Source:  ATO Purchasers of new residential premises or potential residential land now have to pay the GST directly to us as part of the settlement. These changes started on 1 July 2018. The amount of GST hasn't changed, just who is required to pay the GST to us. You now pay the GST directly to us instead of paying it to the developer as part of the purchase price. You won't have to register for GST to make this payment to us. When you make a payment ensure ...

Source:  Australian Property Journal OPINION: A RECENT Supreme Court of NSW decision in Huang & Anor v Ceylan has implications for valuers, vendors and buyers of property, according to lawyers. Introduction It is, unfortunately, not an uncommon practice to see home units (and houses for that matter) advertised as having 3 bedrooms, when they were originally approved and constructed as 2 bedroom dwellings. This practice leaves purchasers especially vulnerable if they ha...

Source:  CoreLogic Over the 12 months to April 2018, dwelling values across the combined regional markets have increased by 2.4% compared to a -0.3% fall in values across the combined capital cities.  Although values in regional areas are continuing to rise, the rate of annual growth has slowed from a recent peak of 6.4% in June 2017, although the rolling quarterly rate of growth has shown an accelerating trend over the past six months. Based on the 'Statistical Area ...

Source:  Australian Property Journal NEW research shows Brisbane has a two-speed property market, with the CBD showing strong gains in both apartment sales and values in the December quarter, although concerns remain over the effect of new supply being added throughout the rest of this year. The Inner City Apartment report from Place Projects shows the CBD, defined as postcode 4000, holds less than 15% of Brisbane's total unit supply, and that the city has numerous "m...

Source:  Australian Property Journal BRISBANE renters were drawn to the middle-ring suburbs over the December quarter, as the oversupply of apartments in the inner city push vacancy rates up to 4% for just the third time in a decade. Meanwhile, regional Queensland broadly continued its year of recovery, with a number of markets moving from weak situations towards healthy status. The latest data from the REIQ showed inner Brisbane vacancies were up from 3.7% to 4% over the ...

Source:  Mitchell Brandtman Will increased infrastructure spending offset the drop in residential approvals, and what will be the impact on residential construction costs over the next 12 months? Mitchell Brandtman explore the current residential construction cost market for 2018. National Escalation Forecast National Commentary Regardless of where individual States sit, overall residential building approvals on the East Coast remain well above the...

Source:  Australian Property Journal ASX-listed Desane Group has successfully fought off the New South Wales government in the Supreme Court, in a landmark ruling over the compulsory acquisition of its prized site. The Supreme Court of NSW decision paves the way for Desane to move forward with plans for a $100 million, 200-apartment mixed-use project at a Rozelle property that the Roads and Maritime Services authority had sought to compulsorily acquire. Justice Hammerschla...

Source:  Australian Property Journal FOREIGN buyers continue to retreat from Australia's housing market, as Sydney's cooling market prompted NAB to downgrade its 2018 price forecast. The major lender's latest Quarterly Residential Property Survey showed share of foreign buyers tumbled further in the December quarter to a 6-year low of 8.4% in new property markets, and a five-year low of 5.5% in the established markets. "Clearly, the efforts of policymakers...

Source:  Australian Property Journal In January 2018 the Government introduced legislation designed to strengthen compliance with GST law in the property development sector. Under the new arrangements, purchasers will withhold the GST on the purchase price of new residential premises and new residential subdivisions, and remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The purpose is to address GST tax evasion while minimising complianc...

Source:  Felicity Moore - REIQ Real estate agent selection agencies should be treated the same as financial advisers and directly remunerated by the vendor, according to the Real Estate Institute of Australia (REIA). In a submission to the Royal Commission into Misconduct in the Banking Industry REIA President Malcolm Gunning said there has been a proliferation of businesses established to assist vendors selling their homes by choosing an agent for them. "These busine...