https://www.realestate.com.au/home-loans/guides/how-much-is-stamp-duty-in-queensland  $75,000 to $540,000 - $1,050 plus $3.50 for each $100, or part of $100, over $75,000   

In Queensland, transfer duty, sometimes called stamp duty, is a tax charged by the state government whenever a property is sold or transferred to a new owner.

It’s paid by the person who buys, or is given, a property, not the seller.

The cost of stamp duty depends on the value of the property. It’s  calculated on a sliding scale, so the more expensive the property, the  more stamp duty you’ll pay.

However, what you plan to do with the property also affects the amount you’ll pay.

The state government has a general rate of stamp duty, which applies  to investment property purchases. If you plan to live in the property, a  home concession will apply. First-home buyers are also eligible for  discounts.

Calculate the stamp duty you may have to pay on your property

https://www.realestate.com.au/home-loans/guides/how-much-is-stamp-duty-in-queensland

For those buying an investment property, the following standard transfer duty rates apply:

  Purchase price/value Transfer duty rate   Not more than $5,000 Nil   More than $5,000 up to $75,000 $1.50 for each $100, or part of $100, over $5,000   $75,000 to $540,000 $1,050 plus $3.50 for each $100, or part of $100, over $75,000   $540,000 to $1,000,000 $17,325 plus $4.50 for each $100, or part of $100, over $540,000   More than $1,000,000 $38,025 plus $5.75 for each $100, or part of $100, over $1,000,000    

For more information visit the Queensland government’s website.

If you’re purchasing as an owner occupier you’re entitled to a  discount, as long as you meet certain requirements. Eligible buyers can  claim the home concession regardless of whether or not it’s their first  home.

The home concession rate applies to the first $350,000 of value of  the residence, and the general transfer duty rates then apply to the  balance. If eligible, buyers could save up to $7,175.

The home concession rate is set out below.

  Purchase price/value Home concession rate   Not more than $350,000 $1.00 for each $100 or part of $100   More than $350,000 to $540,000 $3,500 + $3.50 for every $100, or part of $100, over $350,000   $540,000 to $1,000,000 $10,150 + $4.50 for every $100, or part of $100, over $540,000   More than $1,000,000 $30,850 + $5.75 for every $100, or part of $100, over $1,000,000    

To be eligible for the home concession:

• You must live in the property as your principal place of residence within one year of settlement
• You must not sell or lease any part of the property before you move in.

If you sell or lease the property within one year, a partial concession may apply.

To find out more about the home concession on stamp duty visit the Queensland government’s website.

First-home buyers can receive a further discount – on top of the home concession rate – on properties valued under $550,000.

It’s calculated by deducting the first home concession amount (set out in the table below) from the home concession rate.

  Purchase price/value First home concession   Up to $504,999.99 $8,750   $505,000 to $509,999.99 $7,875   $510,000 to $514,999.99 $7,000   $515,000 to $519,999.99 $6,125   $520,000 to $524,999.99 $5,250   $525,000 to $529,999.99 $4,375   $530,000 to $534,999.99 $3,500   $535,000 to $539,999.99 $2,625   $540,000 to $544,999.99 $1,750   $545,000 to $549,999.99 $875   $550,000 or more Nil    

You are eligible for the first home concession if you meet the following criteria:

• You’ve never claimed the first home or first home vacant land concessions
• You’ve never owned a residence in Australia or overseas
• You must move into the property within a year of settlement
• You must be over 18 (although you can apply to have this waived)
• You must not sell or lease the property before you move in.

If you sell or lease the property within one year, a partial concession may apply.

First-home buyers buying vacant land to build their home can claim the first home vacant land concession.

It applies to land valued at less than $400,000 and is calculated by  subtracting the concession amount (set out in the table below) from the  standard transfer duty rate.

No duty is payable on land valued at less than $250,000, while land worth more than $400,000 will receive no concession.

  Dutiable value  Concession (deduct this amount from the transfer duty rate)   Not more than $250,000 100% of transfer duty   More than $250,000 to $259,999.99 $7,175   $260,000 to $269,999.99 $6,700   $270,000 to $279,999.99 $6,225   $280,000 to $289,999.99 $5,750   $290,000 to $299,999.99 $5,275   $300,000 to $309,999.99 $4,800   $310,000 to $319,999.99 $4,325   $320,000 to $329,999.99 $3,850   $330,000 to $339,999.99 $3,375   $340,000 to $349,999.99 $2,900   $350,000 to $359,999.99 $2,425   $360,000 to $369,999.99 $1,950   $370,000 to $379,999.99 $1,475   $380,000 to $389,999.99 $1,000   $390,000 to $399,999.99 $525   $400,000 or more No concession    

To be eligible for a first home vacant land concession:

• You’ve never claimed the first home or first home vacant land concessions
• You’ve never owned a residence in Australia or overseas
• You must build your first home and move in within two years of settlement
• You can only build one home on the land
• You must be over 18 (although you can apply to have this waived)
• You must not sell or lease the property before you move in.

If you sell or lease the property within one year, a partial concession may apply.

To find out more visit the Queensland government website.

Buyers who aren’t Australian citizens or permanent residents can  still qualify for concessions, however, they must also pay an extra  duty.

The country's  peak real estate industry body has called for the abolition of stamp  duty but faces a tough task convincing the revenue-dependent states to  relinquish one of their main sources of income.

 By Craig Francis   | 6-9-2022 |  Tax 

https://www.apimagazine.com.au/news/article/reia-faces-tough-sell-in-calling-for-end-to-stamp-duty

The property industry’s peak body has  launched a campaign to abolish a property transaction tax that now  accounts for between 24 and 40 per cent of the various state  governments’ revenues.

The Real Estate Institute of Australia (REIA) has stamp duty in its  crosshairs as it targets the tax it says burdens first-home buyers with  an additional four years of saving.

It promises to be a difficult sell to the states, whose reliance on  the tax has only increased over the years while state governments show  few signs of surrendering the keys to the vault.

The new national and multi-year campaign is aimed at phasing out  stamp duty, which the REIA said was contributing to property supply in  Australia being critically low and impacting housing and rental  affordability in every state and territory.

Most commentators agreed it was a flawed tax, but as Peter White,  Managing Director of the Finance Brokers Association of Australia, told  API Magazine that getting rid of the tax altogether may be a utopian  dream.

“The states are reliant on the revenue, so while the REIA’s campaign  is a noble cause, it’s going to be a tough sell to the states, some of  whom have said they’re not considering changes and others are actually  raising stamp duty,” Mr White said.

'Inefficient, unfair'

REIA President, Hayden Groves, argued that as Australia moves through  the current economic and real estate cycle, there is no area of reform  that will have greater benefits than the phase out of stamp duty.

“With cost-of-living pressures mounting, stamp duty remains a major  hurdle to first-home buyers, those wanting to move around the country or  invest in much-needed rental supply.

“At a time when housing supply presents such an immense challenge,  the removal of stamp duty could increase sales and rental listings by up  to 50 per cent within existing housing stock.”

Mr Groves said that the removal of stamp duty, which was promised and  not delivered with the introduction of a goods and services tax (GST)  in 2000, would kickstart the economy, improve affordability and supply,  and open opportunities for all Australians.

“There is almost universal agreement that stamp duty is an  inefficient, unfair tax that stifles labour mobility and penalises those  seeking to move to areas where better employment, educational or  lifestyle opportunities exist.

“First-home buyers seeking to buy established homes are forced to delay buying decisions to save for stamp duty.

“Stamp duty adds about 4 per cent to the median house price of a home  and adds on average $30,000 to the typical property purchased in  Australia.

“Both directly and indirectly, stamp duty is contributing to property  supply in Australia being critically low and impacting housing and  rental affordability in every state and territory.”

New South Wales has shuffled the deckchairs around and the end result is probably neutral.

- Peter White, Managing Director, Finance Brokers Association of Australia

​Mr Groves said stamp duty reform would require the will and  collaboration of many across Australia’s Federation, and Axe the Tax  aims to start a proper conversation on a national level.

Stamp duties as a percentage of average earnings have jumped over the past nine years to 34.3 per cent from 25.1 per cent.

The property downturn, however, is set to slash $7 billion from stamp tax revenue this year across NSW, Victoria and Queensland.

Revenue NSW figures show there were over 19,000 transactions in July,  from which the NSW Government collected more than $981 million in stamp  duty.

Land tax alternative

Stamp duty reform has unquestionably been on the radar of various state governments.

The latest NSW Government Budget included a new policy to offer  first-home buyers the choice to pay a one-off lump sum tax, or stamp  duty, or an annual land tax when purchasing homes under a certain value.

To recoup some of this lost revenue, the NSW Government will  introduce an annual land tax payment. This tax will be similar to local  government rates. For example, instead of paying a one-off lump sum you  end up paying it each year, indefinitely, while you own that property.

The negative effect of this policy shift is that over the time that people own the home they could end up paying more.

However, the benefit is that it makes it easier for people to get into the property market quicker.

Arun Maharaj, CEO, Hashching

“New South Wales has shuffled the deckchairs around and the end  result is probably neutral, although it does have some cash flow  benefits in that it allows people to pay off the debt annually instead  of in a lump sum, and it makes the (NSW) government look like they’re  doing something,” Mr White said.

Queensland still rakes in stamp duty but has also attracted the ire of property owners around the country by expanding their land tax so that it now has national reach.

Digital loan platform Hashching CEO Arun Maharaj told API Magazine  that stamp duty is a formidable barrier to people transacting on  housing.

“The alternative is a land tax, which turns the lump sum into a recurring payment,” he said.

“We’re generally in favour of this, as long as the land tax remains a  predictable value that buyers can easily factor into the monthly cost  of their purchase alongside the mortgage.

“Convincing the public of this hinges entirely on how the tax is  communicated, and the guarantees that can be put in place that a land  tax will not become an issue for them later in life.”

For more on their position, the REIA has launched a new website and policy paper, The Case for Change: Stamp Duty Phase Out.

      Craig Francis     

As  well as enjoying a career as an international news journalist and  editor with major international news organisations such as CNN (London  and Hong Kong), Financial Times (UK), South China Morning …

stamp duty, REIA, Finance Brokers Association of Australia, Hayden Groves, Peter White, tax, taxation, Property Taxation, NSW, reform, state revenue, first-home buyers, Rental Shortage, affordability, Housing Supply, saving, NSW Government, Queensland Government, Hashching, Arun Maharaj, land tax, Queensland land tax, State Government         

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National  expansion of Queensland's land tax will add a whole new layer of  complexity, and potentially expenses, for any investor with property in  that state but this in-depth overview from Investor Partner Group  explains everything a property owner needs to know.

 By Sponsored Content   | 2-9-2022  

https://www.apimagazine.com.au/news/article/a-guide-to-queenslands-far-reaching-new-land-tax

For anyone in Australia who owns property in Queensland, changes to  that state’s land lax regime have major implications for investors and  land owners.

Significant changes to the calculation of Queensland land tax liability were given the green light when the Revenue Legislation Amendment Act (Qld) 2022 was assented to on 30 June 2022.

Changes to the Land Tax Act 2010 (Qld), which will impact  Queensland landowners from 30 June 2023, mean assessment of Queensland  land tax liability will take into account the value of interstate  landholdings.

This  will mean an increase in land tax liability for anyone who owns land in  Queensland as well as non-exempt property in another state or  territory.

The current position

The current position (which will remain in effect for the 2022/23  financial year) is that land tax liability is determined by reference to  the taxable value of the land owned in Queensland as at midnight on 30  June each year, with different thresholds and rates applied to  individuals, corporations, trustees and absentees and exemptions for  certain classes of landholdings.

The new land tax system

From 30 June 2023, land tax will be imposed based on the Queensland  proportion of the total value of the Australian land owned by the  landholder.

The total value of Australian land includes:

• the taxable value of Queensland land
• the statutory value of interstate land, being the relevant  valuations applied under the relevant state and territory legislation.

The existing land tax exemptions (including primary place of  residence and primary production) will remain in place under the amended  legislation. Note also that the increased tax liability in Queensland  does not impact on any taxes payable in other states and territories.

Working out land tax: an example

To illustrate the increase, Investor Partner Group has considered the  position for an individual who owns one property in Queensland with a  taxable value of $745,000 and one property in New South Wales with a  statutory value of $1 million.

Under the current arrangement, the individual will pay $1,950.00 in  land tax this financial year in Queensland for the Queensland property.  This liability is calculated at the second tier as set out in Schedule 1  of the Act ($500 plus one cent for each $1 more than $600,000, up to  $999,999).

Using the same example in the 2023/2024 financial year utilising the  new system, the same individual will pay $7,169.29 in land tax (an  increase of more than $5,200).

The new calculation is done in two steps:

• firstly, by applying the relevant general rate for an individual to  the total value of all Australian land owned by the landholder to reach a  gross rate (in this case the applicable rate being $4,500 plus $1.65  for each $1 more than $1,000,000, which for landholdings of $1,745,000  across the country amounts to $16,792.50)
• secondly, by applying this gross rate to the Queensland proportion  of the total Australian land value, i.e., the tax liability = $16,792.50  x ($745,000 / $1,745,000) = $7,169.29

Notification obligations

To assist the Queensland Revenue Office in determining other  Australian landholdings and the statutory value of those landholdings,  amendments to the Act require Queensland landholders to provide further  details by way of notice in an approved form (including property  description, statutory value and interest), generally by 31 October each  year or, if a Queensland assessment notice is issued before 31 October,  within 30 days of receiving the assessment. Failure to comply with  notification obligations will be an offence.

Practical implications

As the full force of the changes will not be felt until 2023, Moxin Reza, General Manager, Investor Partner Group, said it is difficult to say whether the amendments to the Land Tax Act 2010 (Qld) will impact on investment habits or holdings in Queensland.

However, we consider it is likely the increase in land tax will be  felt by commercial tenants, as landlords seek to pass through their  increased liability (where permitted by law) and we may see this point  brought up in many lease negotiations going forward.

      Sponsored Content     

This  content has been provided by a third party and does not represent the  views or opinions of Australian Property Investor Platform Pty Ltd.

Investor Partner Group, Property Tax, land tax, Queensland, investment, expenses, tax, Land Tax Act 2010 (Qld), Revenue Legislation Amendment Act (Qld) 2022, Property Investors, Property Investment Advice, Tax advice, Property Taxation, states, interstate investment, Interstate Buyers, Case Study, Queensland Revenue Office, Commercial Property, Residential Property, lease, Negotiations         

Mount  Hawthorn, just north of the CBD, led a list of 29 Perth suburbs that  experienced median house price growth above 10 per cent so far in 2022,  while 56 recorded growth in August.

 By Damian Collins, President, REIWA   | 31-8-2022 |  Residential 

https://www.apimagazine.com.au/news/article/29-perth-suburbs-exceed-10-per-cent-price-growth-in-2022

 Twenty-nine Perth suburbs have recorded median house sale price growth  of more than 10 per cent during the 2022 calendar year to date.
 

Mount Hawthorn experienced the strongest growth, with its median increasing 16.3 per cent to $1.265 million. 
 

North Perth came in second, with 15.8 per cent growth, followed by  Warwick (14.8 per cent growth), Carine (14.3 per cent growth) and Iluka  (14.1 per cent growth), while the Fremantle area continues to perform well. 

 Rank Suburb Median house sale price Price growth 2022 to date   1 Mount Hawthorn $1.265 million 16.3%   2 North Perth $1.15 million 15.8%   3 Warwick $680,000 14.8%   4 Carine $1.02 million 14.3%   5 Iluka $1.027 million 14.1%   6 East Fremantle $1.475 million 13.5%   7 Mullaloo $940,000 13.2%   8 Attadale $1.537 million 13.0%   9 Subiaco $1.625 million 13.0%   10 Madora Bay $610,000 13.0%   11 Sinagra $525,000 13.0%   12 Waikiki $423,000 12.3%   13 Mount Claremont $1.74 million 12.3%   14 Karrinyup $1.065 million 11.9%   15 Cottesloe $2.85 million 11.8%   16 Two Rocks $447,000 11.7%   17 Padbury $670,000 11.7%   18 West Leederville $1.42 million 11.6%   19 Sorrento $1.283 million 11.6%   20 Riverton $736,500 11.2%   21 Gwelup $1.1 million 11.1%   22 Silver Sands $525,000 10.5%   23 Shoalwater $530,000 10.4%   24 Rivervale $612,500 10.4%   25 Midland $358,500 10.3%   26 Hammond Park $568,000 10.3%   27 Craigie $548,750 10.2%   28 Mount Helena $595,000 10.2%   29 Edgewater $642,500 10.1%    

*Data is for suburbs with 28 or more annual house sales to 31 July 2022. 

August  also delivered median house sale price growth for 56 Perth suburbs,  despite CoreLogic’s Perth home value index declining 0.2 per cent. 
 

REIWA President Damian Collins said while the overall Perth market had  seen prices grow 4.2 per cent between 1 January and 31 July, there were a  considerable number of suburbs that had far exceeded that figure.
 

"These 29 suburbs have experienced substantial price growth in a  relatively short period of time, which is very impressive – especially  when you factor in the four rate rises since May. 
 

"It will be  interesting to observe how they perform for the remainder of the year  and whether they can sustain the momentum of this growth trajectory,” Mr  Collins said. 
 

Further analysis revealed an additional 105  Perth suburbs had seen price growth of five per cent or more during the  2022 calendar year to date. 
 

"REIWA agents on the ground  continue to report solid market conditions, and this is reflected in the  large number of suburbs that have seen strong price growth in 2022,” Mr  Collins said. 
 

“While interest rate rises will naturally have  some impact on our local market, West Australians are the best placed in  the country to manage the costs of servicing a loan. 
 

“Not  only do we have the most affordable housing in the country and a strong  economy and jobs market, but we also have a housing shortage and growing  population.

“While there may be some fluctuation month to month, all these factors point to Perth’s current growth cycle continuing.” 

Property prices among Perth's best performing suburbs shot up by more than 30 per cent in the just completed financial year.

Prestige suburbs dominate the top 10 in the current list but many  affordable suburbs are also generating strong capital growth, including  Midland, Sinagra, Shoalwater and Craigie.

August’s top performers

REIWA President Damian Collins said a minor dip in the home value  index was always a possibility given the interest rate environment, but  that Perth was holding up very well overall – particularly in comparison  to other capital cities around the country. 
 

“We  anticipate there will be fluctuations month-to-month in the overall  Perth figure as buyers adjust to interest rates rising, however Western  Australia’s strong economy, growing population and housing shortage  point to the current growth cycle continuing.
 

“At a suburb  level, reiwa.com data reflects feedback from REIWA agents who continue  to report fierce competition for properties and good outcomes for  sellers on the ground.
 

The five suburbs to record the biggest increase in price during August were Maida Vale (up 3.1 per cent to $593,750), Cooloongup (up 2.6 per cent to $370,000), Hillarys (up 2.5 per cent to $1.005 million), Southern River (up 2.2 per cent to $625,000) and Orelia (up 1.9 per cent to $327,500).
 

Other suburbs to perform well for median house sale price growth were Stirling, Seville Grove, Woodvale, Yanchep and Girrawheen.

      Damian Collins , President | REIWA  

Damian  owns a multi-million dollar property portfolio and as the founder of  Momentum Wealth he applies his many years of experience to help our  clients accelerate their wealth creation. His own carefu…

Perth, Mount Hawthorn, prices, Property Market, Real Estate, Perth Property Market, House Prices, median house prices, median, Damian Collins, REIWA, suburbs, Interest Rates, affordability, 

Brisbane's meteoric price rises are falling back to earth, so is this the start of a major tumble or just a minor correction?

 By Melinda Jennison, Buyers Agent, Streamline Property Buyers   | 3-9-2022 |  Residential 

https://www.apimagazine.com.au/news/article/is-this-just-the-start-of-bigger-price-falls-for-brisbane

 Traditional Queenslander timber houses are built for flood protection, but are they safe from a property price storm?   

For the first time in more than two years,  negative growth has been recorded in both the house and unit market  across Greater Brisbane.

The latest CoreLogic Hedonic Home Value Index findings have confirmed that Brisbane house prices peaked in June 2022 and unit prices in July 2022. 

Are these price adjustments the start of large falls in the months  ahead, or is this simply an adjustment while buyers wait for more  confidence to return to the market?

The weaker results, especially in the house market in Brisbane, accelerated during August compared to the July results.

Being mindful that this data reflects settled sales, what this tells  us is that throughout July we saw a large change in buyer and seller  behaviour.

This was at a time when consumer sentiment reached new lows that were  comparable to other major shocks, such as the Global Financial Crisis  and the onset of the Covid-19 pandemic.

A large number of buyers were fearful and taking a stance and sat on  the sidelines rather than participate in active bidding on properties.

Pre-approved buyers were having to determine if their borrowing  capacity had been eroded due to the rate rises that were occurring each  month, which meant some buyers were simply unsure of what they could  lend so were not in a position to buy.

During times of change and uncertainty, such as the current interest  rate cycle, buyers tend to take a wait and see approach. Sellers also  often sit out of the market waiting to see signs of improved confidence,  unless there is a real motivation to sell.

There have been great buying opportunities recently, whereby sellers  have been motivated and therefore willing to meet the market.

Some of these vendors had already bought elsewhere, so they needed to  sell. Others were deceased estates and “quiet” sales, which included  divorcees. When there is a motivated vendor, they are usually prepared  to meet the market. When buyers are nervous, they tend to offer less and  because of this there have been opportunities to buy quality properties  for a good price.

However, we have also seen many properties not sell throughout Brisbane.

The gap between buyers and sellers does not seem to converge, and when there is no real motivation to sell, the days on market simply trends higher.  These  properties do not become part of the data that records property price  trends.

Flight to quality

Demand for properties that have impacts such as flood or overland  flow, or properties on main roads (for example) have definitely  softened.

Sales agents are finding these properties a little more difficult to  sell as buyers have become pickier in relation to what they want to buy,  or they are pricing in a value deduction for the impacts.

During 2021, these types of properties were just as popular as  everything else – there was a buyer for everything but this is no longer  the case.

Brisbane dwelling values declined 1.8 per cent throughout August, according to the CoreLogic Hedonic Home Value Index.  The median value for all dwellings across Greater Brisbane is now $762,284, which is $19,556 less than a month ago.

The rate of decline was larger in the house sector, with falls in the  median value of 2.1 per cent throughout August. The median value for a  house in all of Greater Brisbane is now $864,149, which is $20,187 less  than last month.

Of course, this does not mean a house purchased four weeks ago is suddenly worth 2.1 per cent less than what was paid.

Every property has its own level of demand and therefore reaches its  own level of value based on previous comparable sales and also the  quality of what buyers are wanting.

Quality houses that are well located are still highly sought after  and achieving strong prices. There appears to be a shift towards quality  once more and demand is still strong for high quality homes.

Units in Brisbane have fallen very slightly over the month with a  reduction of 0.2 per cent in the median value, which now sits at  $501,396. This is $3,124 lower than last month.

Rents on the rise

Rental rates remain strong in Brisbane due to the low number of  rental properties available, evidenced by vacancy rates that continue to  hover at record lows.  In July there were just 2,474 properties for  rent throughout Brisbane, with a vacancy rate of just 0.7 per cent.

With very limited supply of rental accommodation, it is not a surprise that rents are still rising in Brisbane.

The annual change in housing rents increased 14.1 per cent, whereas for units the annual change was 10.7 per cent.

Brisbane still leads the capital cities throughout Australia for the largest growth in rents over the last 12 months.

While this provides some relief for landlords dealing with rising interest rates, it is not good news for tenants.

There are so many instances where properties are still receiving  rental applications prior to an inspection taking place, and in most  cases where a rental property is appropriately priced, there are  multiple applications received from tenants.

Due to the slowdown in property prices and the continued growth in rents, gross investment yields continue to recover.

The median gross yield for Brisbane houses has increased from 3.4 per  cent last month to 3.6 per cent now and for units the median gross  rental yield has increased from 4.7 per cent last month to 4.8 per cent  at the end of August.

These higher yields are starting to offset the increasing holding costs for investors with Brisbane assets.

While interest rates continue to rise, eroding the borrowing capacity  of property buyers, and inflation continues to put pressure on  household expenses, it is reasonable to expect the demand of property to  remain suppressed.

It is also reasonable to expect that once inflation is under control,  interest rates will find their new point and buyers will regain their  confidence.

At that time we expect the buyers who have been sitting on the  sidelines will re-enter the market and the depth of buyers tips Brisbane  back into a sellers’ market.

      Melinda Jennison , Buyers Agent | Streamline Property Buyers  

From  a very young age I developed an interest in real estate because my  parents were property investors, so I learnt a lot from the  conversations that we often had growing up. I have been fortunate to…

Brisbane, Melinda Jennison, housing, houses, units, apartments, Property Prices, Property Market, Brisbane Property, CoreLogic Hedonic Home Value Index, confidence, House Price Falls, pre-approval, divorce, Distressed Sales, flood, rent, Landlords, median, Vacancy Rates, Interest Rates         

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•   Geelong Cats fan on clawing through building ind…  5-9-2022 |   Expert In Focus   
•   As one Sydney construction mega project ends, an…  2-9-2022 |   Development   

•   Interest rates on an all-night bender while property gets depressed  7-9-2022 |   Finance   
•   Another interest rate double hike from aggressive RBA  6-9-2022 |   Finance   
•   REIA faces tough sell in calling for end to stamp duty  6-9-2022 |   Tax   

So you’ve applied for conditional approval and you’ve found your dream home. But before you get a home loan there  are certain things you’ll still need. We explore what they are and what  difference they’ll make to your loan application.

From applying to buying, Mortgage Choice brokers are with you every step of the way.

With Mortgage Choice, you're never a loan.

First and foremost, a lender will want to know that you have the  capacity to repay any loan they give you. If you’re an employee they’ll  usually ask you to prove this by providing payslips, bank statements  showing your salary being deposited, or a letter from your employer. If  you’re self-employed they’ll ask for your accountant’s details and your  last two years of financial statements, as well as your personal tax  return and company tax return, if you have one.

If you receive money from other sources – such as rental properties,  shares or government payments – you’ll also need to provide evidence of  this.

At this stage, a lender will always want to see evidence of the  assets you hold. This may include your superannuation balance, bank  account details and a list of any shares, property or other assets you  own.

Some lenders will also want to see that you have a history of saving  money. That’s because they believe having the discipline to acquire  “genuine savings” means you’re more likely to have the financial  discipline needed to meet your ongoing repayments. Each lender will have  its own definition for what qualifies as genuine savings and how long  you need to have held onto the money for before applying for a loan. If  you use a mortgage broker, they’ll be able to guide you through this  process, letting you know exactly what you need to provide.

All lenders will always look at your credit history before they  provide you with finance. This usually comes down to getting details of  your credit score. Your credit score is a mark out of 1,000 and is based  on your history of paying loans and bills, as well as how often you’ve  applied for credit. This includes taking into account all of your credit  cards, even if you don’t owe money on them, as well as details of any  other debts you have.  If you have ever been declared bankrupt or have  any judgments against you, this can have a serious impact on your credit  score.

A lender will also take into account your living costs. This includes  providing details of what you spend on groceries, eating out and other  day-to-day expenses, as well as ongoing costs such as utilities,  childcare or education, insurance premiums and more. They will also  factor in any money that you need to keep paying on accommodation after  you buy the property, such as rent or another mortgage. The easiest way  to present this information to a lender is in the form of a monthly  budget.

If a family member or friend is helping you buy the home, be prepared  to provide the lender with evidence of this. This may be by providing  evidence of the money in your bank account or handing over a signed  letter showing evidence of the loan or gift. You should also have  details of any grants or exemptions you’re eligible for, such as any First Home Owners Grants or Exemptions that apply in your State or Territory.

Before you’re given your home loan, your lender will usually ask for a  copy of the front page of the signed contract for sale. If you’re  building they may also want to see a fixed price builder’s contract and  approved construction plans. Often, a lender will organise a valuation  of the property you’re purchasing, particularly if you don’t have a  large deposit.

Finally, a lender will always need formal identification, such as a  passport, driver’s licence or other photo ID. If you don’t have these,  you may be able to provide an original birth certificate, Medicare card  or some other forms of identification.

Before you apply for a loan, it’s always best to have some degree of  certainty about how much you can borrow. The easiest way to do that is  by using a home loan calculator.  Using a tool such as this is almost always an important first step in  finding out what you can afford and kicking off your search for a  property on the right foo

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https://www.realestate.com.au/home-loans/compare/t.

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https://www.realestate.com.au/home-loans/calculators

We’ve made it easy for you to better  understand your finances with our handy home loan calculator. By working  out your estimated loan amount, monthly repayments and upfront costs,  you can enjoy the confidence of knowing what you can afford.

You can also save this data to your realestate.com.au profile, so  that when you find a property you like, you can see how it might fit  with your finances and impact your current lifestyle.

Estimate your borrowing power

Our buying power calculator gives you an idea of the maximum you could spend on a property, in minutes.

https://www.realestate.com.au/home-loans/borrowing-power-calculator/#/?cid=cid:hub:quick-link

Calculate your potential savings when switching home loans. Unlock equity in your home to renovate, buy, or invest

https://www.realestate.com.au/home-loans/refinance-calculator?cid=cid:hub:quick-link

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Estimate how much you may be able to borrow if you put your current rental payments towards paying off a home loan.

Estimate how much you may be able to borrow if you put your current rental payments towards paying off a home loan.

In its  desperate bid to suppress rampant inflation, borrowers have been  hammered with yet another super-sized interest rate increase from the  Reserve Bank of Australia.

 By Craig Francis   | 6-9-2022 |  Finance

https://www.apimagazine.com.au/news/article/another-interest-rate-double-hike-from-aggressive-rba   

The Reserve Bank of Australia has hit  homeowners with a fifth consecutive monthly interest rate hike, again  unloading with a 50 basis point (0.5 per cent) increase that will  stretch millions of household budgets.

In announcing its decision the RBA Board made it clear that the new  official cash rate of 2.35 per cent is set to rise further before the  year is out.

“The Board expects to increase interest rates further over the months ahead, but it is not on a pre-set path,” the statement by Philip Lowe, Governor, Reserve Bank, noted.

“The size and timing of future interest rate increases  will be guided by the incoming data and the Board's assessment of the  outlook for inflation and the labour market.

The Board is committed to doing what is necessary to ensure inflation in Australia returns to target over time.”

The cash rate setting is now at the highest level since January 2015,  but still slightly below the pre-Covid decade average of 2.56 per cent.

Property impact

This rise is highly likely to be passed on in full to household mortgage holders.

Housing markets have reacted negatively to the rate hiking cycle, with capital city housing values down 4.5 per  cent since peaking shortly after the first lift in the cash rate on 5  May.

It is reasonable to expect higher interest rates will flow  through to less housing activity as borrowing capacity diminishes and  sentiment remains low, placing further downwards pressure on housing  prices.

CoreLogic’s estimate of national home sales over the three  months to August was tracking 14.8 per cent lower than the same period a  year ago, highlighting that housing demand has already been dented by  the recent cycle of rate hikes.

“As we move into spring, there is good chance buyer demand will  continue to taper as interest rates rise, leading to higher advertised  inventory levels amid more challenging selling conditions,” CoreLogic  Research Director, Tim Lawless, said.

RateCity.com.au analysis shows the impact this hike will have once it is passed on by lenders:

Owner-occupiers:

• 5.11 per cent will be the average existing customer variable rate for owner-occupiers.
• Under 4 per cent will be a competitive variable rate for owner-occupiers paying principal and interest.
• About a dozen lenders are likely to have variable rates under 4 per cent.

Investors:

• 5.46 per cent will be the average existing customer variable rate for investors.
• Under 4.30 per cent will be a competitive variable rate for investors paying principal and interest.
• About a dozen lenders will have investor variable rates under 4.30 per cent.

For a typical housing mortgage of $500,000, Tuesday’s (6 September)  increase will add $2,500 in annual interest payments, or $208 per month.  The cumulative increase of 2.25 per cent so far this year will have  added $11,250 in annual interest payments, or $937 per month in  additional interest payments.

Finance scramble

Steve Douglas, Executive Chairman, SMATS Group, labelled the  supersized interest rate hike as extremely disappointing and  unnecessary.

“Given we have had quick and significant rises already, I believe a  wait-and-see position to assess the impact would have been a more  sensible option given the current environment. 

“That said, the base rate still remains historically low, and  hopefully many have taken advantage of the low fixed rates that were on  offer during the past two years.

“Some level of sensibility is now required, so hopefully rate rises  take a pause for a while and allow the economy to settle,” Mr Douglas  said.

Julie Toth, Chief Economist of online property exchange network PEXA,  said the RBA move reflects elevated inflation pressures in Australia  and globally, supply shortages across the construction industry and in  other key sectors, and an extremely tight labour market.

“Australia is experiencing historically low unemployment and  underemployment rates and – for the first time recorded – fewer  unemployed people than advertised job vacancies nationally.

“Today’s announcement is likely to continue the surge of Australians  exploring their refinancing options, as mortgage-holders seek out  discounts and cheaper options for their home loans from their existing  lender or new sources,” Ms Toth said.

Compare Club CEO, Lance Goodman, said the persistent interest rate  increases were now making an impact on the housing market, with lenders  continuing to tighten the borrowing capacities for buyers and  homeowners.

“It would seem more people are holding rather than  buying and waiting to see where the market bottoms out, which is likely  to be in some ways contributing to further falls in property values,  given the reduced demand,” Mr Goodman said.
 

“The good news is, we're still in a buyers’ market, so first-home buyers can benefit.” 

Not their problem

A consideration of housing prices is not part of the RBA’s  mandate, which has made it clear it is prepared to look through the  peripheral noise of falling home values, focusing instead on inflation  and labour market conditions.

“Inflation in Australia is the highest it has been since the early  1990s and is expected to increase further over the months ahead,” Mr  Lowe said on Tuesday.

“Global factors explain much of the increase in inflation, but domestic factors are also playing a role.

“There are widespread upward pressures on prices from strong demand, a  tight labour market and capacity constraints in some sectors of the  economy.”

Mr Lowe acknowledged higher inflation and interest rates were putting  pressure on household budgets, with the full effects of the new rates  yet to be felt in mortgage payments.

“Consumer confidence has also fallen and housing prices are declining  in most markets after the earlier large increases (but) working in the  other direction, people are finding jobs, gaining more hours of work and  receiving higher wages.

“Many households have also built up large financial buffers and the saving rate remains higher than it was before the pandemic.

“The Board will be paying close attention to how these various  factors balance out as it assesses the appropriate setting of monetary  policy.”

Buffer or buffeted

While Mr Lowe points to data showing loan arrears are low and the  saving rate remains higher than before the pandemic, many households  will be feeling the pinch.

The value of new owner-occupier loan commitments fell 7.0 per cent in  July 2022, while new investor loan commitments fell 11.2 per cent.  Further falls appear likely as the latest rate hikes take effect.

Research from lender group Aussie found that almost one in five  Australians with mortgages are dealing with ‘significant mortgage  stress’, and a further four in five confirmed the rising cash rate and  upward cost of living is placing unwanted tension on their household.

Another new survey shows 40 per cent of Australians report the  cost-of-living and personal debt are causing them elevated distress  compared with this time last year.

Suicide Prevention Australia’s annual State of the Nation  report reveals 70 per cent of Australians have experienced elevated  distress beyond their normal levels compared with this time last year.

Cost-of-living and personal debt was the lead cause (40 per cent),  and was higher for women (44 per cent) than men (36 per cent). This is  despite near-equal levels of overall elevated distress as between women  (71 per cent) and men (69 per cent).

Suicide Prevention Australia, CEO, Nieves Murray said further economic turbulence could prove challenging.

“For example, the issue of cost-of-living and personal debt is ranked  the biggest risk to rising suicide rates over the next 12 months both  by the public (68 per cent) and by the suicide prevention sector (74 per  cent).”

      Craig Francis     

As  well as enjoying a career as an international news journalist and  editor with major international news organisations such as CNN (London  and Hong Kong), Financial Times (UK), South China Morning …

interest rates, RBA, RBA Monthly Meeting, inflation, wages, Property Prices, cost of living, Philip Lowe, borrowers, SMATS Group, Steve Douglas, ratecity, CoreLogic, Tim Lawless, fixed rate loans, variable rate loans, mortgages, banks         

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•   Interest rates on an all-night bender while prop…  7-9-2022 |   Finance   
•   REIA faces tough sell in calling for end to stam…  6-9-2022 |   Tax   
•   Geelong Cats fan on clawing through building ind…  5-9-2022 |   Expert In Focus   
•   Is this just the start of bigger price falls for…  3-9-2022 |   Residential   
•   As one Sydney construction mega project ends, an…  2-9-2022 |   Development   

•   Interest rates on an all-night bender while property gets depressed  7-9-2022 |   Finance   
•   REIA faces tough sell in calling for end to stamp duty  6-9-2022 |   Tax   
•   Geelong Cats fan on clawing through building industry's tough times  5-9-2022 |   Expert In Focus   

        Interest rates on an all-night bender while property gets depressed  7-9-2022 |   Finance            Government dismisses Greens call for two-year rent freeze  25-8-2022 |   Finance            Another big leap takes interest rates to six-year high  2-8-2022 |   Finance            Great Australian property dream being put to sleep  31-7-2022 |   Finance            Soaring inflation offers no reprieve to mortgage holders  27-7-2022 |   Finance            RBA to be scrutinised in first review for decades  20-7-2022 |   Finance           

Three  persistent myths continue to deter prospective investors from commercial  property but with some due diligence applied, they are exposed as  fictions.

 By Scott O'Neill, Director, Rethink Investing   | 2-9-2022 |  Commercial Property 

https://www.apimagazine.com.au/news/article/busting-three-myths-around-commercial-property-investment

 Properties in high-demand, low-supply areas will always be snapped up by tenants.   

Despite seeing exceptional capital growth and  strong market conditions in many sectors over the past few years, there  are still people that talk about all the possible downsides to  commercial property compared to residential.

Like any investment there are risks in commercial property, however,  those that criticise it, more often than not, don’t understand it as an  asset class and don’t know how to mitigate these risks through due  diligence.

Let’s take a closer look at three common reasons people avoid buying commercial compared with residential and why that’s wrong:

‘Long vacancies are inevitable’

This is probably the main reason people won’t invest in commercial property and one of the biggest myths.

The truth is vacancies can be long for poor-quality assets but are generally shorter for high-grade, well-located properties.

Investors need to carefully assess all relevant factors, such as the  quality of the building, location, rent levels and the state of the  general market around it. Getting the due diligence right will help  ensure that the property won’t stay vacant for long.

Properties in high-demand, low-supply areas will always be snapped up  by tenants. If you purchase a commercial property in a poor location  and the building is in disrepair, then of course the vacancy periods  will be longer. It’s all about buying good-quality properties with  strong relatability potential.

Many leases have minimum vacate notice periods in the contract. If  you are notified by your tenant six months out, then you have six  months’ rent coming in while you search for a new tenant and in many  cases, tenants will notify you well over a year in advance. As you can  see, commercial leasing is very different from residential, where  tenants can just pick up and leave with a day’s notice.

‘Low capital growth’

This couldn’t be further from the truth. We’ve seen commercial  properties double or even triple in value over a 10-year period. The  question is how to improve your chances of buying a property that will  get better growth than others?

As in the residential market, there are plenty of factors that can  contribute to capital growth, including good location, scarcity factor,  infrastructure improvements, population growth, tightening vacancy rates  renovations or falling interest rates.

Now guess what causes growth for commercial property? All the above!  Because as in the residential space, the commercial market also responds  to these economic improvements. The one big difference is that  commercial property has more of its growth attached to its rental  income. So, increasing or improving the lease quality will have a larger  overall impact on the commercial asset value.

‘Fewer value-add opportunities’

It’s completely possible to raise long-lasting value on a commercial  property if you know what to do. Unlike residential properties, where  it’s all about improving the liveability of a property, in commercial  the numbers do all the talking.

Because much of the value of a commercial property is tied to its  rental income, finding properties that are under-rented can be the path  to easy equity gains.

For example, a 500/m2 metre property renting for $100,000 per annum  is valued at $200/m2. If the market rent is $240/m2, the property is  under-rented by 20 per cent.

In that case, if you have a plan and the means to get the rent back  up to market level, your income will be 20 per cent higher. And this  could increase the value of the commercial property by 20 per cent,  assuming you bought it at the correct yield from day one.

Another value add is strata titling or subdividing the property. This  adds value because you can sell or rent smaller sections at a higher  per-square-metre rate.

For example, a 1000sq metre warehouse might rent for $100/m2. But  five 200sq metre warehouses could potentially rent at $130/m2.  Essentially, you are reversing the ‘economies of scale’ in your favour,  and your value could increase by 30 per cent due to the higher rent per  square metre. There are other value-adds too, including renovating,  lengthening leases, rezoning and developing.

When you purchase a high-quality commercial asset, do your  due-diligence and employ a solid positively geared strategy, your  commercial investment will far exceed anything you would have known in  the residential world.

      Scott O'Neill , Director | Rethink Investing  

Scott  and Mina O’Neill are co-authors of best-selling commercial  book; Rethink Property Investing. They are also the founders of Rethink  Investing, Australia’s number one buyers’ agency for commercial…

commercial, Commercial Property, Scott O'Neill, Property Investment Advice, rent, vacancy, assets, Capital Growth, commercial lease, Value-Add, Population Growth, Profitability, Buildings, investment, Property Investors        

The biggest  property price drop in almost 40 years is the fourth successive monthly  market decline and there’s no sign of an immediate turnaround.

 By Craig Francis   | 1-9-2022 |  Residential i          

https://www.apimagazine.com.au/news/article/property-monthly-price-falls-biggest-since-1983

 While prices  remain above pre-Covid levels, storm clouds are opening up above the  Australian property market after years of sustained price.   

Australia’s property price declines are  accelerating and spreading, with August delivering the sharpest monthly  retreat since 1983.

Down 1.6 per cent over the month, CoreLogic’s national Home Value  Index (HVI) has clocked up its fourth consecutive month of price falls.

Unless you were a homeowner in Darwin or regional South Australia, there was nowhere to hide.

Sydney continued to the lead the downswing, with values falling 2.3  per cent over the month, however weaker conditions in Brisbane  accelerated sharply through August, with values falling 1.8 per cent.

CoreLogic’s research director, Tim Lawless, said Brisbane’s shift  into decline had been acute after almost two years of sustained growth  due to record high internal migration and relative affordability. 

“It was only two months ago that the Brisbane housing market peaked after recording a 42.7 per cent boom in values.

“Over the past two months, the market has reversed  sharply with values down 1.8 per cent in August after a 0.8 per cent  drop in July,” Mr Lawless said.

REIQ CEO Antonia Mercorella said the Real Estate Institute of  Queensland’s recently released quarterly results showed Queensland’s  soaring property market growth has started to show signs of calming after a period of unsustainable growth.

Across the 41 regional sub-regions analysed nationally, only seven  areas recorded a rise in housing values in August, including the  northern suburbs of Adelaide (0.9 per cent), Perth’s North East and  Mandurah to the south (0.6 per cent/0.5 per cent) and the Coffs  Harbour-Grafton region (0.6 per cent).

Regional retreat

Regional Australia’s spell as the price growth alternative driven by a flight to pandemic lifestyle relief has also come to a shuddering halt.

After recording significantly stronger appreciation through the  upswing, the fall in regional dwelling values is catching up with the  capital cities. Regional home values were down 1.5 per cent in August  compared with a 1.6 per cent fall in values across the combined  capitals. 

Between March 2020 and January 2022 regional dwelling values surged  more than 40 per cent, compared with a 25.5 per cent rise for the  combined capitals.

“The largest falls in regional home values are emanating from the  commutable lifestyle hubs where housing values had surged prior to the  recent rate hikes,” Mr Lawless said.

“Over the past three months, values are down 8.0 per cent across the  Richmond-Tweed, 4.8 per cent across the Southern Highlands-Shoalhaven  market and 4.5 per cent across Queensland’s Sunshine Coast.”

No relief in sight

The prospects of the national property market dodging a fifth successive drop appear slim.

Financial markets are expecting the Reserve Bank of Australia (RBA)  to increase official interest rates again next week by 0.5 percentage  points.

A fifth straight month of rate rises, most of them double sized,  would only serve as more negative sentiment for the real estate market.

As the spring selling season begins, more properties are expected to  come onto the market at a time of relatively weak demand, which is  likely to ensure prices keep falling.

Selling conditions across Australia’s unit markets have continued to weaken after a period of outperforming house markets.

Builders are feeling as much pain as property owners, with the total number of dwelling approvals falling a whopping 17 per cent in July.

Prices well above pre-Covid

Despite the recent weakness, housing values across most regions remain well above pre-COVID levels.

Housing affordability has barely improved despite the property market downturn, new research revealed.

The time it takes to save for a home deposit across the combined  capital cities fell by a negligible 11 days to 11.11 years in the three  months to June 2022, the latest ANZ/CoreLogic Housing Affordability Report found.

It’s barely different in regional areas.

It takes 10.7 years to save for a deposit in the regions as of the June quarter, up from 10.4 years three months earlier.

Households now spend 44 per cent of their income on repaying a new  home loan, the report estimates. Anything above 30 per cent is regarded  as entering into the domain of experiencing mortgage stress.

That is the highest level since June 2011 and up from 40.4 per cent in the previous quarter.

Renters are in just as much pain, with the typical tenant paying 30.9  per cent of income on rent, up a 0.6 per cent on the previous quarter.

Home values in all capital cities and rest-of-state regions, bar  Melbourne, still remain 15 per cent or more above the levels recorded in  March 2020, implying most homeowners have a significant equity buffer  before their home is likely to be worth less than what they paid.

“A 15 per cent peak to trough decline would roughly take CoreLogic’s  combined capitals index back to March 2021 levels,” Mr Lawless said. 

“Additionally, many homeowners would have had at least a 10 per cent  deposit and paid down a portion of their principal, the risk of  widespread negative equity remains low.”

As to whether this downturn was different to others or ending abruptly, Mr Lawless said he expects it will continue to play  out through the remainder of the year and possibly into 2023. 

“It’s hard to see housing prices stabilising until interest rates  find a ceiling and consumer sentiment starts to improve,” he said.

“From current levels, interest rates are likely to increase by at  least another 75 basis points and there is a good chance advertised  stock levels will accumulate through the spring selling season,  providing more choice for buyers and adding further downwards pressure  on housing values.”

      Craig Francis     

As  well as enjoying a career as an international news journalist and  editor with major international news organisations such as CNN (London  and Hong Kong), Financial Times (UK), South China Morning …

Property Prices, Prices Fall, House Prices, apartments, units, House Price Falls, Home Value Index, CoreLogic, Median Home Values, Capital Growth, Capital Cities, Perth, Darwin, Melbourne, Sydney,  

Two new  Sydney mega projects at opposite ends of their journeys will transform  significant parts of Sydney, with the new Sydney Football Stadium opened  Friday and work beginning on the $1.2 million Victoria Cross Tower in  North Sydney.

 By Craig Francis   | 2-9-2022 |  Development 

https://www.apimagazine.com.au/news/article/as-one-sydney-construction-mega-project-ends-another-begins

 Two new megaprojects promise to transform their respective parts of Sydney.   

After over four years of construction, the  new Sydney Football Stadium finally opened on Friday night (2 September)  in a double-header of rugby league.

Meanwhile, Lendlease has announced this week that construction is set  to begin on its flagship $1.2 billion commercial building and retail  precinct in North Sydney, Victoria Cross Tower.

Both projects will be crowd-pullers.

Victoria Cross Tower will accommodate up to 7,000 workers across  approximately 58,000 square metres of high-tech, premium space for  office and retail use, while the stadium’s $874 million rebuild has  resulted in a capacity of 42,500.

The stadium is officially the home of rugby league’s  Roosters, Waratahs (Super Rugby union) and Sydney FC (A-League soccer),  with the South Sydney rugby league team also keen to share home billing  from next season.

Standing ovation

The new stadium, which stands next to the famous Sydney Cricket  Ground (SCG), was delivered 20 per cent over budget but on time, quite a  feat in today’s troubled building industry environment. It cost the equivalent of $106 for every man, woman and child in NSW.

The city’s premier rectangular stadium replaces the original Sydney Football Stadium, located at Moore Park and features three levels of seating on either side of the playing  arena, steep seating angles, which provide unrivalled views of the field  and a 360-degree open concourse inside and outside the venue, which  includes contemporary bar and dining options, modern bathrooms and  stunning corporate and member facilities.

Streamlined interior of the new Sydney Football Stadium

The innovative and iconic new build was designed by Cox Architecture.

A contractor on the project, Stuart Farrelly, NSW Commercial Sales  Manager, CSR Gyprock, said it had to take into account the unique  parameters of the football stadium.

“Moderation of the immense sound and energy output of up to 42,500  spectators was key to creating a comfortable experience and products  were specified for their aesthetic and performance capabilities.

“Issues included mass volumes of people, foot traffic, noise and the  numerous types of rooms requiring specific applications including wet  rooms, changing rooms, media rooms, kitchens, restaurants, corridors as  well as stands, the functionality and performance criteria that each  product had to meet was significant, with the additional considerations  of seismic and building code regulations,” Mr Farrelly said.

The promise to rebuild Allianz (the corporate naming rights holder to  the new stadium) and Stadium Australia in Sydney Olympic Park was a  polarising issue at the 2019 NSW state election.

Legal threats also swirled around the project but NSW Sports Minister  Alister Henskens dismissed suggestions the NRL could sue NSW for  reneging on the $800m promise to redevelop Stadium Australia - a  condition of the competition's contract with the state government in  2018 to keep the grand final in Sydney until 2042.

That later became a deal to refurbish before everything was cancelled in 2020 as the state dealt with Covid.

"That (lawsuit) is unlikely, given nothing has happened for two years  and for any specific performance suit, there would need to be a  demonstration that a party has acted quickly," Mr Henskens told media.

North Sydney ‘lynchpin’

Rising above North Sydney’s newest Metro station, the 42-storey  office tower will be the lynchpin for a new commercial and retail  precinct as the region’s resurgence continues. Work will start before  the end of the year.

Victoria Cross Station is expected to transform North Sydney’s CBD  into one of the most accessible business districts in the city, cutting  transit times to places like Barangaroo and Martin Place to mere  minutes.

Above it, the 42-storey office tower designed by Bates Smart will be net zero carbon, powered by 100 per cent renewables.

On ground level, there will be an expansive lobby and retail laneway  with more than 20 new shops and hospitality brands planned, as well as  bars, restaurants and cafes.

Victoria Cross Tower is 25 per cent owned by Lendlease's flagship Australian office fund, APPF Commercial.

Victoria Cross retail laneway

Victoria Cross Tower is due to be completed in 2024, with Sydney  Metro City & Southwest services set to start in the same year.

Constructing the $1.2 billion precinct will see the building rise approximately one floor each week.

The project will support around 5,000 jobs in fields such as  engineering, construction and design, with 90 per cent of the workforce  being local to the Sydney area.

Development in North Sydney has ramped up in recent months including,  in June, Sydney-based developer Stockland Corporation winning approval  for a $1.4 billion, 51-storey office tower in North Sydney.

North Sydney Council approved the development application for  Affinity Place. It will be the tallest building in the lower north  shore.

Deicorp expects to start work within a month on its $445-million  mixed-use project to be built above a recently completed Metro station  in Sydney’s north-west.

    Craig Francis     

As  well as enjoying a career as an international news journalist and  editor with major international news organisations such as CNN (London  and Hong Kong), Financial Times (UK), South China Morning …

building and construction, development, Major Projects, Project Management, Sydney, commercial, retail, sport, rugby, soccer, football, Victoria Cross Tower, Sydney Football Stadium, Allianz Stadium, Lendlease, SCG, Cox Architecture, design, Stuart Farrelly, CSR Gyprock, architecture, Energy Efficiency, renewable energy, carbon neutral, election, NSW Government, Alister Henskens, NRL, A-League, Super Rugby, Victoria Cross Station, APPF Commercial, Bates Smart, Deicorp, Affinity Place, Stockland Corporation         

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https://www.apimagazine.com.auAustralian property investment news and information for investors, homebuyers and real estate professionals – Property investment ...

https://www.apimagazine.com.auAustralian property investment news and information for investors, homebuyers and real estate professionals 

 https://www.apimagazine.com.au/news/article/interest-rates-on-an-all-night-bender-while-property-gets-depressed

API Magazine  Editor Craig Francis draws upon an old-school journalist's bar-room view  of the world to assess what the current interest rate cycle and  economic situation means for property prices.

 By Craig Francis   | 7-9-2022 |  Finance 

API Magazine  Editor Craig Francis draws upon an old-school journalist's bar-room view  of the world to assess what the current interest rate cycle and  economic situation means for property prices.

 By Craig Francis   | 7-9-2022 |  Finance 

Property seems locked into an unhealthy relationship with interest rates.

The higher the latter soars, the more depressed the former becomes.

It wasn’t long ago that property was the one out dancing while  interest rates sat on the floor cross-legged watching the world go by.

Interest rates clearly found their mojo and the question now on  property’s lips is, when will interest rates finally settle down?

The answer seems to be that it’s midnight and interest rates still  want to party until dawn, regardless of how much of a downer that puts  on property.

Inflation

Inflation is the that evil friend everyone’s had that won’t let interest rates go to bed.

Any hopes that interest rates may be nearing their peak went out the window with Tuesday’s Reserve Bank (RBA) decision to raise interest rates by a double-sized 0.5 per cent for the fourth  time in a row, in addition to the smaller rate rise that started it all  in May.

So far, inflation has paid scant regard to the RBA despite anyone  with an $800,000 mortgage having $1,000 less to spend each month.

But many sceptics of the RBA’s approach argue it might be on an  interest rates bender without thinking about the possible hangover, in  the form of loan delinquencies, forced property sales and heavily  stressed households.

CBA’s head of Australian economics, Gareth Aird, released research  showing that it takes an average of two-to-three months for an increase  in the RBA’s official cash rate to be felt by mortgage holders.

So, has the RBA had time to assess the impact of it go-hard attitude?

Mr Aird went along with the party analogy.

“The RBA’s aggressive tightening is “like having five shots of vodka  in an hour and saying, everything is OK but you know that it will soon  have a big effect,” he said.

“I firmly believe the RBA has lifted rates too far, too quickly, and  should pause to see what the effect is, otherwise, it risks driving  household consumption off a cliff, crashing house prices, and driving  Australia into an unnecessary recession.

“I also believe the RBA will be forced to cut rates mid next year  (as) by then, the delayed impact of rate hikes will have arrived with  house prices having fallen sharply, the economy stalling, and inflation  declining,” he told media.

But RBA Governor Philip Lowe is having none of that and is lining the shots up on the bar.

“Inflation in Australia is the highest it has been since the early  1990s and is expected to increase further over the months ahead”.

“The Board expects to increase interest rates further over the months ahead, but it is not on a pre-set path.”

Rest of the world

Inflation is not a uniquely Australian issue.

Around the world, advanced economies are wrestling with inflation  that has been stirred by easy credit, money-printing machines working  through the night (or quantitative easing, as the economists prefer to  call that sort of all-nighter), and pandemic stimulus packages that  pump-primed the economies as business ground to a lockdown halt.

Traditionally, inflation in Australia has been the result of rising  wages, and a blunt instrument like interest rates has been able to  constrain runaway prices caused by cashed up workers spending freely.

But the current economic picture is markedly different.

With wages only now showing signs of emerging from hibernation and nowhere near matching inflation that sits at 6.1 per cent, it’s external factors that are driving up prices.

Philip Lowe (almost) admitted as much in his Monetary Policy Decision on Tuesday.

“The path to achieving this balance is a narrow one and clouded in  uncertainty, not least because of global developments,” he noted.

“The outlook for global economic growth has deteriorated due to  pressures on real incomes from high inflation, the tightening of  monetary policy in most countries, Russia’s invasion of Ukraine, and the  Covid containment measures and other policy challenges in China.”

But he went some way to countering the critics who said interest  rates will do little to alleviate inflation that has nothing to do with  how much money households have left after paying for expensive fuel and  groceries and swollen mortgage repayments.

“Global factors explain much of the increase in inflation ...” – drumroll – “... but domestic factors are also playing a role.”

“There are widespread upward pressures on prices from strong demand, a  tight labour market and capacity constraints in some sectors of the  economy.”

He clearly believes in his primary weapon and isn't afraid to use it.

Wages

Mr Lowe also had a salutary message for anyone who thought a little wage increase might alleviate some of the financial pain.

“Wages growth has picked up from the low rates of recent years and  there are some pockets where labour costs are increasing briskly.

“Given the tight labour market and the upstream price pressures, the  Board will continue to pay close attention to both the evolution of  labour costs and the price-setting behaviour of firms in the period  ahead.”

By “pay close attention” he means rates are going up to cover any wage hikes or predatory pricing by business.

In another sign that property prices won’t be getting any favours  from workers earning more money, households are not the ones benefiting  from an improving economy.

Federal Government Treasurer Jim Chalmers said it out loud.

“We saw company profits reach record highs as a percentage of GDP,  but real household disposal incomes fell for the third consecutive  quarter by 0.5 per cent in the June quarter that meant real incomes  fell again,” he said

“While there are some welcome and encouraging science that wages are  starting to pick up, there is no significant measure of wages growth  that tells us anything other than real wages are still falling given the  high and rising inflation that we confront in our economy,” he said.

Driving home that point, data revealed almost a third of national  income went to profits (32.9 per cent) while a record low share went to  wages (48.5 per cent).

Where’s the party?

So, what does it all mean for property prices that were partying like  it was 1999 in 2019 (and thereabouts – it was a big party)?

It’s difficult to mount a strong case that they are going to arrest  their slide before interest rates curtail rampant inflation, perhaps  late in 2023 – but where they bottom out in that time is unclear.

Economists say the current downturn could be the steepest and longest  since the 1990s. Others point out that national property price booms last around three times longer than the downturns, so could soon bounce like partygoers in a mosh pit.

The punters for now though are a little less energetic.

They're sitting home and paying off their credit cards (debt is down  by 1.8 per cent according to data released Wednesday, 7 September),  refinancing their scary loans in record numbers (PEXA’s Refinance Index  up by 3.7 per cent for the month to 4 September), and avoiding risky  loans (APRA’s Quarterly ADI Property Exposure report reveals risky loans have come down from the record levels of December 2021).

So, first-home buyers are watching intently and saving for that  elusive deposit in the face of rising rents and living pressures, buyers  who were late to the party watch in dread as they creep towards  negative equity and investors reassess their buy and sell strategies.

But for now, nobody knows when the invitations to the next property soiree are being sent out. Keep an eye on the letterbox.

      Craig Francis     

As  well as enjoying a career as an international news journalist and  editor with major international news organisations such as CNN (London  and Hong Kong), Financial Times (UK), South China Morning

With land in  short supply and building costs rising more than $20,000 per stage  release, Daniel Senia, Managing Director, First Place Building, argues  that the industry's well-publicised challenges should not deter buyers.

 By Ev Foley   | 5-9-2022 |  Expert In Focus

https://www.apimagazine.com.au/news/article/geelong-cats-fan-on-clawing-through-building-industrys-tough-times

Agents, builders and developers are at the  epicentre of myriad issues impacting the building industry nationwide  but it’s easy to forget they’re subject to the same issues when  purchasing a new home.

At the height of Covid, Daniel Senia, Managing Director, First Place  Building, joined thousands of Melbournians in an exodus from the  Victorian capital. After living there for 20 years he chose to set up  camp in his childhood city of Geelong.

“I couldn’t have imagined going through anymore lockdowns living in our apartment in Hawthorn and now we’ve got space, we’ve met neighbours at the dog park; all of  those sorts of things you weren’t getting living in an apartment, but  you have here,” Mr Senia told Australian Property Investor Magazine.

The move not only turned out well personally, but from a business  perspective the regional migration phenomenon has been very, very good  for business.

It’s in the blood

Had Mr Senia pursued his first career choice, however, things may have turned out differently.

“I come from a family of builders and tradies but that wasn’t going  to be for me in the beginning, so I studied economics at Deakin  University in Geelong and PR/Journalism on the side for my arts degree.

“I was looking at getting into banking and forecasting, and all that sort of thing.”

“My uncle is one of the directors at GJ Gardner Homes in Geelong, his  father was also a builder, concreter and bricklayer, my mother has also  just celebrated 20 years at Dennis Family Homes in the pre-site admin’  team in Geelong.

“It was meant to be I think, it’s in the blood,” he said.

Once deciding on the building sector, Mr Senia worked in home building for four years before moving into land development.

“With the economics background I was doing feasibilities on broad hectare parcels, and I’ve been back into housing ever since.

“I had six years with Simonds Homes, then I went to set up the  Australian Building Company for the Metricon group, then I consulted for  about two years, then started my own brand,” he explained.

The brand, First Place Building, uses deliberate strategies of not  having multiple display homes and having a strong digital presence.

“We’ve been able to run with a pre-site admin’ team of just four  people to do 250 builds a year at the moment with no layers of  management, no display overheads.

“We need to be affordable for the market we’re going after – the first-home buyers – because they can’t afford it otherwise.”

Rethinking size and location 

While affordability is governing new home buyer habits and expectations, Mr Senia has seen no drop in customers.

“What we are seeing is many buyers compromising instead on the size  of a home, so we see a lot of smaller lots, plus the location of where  people want to live is changing.

“Regional Victoria is on fire for us at the moment.

“In 2021 we were doing about 10 per cent of our business in regional Victoria and we’re now up to 30-35 per cent.

“Ballarat’s doubled for us in the last six months - it’s almost 10  per cent of our entire business, just Ballarat alone - and that’s  without having a display open or any sort of presence there,” he said.

Is this a good time to build?

Market predictions are pointing to a massive drop in housing prices through 2023, but Mr Senia says the best time to build is yesterday.

“And the second-best time is today.

“The pricing on new homes will never go backwards.

“Right now, while land is in short supply, land prices are going up  $20,000-$25,000 per stage release - not even per year - so then with  your interest rates going up, it just becomes less affordable, so I  think now is still a good time to build a new home.”

The doom and gloom around the property sector isn’t deterring buyers either.

“The buyers are still about; we haven’t seen a drop at all in  contracts being signed but I think everyone’s just a lot more cautious.

“There’s a few more hurdles to jump through.

“From ours, and the industry’s point of view as well, our contracts have had to be tightened up.”

Investors are also coming back to market because, “people still need somewhere to live.”

“If they’re not buying, they’re renting, and if there’s a shortage of rental properties and rental prices are increasing you start to see your investors come back because they want to capitalise on that situation.”

“New home builds obviously operate completely independently from the  established market, because in the established market supply is largely  fixed.

“New housing is an element of macroeconomic factors because we’re a culmination of products and services and materials.

They don’t operate just inside of the housing market.

You get a fuel increase and all of a sudden you’ve got a 10 per cent surcharge on all your materials coming onto site.”

First-home buyers new build market

Issues such as a labour and material shortages are also impacting price.

“As an economy we strive for a 2 to 3 percent inflation rate year on year, which is a mild increase.

If I can put it in to a context, you don’t walk into a café today  expecting to pay less for a coffee than you did two years ago - it’s not  how the economy works.

“A new home is a product - there’s 150,000 components that go into a home, some off-shore and some domestic.

“There is a consistent increase in price over time, just by virtue of  it being a part of all the microeconomic factors,” he said.

Mr Senia’s customers have largely been understanding of current market conditions.

“Customers realise there’s material shortages and as long as  communication stays open with them, we’ve had a really good run with our  clients.

“There’s factors outside our control as a builder so they’re understanding of that.”

Bad news stories like recent headlines focusing on builders who can’t  manage their cash flow are not influencing customer decisions.

“Cash flow is a problem because you need the turnover on site to keep things moving along.

“When you’ve had fixed price contracts from 12 to 18 months ago and  you’ve got 20-25 per cent cost increases, your margin evaporates pretty  quickly.

“We’ve seen builders who’d rather pay someone ten grand to get out of  a contract rather than build the home because it’s a toxic job where  there’s no more revenue left in it.”

The HomeBuilder grants caused the sector chaos leading to a tradespeople and materials shortage.

“Add real fixed priced contract signing and then you had Covid over  the top of it, which meant we could only have five trades on site at any  one time.

“Our build programs went from 20-24 weeks to some jobs going out to a  year and for us, we wear a cost increase at the moment, still, of  anywhere between $1,500 to $2,000 a month.

“It’s a weight on your project margin every month that job’s out,” Mr Senia said.

Blue-sky moment

For all the housing sector’s woes, Mr Senia believes the market is in a blue-sky moment.

“I think the industry’s done a fairly good job navigating that situation.

“We’ve all sort of tidied up those HomeBuilder grant jobs which  caused a lot of chaos and we now understand we’re forecasting relatively  well the cost increases and covering ourselves,” Mr Senia said.

“Plus, the market’s educated as to why this needs to happen.

“It’s been in the news everywhere over the last six to nine months.

“We caught up with the Master Builders Association Victoria the other  day, and they were saying insolvencies were higher in 2018 than they  are today but it’s only because we’re seeing this bad press around it.”

Cost increases seen by Mr Senia have been 20-25 per cent year-on-year over the last couple of years.

“We’ll see that start to stabilise but at the moment we don’t know  when because for that to happen we need to see a few things occur.

“We need to see stability of interest rates so we can start  forecasting where our costs are going, we need steady access to  materials coming from offshore, and import cost stability.

Mr Senia said you only need to look around to see there’s a labour shortage everywhere.

“We’ve got restaurants closing and cafes not being able to function  at full capacity and all that sort of thing because we don’t have enough  staff.

“In terms of home building, we need skilled staff and a lot of that is where new migrants are coming through, so we need those migrants coming back and being trained,” Mr Senia said.

One aspect of life in Victoria that needs no fine-tuning is the state’s passion for AFL.

Born and bred in Geelong his favourite team is a given.

“I have to say it’s the Cats - I’d get myself into a lot of trouble down here if I didn’t,” he said.

      Ev Foley     

A  true media and content writing globetrotter, Ev Foley has worked in  news media and public relations for 30 years. She began her career in  the Middle East with Dubai’s Al Nisr Publishing, writing and…

Daniel Senia, First Place Building, Geelong, Melbourne, Victoria, building, building and construction, COVID-19, first-home buyers, land, building material, Building Costs, building companies, profit, inflation, Interest Rates, GJ Gardner Homes, Metricon, Australian Building Company, Simmons, Simonds Homes, affordability, regional, block size, House Price Falls, failed builders, Property Investors, rent, contracts, fixed price contracts, Cash Flow, HomeBuilder Grants, AFL, Geelong Cats, Dennis Family Homes         

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With the  release of a major new report into policy settings that affect housing  supply and development profitability, leading industry figures have  condemned current planning practices and called for major reform.

 By Ev Foley   | 31-8-2022 |  Development  

 https://www.apimagazine.com.au/news/article/government-needs-to-play-the-long-game-to-boost-housing-supply

 Industry figures have called for greater collaboration between industry, government and the public.   

Falling dwelling prices and rising  construction costs are wreaking havoc on the ability of Australian  developers to deliver housing supply, and a sector-wide hunt for  solutions is underway.

The development industry’s complexity is matched only by the role of  government policy in the development process, which tries with mixed  success to manage risk and return.

No two projects are the same and a one-size fits all policy setting has not met changing market conditions.

These are key points outlined in an Australian Housing and Urban Research Institute (ARUHI) report released this month, titled Understanding how policy settings affect developer decisions.

Professor Steven Rowley, Curtin University

Conducted for AHURI by researchers from Curtin University, and the  Universities of South Australia, Southern Queensland and Adelaide, the  report examines how policy settings and new construction technologies  and processes affect developer decisions to provide private sector housing supply and might improve affordability.

The research modelling found that planning and policy decisions can reduce the time taken to complete projects.

“To operate efficiently and deliver housing supply where it is most  needed, the development industry needs a steady supply of sites that are  financially viable to develop,” Curtin University lead researcher  Professor Steven Rowley said.

“This requires long-term strategic thinking by all levels of  government and a mechanism where investment in infrastructure is shared  between government, landowners and developers,” he said.

Delays ... are poorly understood or appreciated by local government planners, who suffer no consequences for causing delays.

- Bruce Harper, General Manager Queensland, AVID Property Group

Bruce Harper, General Manager Queensland, AVID Property Group

AVID Property Group’s General Manager Queensland, Bruce Harper,  oversees more than 12,000 residential lots across the eastern states in  broadacre land projects, master planned communities, completed house and  land packages and apartments.

He says government policy must do better at paving the way for feasibility.

“Everything from state government taxes, stamp duty, land tax,  etcetera, to a multitude of council planning and development  regulations, they all have a huge impact on every decision we take and  every return we make,” Mr Harper told Australian Property Investor Magazine.

“If you add to this the policies like land supply and release, then  you get to appreciate what a volatile environment developers work in —  what we crave is certainty.

“For developers like us, certainty is being able to identify the  level of costs and policies and how they affect our feasibilities for  projects because most of our projects aren’t short-term, you’re not in  one year and out the next.

“Some of our projects last 15 or 17 years, and the average life would  be five to seven year-long projects, so to have costs and new taxes  come in, or have costs that are unanticipated at the beginning of a  project; if you can’t cover them with increased revenue costs then  they’re simply just a reduction in your profit to the point where some  projects may make losses,” Mr Harper said.

No government ramifications

ARUHI’s research modelling also found that a one or two-month  reduction in a 24-month build time can mean the difference between a  profitable and unprofitable development.

“Fixing housing supply is about state government and local government  applying an adequate forward program of land supply, matched with  appropriate planning for infrastructure like water and sewerage, and  electricity and state roads,” Mr Harper said.

“Normally you need to have that plan 10 years in advance because  that’s how long it takes for all of those specs to occur before you can  even lodge an application to build a subdivision over it — it’s a very  tricky thing for the states to do.”

While delays and development approvals and infrastructure costs  impact a site’s design and a developer’s profits, they rarely stop a  development completely.

Geoff Carter, Principal Buyers Agent, Premier Property Buyers Australia

“If you own a piece of land, you’ve still got holding costs, you’ve  still got to pay for the land and if you have just got outgoings, a lot  of the time, you really just have to get going on it, because you’re  just continuing to burn money.

“Delays and development approvals are incredibly frustrating to the  development industry but I think its fair to say it’s poorly understood  or appreciated by local government planners, who suffer no consequences  for their behaviour causing delays,” Mr Harper said.

Premier Property Buyers Australia principal Geoff Carter says the “who” of any future policy decisions has a big effect.

“We need industry, government at all levels and the public collaborating on a panel.

“It should have a carefully worked out agenda and be headed by a  strong, almost dictatorial leader with administrative powers, so it  doesn't get bogged down in personal opinion and the usual  committee-style delays that take panels nowhere,” he said.

“Fixing the housing supply of Australia needs a holistic approach rather than the usual piecemeal approach.”

Time to evolve

It’s a view shared by Real Estate Institute Queensland CEO Antonia Mercorella.

“I would like to see simplification of the process so that it’s easier and faster and cheaper.

Antonia Mercorella, CEO, Real Estate Institute Queensland

“All levels of government need to get better at having conversations  with the community that talk about long-term benefits, whereas I think a  problem we have in this country is politicians, at all levels of  government, are making decisions that are decisions only for today, to  get voted back in — we need decisions that might have short-term pain  but longer term benefits, explained properly.

“But if you just have the same group of people in a room, like if you  just have a room full of town planners, you’ll always get the same  outcome.

“I’m respectful of town planners, but town planners need to hear the perspectives of others.

“You need experts who can factor in things like accessibility and,  increasingly, floods, and the emerging issue of erosion and being too  close to cliffs; there’s such a wide array of issues at play that are  relevant when it comes to planning laws and when it comes to what we’re  building and homes for the future.

“You need a diverse group of people who see things through a  completely different lens as well as obviously getting the community  involved.

“That’s really the only way we’re going to get better at building  homes for the future and addressing problems and it requires all of us  to think a bit differently and see things through a different  perspective.

“We need to evolve.”

      Ev Foley     

A  true media and content writing globetrotter, Ev Foley has worked in  news media and public relations for 30 years. She began her career in  the Middle East with Dubai’s Al Nisr Publishing, writing and…

Developers, development, planning, Urban Planning, Urban Development, AHURI, Curtin University, University of Adelaide, University of South Australia, University of Southern Queensland, Housing Supply, supply, Steven Rowley, Bruce Harper, AVID Property Group, Apartment Projects, new projects, Project Management, Government Planning, subdivision, Geoff Carter, Premier Property Buyers Australia, REIQ, Antonia Mercorella, Town Planning, Property         

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•   Interest rates on an all-night bender while prop…  7-9-2022 |   Finance   
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•   REIA faces tough sell in calling for end to stam…  6-9-2022 |   Tax   
•   Geelong Cats fan on clawing through building ind…  5-9-2022 |   Expert In Focus   
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•   Interest rates on an all-night bender while property gets depressed  7-9-2022 |   Finance   
•   Another interest rate double hike from aggressive RBA  6-9-2022 |   Finance   
•   REIA faces tough sell in calling for end to stamp duty  6-9-2022 |   Tax