Property of the week: 27 Gilbert Street, Goodwood, SA
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Property of the week: 27 Gilbert Street, Goodwood, SA

Comfortable cosmopolitan living just outside of Adelaide’s CBD.

By Terry Christodoulou
Wed, Nov 24, 2021 4:33pmGrey Clock < 1 min

This centrally located, 3-bedroom, 2-bathroom, 2-car parking home in Goodwood offers the best of luxurious cosmopolitan living.

Through the gate to this single fronted two-storey character home and walk through the manicured greenery and peaceful front garden and into the wide hallway with timber flooring.

The kitchen sees impressive, thick marble benchtops, stainless steel Ilve appliances and a seamlessly integrated dishwasher, that overlooks an expansive open plan living area designed for entertainment. Here, bi-fold doors lead to an all-purpose outdoor living area complete with an outdoor kitchen with built-in six-burner Crown BBQ.

Also on the lower level is the master bedroom that boasts a leafy outlook, ‘his’ and ‘hers’ walk-in robe and floor-to-ceiling tiled luxurious ensuite.

Upstairs sees bedroom two and three – each complete with large built-in robes and the perfect nook for studying.

The upstairs landing provides space for a second living area and access to a meticulously designed luxurious bathroom complete with a free-standing bath and high-quality fixtures.

The home is nearby to the bustling precincts for King William Road and Goodwood Road with a selection of boutique cafes, shops, local restaurants, wine bars alongside fantastic schooling options.

The location is nearby to transport options and is only a 6-minute drive to the Adelaide CBD.

The listing is heading to auction on Saturday December 4, unless sold prior and is managed by Century 21 Central; century21central.com.au



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Thousands of Australian companies on the brink of going into administration as EOFY nears

Along with high inflation and weak consumer spending, there’s another key factor pushing a record number of businesses to the edge

By Bronwyn Allen
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More than 10,000 companies are expected to have entered external administration by the end of the 2024 financial year, a level not seen for more than a decade. Data just released by the Australian Securities & Investments Commission (ASIC) shows 1,245 companies became insolvent in May, the highest monthly number this financial year. At present, a total of 9,988 businesses have gone bust in FY24 with data from June yet to be finalised.

Deloitte Access Economics Partner David Rumbens said the surge in business insolvencies this year was a “clear sign of economic distress”.

He commented: “[ASIC] predicts that by the end of the financial year, the number of companies entering external administration will likely exceed 10,000 – a level not seen since 2012-13, in the aftermath of the Global Financial Crisis (GFC).”

Mr Rumbens said the elements contributing to this year’s surge in insolvencies include high inflation and interest rates, weak consumer spending, and the commencement of more proactive tax debt collection activities by the Australian Taxation Office (ATO).

“One of the key factors contributing to this surge in insolvencies is the [ATO] pursuing debts that were previously put on hold during the COVID-19 pandemic,” he said.

Mr Rumbens cited ATO figures showing collectable debt rose 89 percent in the four years to June 2023. This has particularly impacted small businesses, which account for approximately 65 percent of the total debt owed at about $33 billion. “But more strictly enforced debt collection is coming at a time of tough economic conditions. High interest rates and cost-of-living pressures have weakened consumer spending, particularly in more discretionary components of spending.”

The construction sector has seen the highest number of insolvencies by far in FY24, mirroring the trend of FY23. Of the 9,988 insolvencies to date, 2,711 of them are in the building sector, which faces several challenges. These include a substantial lift in the cost of construction materials that is well above inflation and has made many fixed-price contracts signed within the past few years unprofitable. There is also a significant labour shortage that is delaying new home completions and new project starts, and also adding higher costs to projects.

“The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021,” Mr Rumbens said. “They have accounted for approximately 25 percent of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills and material shortages in recent years, and increased insolvencies in the sector may only exacerbate the problem of housing shortages.”

The ASIC data shows the next biggest industry affected is ‘other services’, which includes a broad range of personal care services such as hair, beauty, dietary, and death care services. The sector has seen 939 insolvencies in FY24. Retail trade is next with 687 insolvencies, followed by professional, scientific and technical services with 585 insolvencies.

“The food & accommodation sector has also experienced a wave of insolvencies. High input costs, worker shortages, and weak consumer sentiment have put pressure on businesses. Specifically, in March, cafés, restaurants, and takeaway businesses accounted for 5.5 percent of total business insolvencies, the highest proportion in the last three years.”

Mr Rumbens pointed out that while the number of insolvencies was high, it represents a lower share of the business sector at 0.33 percent than it did in FY13 when it was 0.53 percent. “This reflects the increase of registered companies in Australia, which has risen from just over two million to 3.3 million since 2012-13. Even so, the continued lift in insolvencies since 2021 highlights the difficult conditions many businesses face at present.”

 

 

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