From: The Adviser 30/6/10

Spring no longer represents the best time to sell, according to RP Data.

New research from RP Data has found evidence to suggest that a great number of listings does not necessarily convert into a great number of sales.

RP Data’s research analyst Cameron Kusher found that, on a national basis, March is in fact the busiest month for house and unit sales.

Nationally over the last 10 years, March accounted for circa 9.3 per cent of all dwelling transactions.

“Despite the fact that March is the busiest month for sales, the results show that there is minimal fluctuation in sales activity except within December and January when sales volumes fall away considerably,” Mr Kusher said.

“Clearly once everything starts to settle down after year-end festive periods, the attention turns back to the property market resulting in strong sales volumes during March.”

According to Mr Kusher, May is the second busiest month for sales, accounting for almost 9.2 per cent of all transactions.

The results also confirm that spring is only the second busiest season for purchasers with autumn attracting 26.6 per cent of all sales compared to: 25.4 per cent in spring, 25.3 per cent in winter and 22.7 per cent during summer.

Mr Kusher said that although there is a ramping up in listings from August through to November, the increase in listings is not matched in sales activity. The strongest increase in sales activity is recorded between January and March each year at which time listings also ramp up.

Source: The Adviser  By: Jessica Darnbrough

In a bid to make buying a house in Sydney that little bit easier, the NSW government has announced that it will no longer charge stamp duty on homes that are “bought off the plan” for less than $600,000.

The change in state policy will cost the NSW government approximately $184 million in lost property taxes.

Stamp duty will be cut by 25 per cent on homes worth up to $600,000 that are bought during construction or at completion, translating into an average saving of $5,623.

The stamp duty changes are expected to be widely welcomed by NSW buyers, as 79.1 per cent of dwellings within the state are sold for under $600,000.

In addition, the government has also introduced other concessions on new home purchases and construction.

NSW Treasurer Eric Roozendaal said the $140 million property construction initiative will save NSW families and investors up $22,490, with first home buyers eligible to receive benefits of up to $29,490.

“This is an Australian-first, signalling the Keneally government’s commitment to boosting the state’s housing construction sector and building for the future of NSW,” Mr Roozendaal said.

NSW building industry body the Urban Taskforce said the government’s latest announcement shows a clear understanding of the need to increase housing supply in NSW.

“This plan is comprehensive – it offers real hope for homebuyers and renters,” Urban Taskforce chief executive officer Aaron Gadiel said.

According to Mr Gadiel, the targeted stamp duty concession is also a welcome message of support to older Australians and will help industry focus on meeting their housing needs.

“When older Australians make the decision to downsize, they will also be freeing up underutilized existing housing stock which can be occupied by younger families,” he said.