Market Update Aris Dendrinos 23/06/2016
There wasn't too much property related in the NSW State budget this week apart from the new and increased charges on foreign investors.
If you haven't read about it yet any non-Australian citizen who purchases a property in this state from today will now pay an additional 4% Stamp Duty surcharge as well as an annual 0.75% land tax from 2017.
This will no doubt add more funds to government coffers (they predict as much as $250 million per year) and despite certain lobby groups protestations not discourage the wave of money flowing in from China and elsewhere. But does it do any more than that, ie make homes more affordable or give younger people an edge over this buying group ?
I don't think so.
I'm always disappointed when a policy attempts to help one group not by giving them an advantage but instead disadvantaging another. This can result in all sorts of manifestations - does anyone remember the introduction of the cane toad in Queensland in 1935 ? I'm showing my age.
We have two excellent homes going under the hammer this Saturday (25/6/16) :
1PM : 8 Pilgrim Avenue Marrickville - 3 B/R freestanding home + double LUG & pool
3.15PM : 101 Silver Street Marrickville - 4 B/R Terrace + 2 bathrooms & rear lane access
Both will be open fifteen minutes prior for a final viewing and you are all most welcome to attend. We will also be live streaming these Auctions so simply go to our Facebook page link and enjoy https://www.facebook.com/randwmarrickville
On a final and very brief note I was truly shocked and humbled to win the Real Estate Business (REB) Award for Metropolitan Principal last week. It was a one in ten chance with some pretty impressive opposition so I was obviously pleasantly surprised when my name was called out. http://www.realestatebusiness.com.au/rebawards/2016-winners
That's it from me have a great weekend and I'll see you next Thursday.