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THIS WEEKS STORIES: Luxury is…Elizabeth Taylor’s Homes; the Great Australian Tax Grab; Phone Box Furniture; The Blind Leading The Blind; London Luxury Home Prices Falling; Loofah Homes; and more…


The 2008 Nobel Peace Prize has been awarded to former Finnish President and international peace envoy, Martti Ahtisaari.  He has been instrumental in bringing peace, or at least calmer days, to historically troubled parts of the world such as Aceh and Kosovo.  He has recently brought together parties from all sides in Iraq, giving them “first-hand” contact to individuals they could both relate to and whom appreciate the hurdles, such as former opponents in Northern Island – perhaps proof that anything is possible with hope, hard work and tenacity.  Fortune can always be on your side.

Please enjoy this week’s e-magazine (and SUBSCRIBE if you haven’t already), or as always stay here and read the MTLH blog.

Regards

Michael Marquette & Simon Turner

THOUGHT OF THE WEEK

You must not lose faith in humanity. Humanity is an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty. Gandhi

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Further to our recent report of the NSW tax hikes to hit the property industry, now it’s been revealed that Queensland Premier Anna Bligh plans to impose a special tax on landholdings worth more than $5 million.

Under the property tax surcharge, part of a series of measures introduced as the QLD Government attempts to plug a $4.3 billon hole in the state’s budget over the next four years, landholders who own parcels of land will pay a 0.5% surcharge from 2009-10.

Sure to hit property developers hard at a time when the industry can least afford it, the decision will also likely cost 3500 jobs. It is important to recognize that the property sector employs one in seven workers in Queensland.

On top of the property tax surcharge, the Bligh Government has also raised vehicle registration costs by an average of 6.5% and delayed the abolition of transfer duty on core business assets by 18 months.

Whilst we are in no way suggesting that the Queensland Government shares similar brain cell(s) or genes than the hapless NSW government, what is concerning is the tendency of Australia’s fiscal “experts”, it would appear, to resort to anything but measures that stimulate and encourage innovation businesses and in turn the economy. Surely reducing land tax – a policy long championed by Australia’s real estate industry – would be a better option to stimulate the sector and economy.

Michael Marquette, Co-President of Marquette Turner Luxury Homes, states “Are the states tightening their belts, penalizing businesses and therefore consumers with the hope that the Federal Government will deal with the aftermath? Whatever it is, the economic credentials of those that run our States and Territories should be seriously scrutinized.”

Isn’t the relative basket case that is NSW – Australia’s most populous State – a good enough example of what not to do?

Simon Turner

FYI: Read related articles on the Economy; or the NSW State Government; or the real estate industry

The City of Sydney and The State of New South Wales are both projected to grow by huge amounts in the coming years. As Australia’s largest state, and indeed the only one in recession, such growth could perhaps be the state’s saving grace and is certainly a rare bit of good news.

  • 63% of NSW residents live in Sydney.
  • By 2056 the population of Sydney is projected to reach 10 million.
  • The NSW population is projected to increase from 6.82 million in 2006 to 8 million in 2022 and 9 million by 2036.
  • By the year 2036, the NSW population will reach 9 million and there will be 3.7 million households.

  • Sydney’s population is projected to increase from 4.248 million in 2006 to 5.98 million by 2036 (up 40%)
  • The number of households in NSW is projected to increase from 2.65 million in 2006 to 3.72 million by 2036 (up 41%)
  • The number of Sydney households will increase from 1.62 million in 2006 to 2.35 million by 2036 (up 46%)
  • The number of lone person households is projected to increase from 646,500 in 2006 to 1.06 million by 2036 (up 64%)

Simon Turner

FYI: Read more of our articles relating to Sydney; New South Wales; and Australia

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