Federal Budget Property Update | Gold Coast Property Boom | Brisbane Gets More Affordable | Melbourne’s Record Median Price | Central Coast Property

There has been a lot of discussion about housing affordability in the news lately and in the Federal Budget as Sydney and Melbourne hit record price highs. Whereas Brisbane’s affordability slightly improved this past quarter and is set to benefit along with the Gold Coast from the upcoming 2018 Gold Coast Commonwealth Games.

Federal Budget 2017 Property Update

If you are planning on investing in property, here are four key changes from last week’s Federal Budget that may affect you:

1. As of May 9th 2017, developers can only sell up to 50% of their development to foreign buyers. In the past, it was uncapped but developers needed pre-approval to sell to foreign investors. Foreign investors will also need to pay an empty home tax if they keep their properties vacant for more than six months. The fee is expected to be over $5,000.

2. Retirees have another opportunity to downsize and will soon be allowed to put $300,000 of their family home into superannuation. They will need to be over 65 and lived in the home for over 10 years. This change takes effect from July 1, 2018.

3. From July 1st this year, first-home buyers can take advantage of the new First Home Super Saver Scheme announced last week; they can put away up to 15,000 a year for two years to save for a deposit. Couples can both claim up to the maximum $30,000 plus any interest the money has earned to put towards a deposit.

4. Investors will no longer be able to claim travel deductions to their investment property to collect rent, maintain properties and have meetings and inspections etc. This change kicks in from July 1, 2017.

2018 Commonwealth Games Providing A Current Boost To Gold Coast Property

The Gold Coast property market is set for continued double digit growth for the next few years post the 2018 Commonwealth Games, according to a recently released PRDnationwide Commonwealth Games Residential Property Impact Report. Continue Reading…

Brisbane More Affordable Than Sydney & Melbourne

By carefully investing in more road infrastructure and building out a workable maze of highways that feed into and around the CBD, Brisbane has been able to decrease it’s affordability index by a few points from 2011. Brisbane has just become even more affordable and continues to lead both Sydney and Melbourne in the affordability stakes. Continue reading…

Melbourne Sets Record Median House Price

Double digit median price rise growth from Dec 2016 to March 2017 for suburbs in Melbourne including Templestowe, Mount Eliza, Cranbourne, Kilsyth and Mornington has helped take Melbourne to a record $826,000 median house price recently, pushing more Melbournians further away from the CBD in the quest for lower prices. Continue reading…

Central Coast is Booming Thanks To High Sydney Prices

More and more Sydneysiders are relocating north along the cost in the quest for a lower mortgage and a more relaxed beach lifestyle. Many are prepared to endure commute times of over 90 minutes with some enterprising expats electing to set up trendy businesses and bring a taste of Sydney style to the Central Coast. Continue Reading…

Given the current political landscape, Governments will continue to consider ways and introduce changes in an attempt to ease the housing affordability crisis. None of these changes are a ‘quick fix’ so purchasers and investors will continue to look further afield and along the coast to find more affordable housing opportunities to invest in. With that said, there are still plenty of investment opportunities in and around the major capital cities of Sydney, Melbourne and Brisbane. They may not be as easy to spot as they once were but there are still some really good buying opportunities in there.

All the best on your investing journey.

Yours always.

Harry Charalambous
CEO – Plan Assist Property Team

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