It is all about timing and location. Areas like Darwin (and probably Townsville) have experienced alot of growth in prices, so those who have invested 5+ years ago would be smiling. Supposedly a set & forget investment with no vacancies & a tenant who looks after all aspects of asset management – pretty much needs to be analysed as a commercial investment as the lease exceeds 3 years.

If you are time poor or a novice they may suit but it is up to your own due diligence as to whether or not they will work for you.

As for having little scope for further development – well, they are generally new and designed to suit one particular client in mind however are very similar to every other house/unit in the area – 10-15 years down the track you might consider adding a pergola/carport/pool or whatever to improve your returns.

Pricing/rent – well that comes down to your own research. Do your own comparison with a similar property (and see how it goes, allow for management fees,letting fees, advertising, vacancies (at least 2 weeks/year) maintenance, refurbishment and your own time – it could surprise you).

Not too sure about PM rates in Adelaide but decent Sydney based managers are charging 4-6%+ gst but it does depend on the building, expiry profile etc. (PM me for more info)

You will also need to provide your friend with a ‘letter of appointment’ to show that they are authorised to act on your behalf.

It is illegal for someone to act as an agent for reward if they aren’t licensed.

Kiss – just write to your agent & advise that their services are no longer required & to pass all details to yourself.

Was this a holding deposit or had they exchanged contracts? If the purchaser withdrew in the cooling-off period, then they would be liable for the 0.2%

Had the S32 been prepared?

Just when you think you’ve covered yourself, you find another hole.

A few questions: is it maintenance or replacement of an asset with a different asset?

Putting down a slab will require excavation, drainage, possibly concrete pump etc – so it won't be a cheap exercise. Concrete will also increase the heat-load on the house.  If the grass is in good condition, then consider a rent increase & offset by arranging for regular mowing.

Although it looks like good value, Katoomba is a few stations too far for the daily commute. Lower Blue Mountains is better.

developer’s name would have been on the contract. Builder would have had their signboard up showing their licence number. Council could advise there.

As for price, you take a punt, crystal balling it hoping for a stag profit.

Assuming the mining boom continues, Perth office accommodation will be in short supply for several years (something which has been refurbed will always be more attractive as a rental than buildings which haven't).

You should be able get your gst back when you prepare your next bas. Just get your timing for settlement right ie settle a few days before the end of a reporting period & lodge your claim asap.

Is it a residential lease? Then, if there is a lease in place, no you cannot raise the rent until expiry of the fixed term (regardless).

BTW a tenancy schedule is a list of the various tenancies in a multi tenant building eg office block or shopping centre not the names of the tenants who occupy one tenancy, they are the ‘lessees’.

bit of a bee in the bonnet with Conveyancers today Terry?