Recently the Australian Taxation Office announced amendments to GST laws impacting purchasers of new residential premises or subdivision of residential land seeing the GST withholding amount to be held and remitted to the ATO on or before settlement.
This means that from the 1st July 2018 any contract entered into for off-the-plan, new residential premises or residential subdivisions will be subject to these new laws.
But what does this mean for you, the buyer?
Essentially there is nothing more for you to do. You should proceed with your purchase as usual. The GST amount will be deducted from the purchase price at settlement and a cheque made out to the ATO as opposed to this component going directly to the developer.
In saying that, when purchasing property that may be impacted by this change it is essential that you ensure the Contract of Sale purchase price INCLUDES GST. The last thing you want is to find out that you didn't read it properly and...
In March, just last week, we were privileged to attend a presentation to hear the presentation by David Plank, Head of Australian Economics with ANZ Bank. We thought the research and insights in the presentation were quite valuable and wanted to share them here.
The global backdrop and robust domestic conditions mean it isn’t surprising Australia’s growth has recovered after a hiccup in 2016. The outlook for global activity is the most buoyant in some years and Queensland is again showing some life. Understand for yourself with the latest from ANZ's Head of Economics.
Buying property off-the-plan can be one of the best, and most cost effective, ways to secure an investment property or your first home.
If you decide to undertake a purchase off-the-plan, there are many key questions to ask a developer (or the person recommending you purchase it) to ensure your final decision is based on solid research and fundamentals. I hope that these five questions will get you on your way and point you in the right direction.
What are the Body Corporate Rates?
Knowing what the body corporate rates or strata fees are is important for both investors and owner occupiers. You need to know all the additional expenses you will need up-front at settlement as well as what you will need to cover on an on-going basis. Most developers should have this information handy and include it in any information they provide to you however, some will only provide it when requested.
When it comes to body corporate rates, it is also important to k...
Queensland property developer, Linzen Property Group, recently announced they will be the first in Australia to accept payments of their projects in Bitcoin, the first cryptocurrency.
If you're not familiar with Bitcoin or cryptocurrency, you can find out more here.
With the cryptocurrency space becoming more and more mainstream, it is important to remain at the forefront in your industry and create opportunities for the marketplace to pay for their property, whether for investment or to occupy, with their preferred currency, including Bitcoin.
Internationally there have been a number of properties sold in Bitcoin however, Linzen Property Group is the first developer in Australia to offer to accept the cryptocurrency as payment - either in part or full.
The local legislation is still in force regardless of the method of payment by the buyer and for foreign investors, there is...
They seek it here, they seek it there, they seek that damned elusive oversupply everywhere!
Despite contstant speculation by backyard property experts that our market is ready to burst, Australian capital city housing markets continue to display synchronised, orderly growth and correction phases.
(Image courtesy of Dr Andrew Wilson)
Correction 2011: Prices Fall – higher rates and prices reduce affordability; Confidence low
The 31st August 2016 saw Queensland Parliament pass legislation that will impact all QLD property investors by 2022.
This legislation was put in place as a result of the recommendations by the coroner’s inquest following the famous Slacks Creek fire which saw 11 people within the one family lose their lives in a house fire.
If you own an investment property in QLD, you will need to comply by 2022, however, if you sell that property, it must be up to the current requirements prior to sale.
When purchasing an existing property in QLD, you will need to ensure the new legislation is followed. When purchasing a new property in QLD, be sure to ask if they are installing Smoke Alarms as per the new legislation as it will depend when Development Approval was given, not that it is being built after the legislation came into effect.
The properties at Dakabin Crossing Luxury townhouse Development will be fitted out with smoke alarms und...
A recent article on realestate.com.au highlighted the latest statistics for internal migration naming Brisbane as Australia's most popular capital city to move to.
The suburbs that had the highest migration within Brisbane were: North Lakes; Dakabin; Mango Hill; Griffin and Murrumba Downs - all in the Moreton Bay Region and all in and around growing North Lakes City Centre.
Brisbane's net gains through internal migration were greater than both Sydney and Melbourne, likely due to the issues around housing affordability in the southern cities.
Buying property off-the-plan in a planned townhouse community or apartment building can sometimes be a little confusing as the processes are different to purchasing an existing property. It is also different to purchasing a house and land to build. The main differences are that you are only signing one contract for the purchase for an off-the-plan purchase. There are also some instances where a house and land package is sold on one contract however, usually you will sign a contract to purchase the land and then sign your build contract.
Here are some handy tips for purchasing property off-the-plan.
Set your Budget
A great place to begin is to speak with your mortgage broker or financial institution to get expert advice on how much you are able to borrow to finance your purchase.
If purchasing off-the-plan in a strata titled development or house and land package...
We’ve all seen what has happened in Sydney and parts of NSW over the past couple of years, watching property values skyrocket in a relatively short amount of time – some areas experiencing 80% growth in 5 years to be precise. This has seen an increase of investors hit the market as mum-and-dad investors now venture north to cash in their equity, invest in Queensland and build further wealth by riding the growth that is now predicted for Queensland over the next five years. Or south-east Queensland to be more specific....
When considering purchasing a property, there are so many options available to investors, owner occupiers and first home buyers. The following benefits are mostly directed to investors however, others may also find these benefits applicable to their situation.
Get in Early Launch of the development prior to construction is commonly known as 'pre-public' stage release followed by a 'public opportunity'. Buyers who get in early often experience valuable opportunities and can enjoy significant growth between the initial stage releases to the final stages of the development. Buying off-the-plan early may give you more choice within the development ensuring you have first option at some of the best properties.
Lower Prices Often times, lower prices are offered when a development is released to buyers to encourage them to purchase early. Normally, prices will increase between 3-5% during each stage release. A future purchase will cost inva...