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The Australian Competition and Consumer Commission (ACCC) is warning the public to watch out for investment scammers who promise great returns but “leave their victims with broken dreams and empty bank accounts.” In the first half of 2017, Australians reported losing over $13m to investment scams, according to the ACCC’s Scamwatch website. This makes investment…
Soaring house prices in Australia’s largest cities. Sydney and Melbourne are driven by strong demand and a lack of supply, rather than indicating the presence of a housing bubble, according to Paul Bloxham, chief economist at HSBC. “At a national level, a key reason for rising housing prices has been housing undersupply. This also suggests…
Due to Australia’s growing housing affordability crisis, many young people are choosing to make their first property purchase an investment property. The practice is known as “rentvesting” and involves purchasing a rental property as an investment while renting another property in which to live. Rentvestors now make up 3% of first-home buyers nationally, according to industry research….
A plethora of federal, state, and local government changes took effect on July 1, impacting every investor, homeowner, renter, and aspiring homebuyer in Australia. Of all the government changes kicking in from midnight that day, nine were specifically targeted at homeowners, homebuyers, and renters, according to a list compiled by Queensland Economic Advocacy Solutions (QEAS). “This…
The federal government’s rule changes for foreign investors will also apply to some Australian citizens who don’t reside in the country. Last year, a withholding tax of 10% on the sale of a home to foreign investors was introduced for properties selling at $2m and above. The latest budget papers announced the threshold would…
Foreign owners of investment property in Queensland will be slammed with a 1.5% land tax surcharge on assets with a value of $350,000 or more. The state government is seeking additional revenue in order to maintain a wafer-thin operating fiscal surplus. The Palaszczuk government announced the new measure in its 2017-18 state budget, and said…
The Australian Taxation Office (ATO) has warned of a massive rise in scammers who aim to rob people of their hard-earned money by pretending to be from the tax authority. To protect themselves, the ATO advises Aussies to stop and think before giving away personal details or hard-earned money to scammers this tax time. Kath…
Changes to how depreciation can be claimed on residential properties, following the release of the 2017-18 federal budget, will cost some investors thousands of dollars, while potentially having a negative effect on housing affordability despite being designed to do the exact opposite, experts warn. The new measures, which were announced on May 9, read as…
Owners of investment properties in Western Australia could be hit with a new $270 annual levy, under a proposal being considered by the McGowan government. State Treasurer Ben Wyatt confirmed that the proposal was under consideration ahead of his government’s first budget in September. However, he denied the levy would break Labor’s pre-election promise of…
With Sydney’s property prices continuing to rise to ever more unaffordable levels, residents are turning to Melbourne for more affordable alternatives. While both capitals have enjoyed a major boom in house prices, the average home in Melbourne is generally cheaper than in Sydney (sometimes by up to 40% for new apartments). Indeed, many Sydneysiders now…
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