in Queensland and 0.9 per cent in Western Australia, although sales volumes fell in all three of these markets over the three month period to October. Sales fell by 6.1 per cent in New South Wales and by 1.3 per cent in South Australia in October. 3. At home on the range Developers have long understood the value of building a residential community around a particular lifestyle, such as golf estates, marinas or even sustainable living. Now, a group in the Florida, US county of Palm Beach has found a niche market by offering luxury `farm' houses to horse lovers. According to the promotional material, the `lavish estate homes' in the Equus development are `complimented by a 7,000 square-foot clubhouse and 34-acre Equestrian Centre offering private lessons for riders of all skill levels, boarding facilities, turnout paddocks and miles of meandering riding trails.' For those less inclined to work with horses, there is `a fully-equipped state-of-the-art fitness centre, two tennis courts, an incredible resort-style swimming pool and five miles of well-lit paths throughout the community lined with lush loggias perfect for walking or jogging'. 4. Playing with the big boys Building societies and credit unions have shown strength, resilience and competitiveness over the past year, according to research released this week by advisory services firm KPMG. KPMG's Building Societies and Credit Unions 2010 survey shows that building societies' underlying profitability increased by 34.1 per cent while that of the credit unions (`the mutuals') grew 37.3 per cent. The growth reflects asset growth, increases in capital and slightly improved interest margins, continued low bad debts and the absence of significant one-off costs associated with the GFC. Building societies' assets grew 6.0 per cent (2009:1.8 per cent) to $29.1 billion and credit unions' assets 6.1 per cent to $47.0 billion, reflecting a resilient housing market in Australia and the strong bond these organisations have with their members. Capital levels also increased with capital adequacy ratio for building societies increasing to 15.0 per cent and credit unions to 17.7 per cent. KPMG banking partner Martin McGrath remarked that this highlights the strength of their balance sheets and provides a basis for ongoing growth and profitability. "The mutuals have a special bond with their members and this has served them well throughout the GFC and beyond", McGrath said. "They offer healthy competition against other lenders in the highly competitive home mortgage and retail deposit markets. "They go into the next year well-positioned for further growth", he concluded. Operating costs for building societies increased slightly (1.8 per cent) and for credit unions total operating costs increased 8.1 per cent. 5. `Til death do we part As time goes by, some carpets thin out, and some hairlines recede. In both cases, a popular choice is to freshen up the look with an imported cover. Playfully celebrating one aspect of aging often left unmentioned, Israeli designer Meirav Barzilay's Comb Over allows you to cover your floor, head and body. The rug is made of varied lengths of grey felt strips, sprawling out from one end. The piece can be styled to cover the length of the rug, wrapped up around you as a makeshift blanket, or bunched up to be used as a headrest. 6. Eight little mansions all in a row They may not have the big front and back yards of their suburban counterparts, yet most terrace houses offer a unique, cosy lifestyle that is particularly attractive. If you landed a place in Cornwall Terrace in London's Regent's Park, however, you'd barely notice the wall-to-wall neighbours - and if you did, you could just complain to your on-hand staff in their on-site 2-bedroom living quarters. The row of eight double-fronted terraced mansions has just hit the market for a collective AU$650M, making it the world's most expensive row of terrace houses, the UK Telegraph reported recently. Belonging to British nobility for 150 years prior to their makeover, each of the mansions ranges from 8,000 to 14,000 square feet, with five to seven bedrooms in each. The master bedrooms are the size of an average apartment, while each property features its own spa, gym, hydraulic elevator, audio/visual and lighting systems that are controlled by an iPad. The largest offers a ballroom and swimming pool complex - perhaps that's where they'll hold the neighbourhood Christmas gathering?