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John
Federal
Yesterday, the Federal Government announced a new grant for Australians looking to build or renovate their homes.
Until 31 December 2020, the government’s HomeBuilder program will hand out a total of $25,000 for those who are eligible. This grant follows a series of packages introduced by the government in efforts to save the Australian economy from COVID-19.
Few details of grant are as follows: The grant will be open to all owner-occupiers and not just first home buyers.
Applicants must be aged 18 years or older
Applicants must be Australian citizens
To be eligible, income caps of $125,000 for singles and $200,000 for couples apply. This will be reviewed based on the applicants’ latest assessable income
For new home renovations, a national dwelling price cap of $750,000 will apply
For existing home renovations, a renovation price range of $150,000 to $750,000 will apply.
Construction must commence within 3 months of the contract date Source: x
COVID-19: Federal government announces $25,000 gra...
Yesterday, the Federal Government announced
www.urban.com.au
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18Hr ago
John
Perth
According to data compiled by the Real Estate Institute of Western Australia (REIWA), listings fell by 17 per cent in May to 4,676. “Looking ahead, the median rent per week should remain at least stable until the end of the year, with any increase in rent only allowed on new rental listings. Legislation implemented in the Residential Tenancies (COVID-19 Response) Act 2020, means occupied rentals cannot have a rent increase until October.” Rent prices remain stable in Perth, according to the REIWA, who noted the overall median rent sat at $350 per week during May. “The top 10 suburbs that saw the biggest increase to median sale price include Ellenbrook, Claremont, Butler, Yokine, Yanchep, Gosnells, Kelmscott, Halls Head, Waikiki and Willetton,” Mr Collins said.
“Interestingly, seven of the 10 suburbs had a median sale price under Perth’s median of $475,000 and suggests people are taking advantage of properties in Perth that are priced at the lower end.” Source: x
Perth sees rapid drop in available rental stock
Available rental stock in Perth is dropping at a rapid rate, with listings falling to their lowest levels since November 2013.
www.smartpropertyinvestment.com.au
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18Hr ago
InvestAus
Sydney
Despite claims of up to 30 per cent decreases in property values, Real Estate Institute of New South Wales (REINSW) president Leanne Pilkington said investors would be better off looking at the data instead of the doom-and-gloom headlines. Ms Pilkington further argued that a lack of sellers is helping keep the value of properties higher.
At the end of the day, property is a long-term asset, which means that it does not have the same volatility that the share market has. More importantly, property puts a roof over heads. As it delivers one of the most basic human necessities, it’s become one of the first things that people buy and the last that they sell, Ms Pilkington highlighted. Further, with the COVID-19 crisis prompting the closure of borders, new overseas arrivals would be limited, curtailing the largest source of population growth. As a result, demand for housing will be further hindered. “The moral of the story is don’t panic. Property has shown its resilience through economic shocks before, and we have no reason to expect it won’t do so again,” he said.
Australia stands as one of the very few countries that have a balanced budget. Further, the country also records the lowest government debt in the world, which should provide investors with some comfort that the country is in a strong position to cushion the impact of the COVID-19 outbreak.
Property values
SQM Research’s monthly report showed the combined capital asking prices increased by 0.7 per cent for houses and 0.1 per cent for units over the month to 5 May 2020. Despite the positive figures and sentiment in the market, CommBank assumes an 11 per cent reduction in the prices of residential property nationally due to the pandemic, while a prolonged shutdown and a worsening economic climate would see falls nearly trip to 32 per cent.
In a statement made to the ASX, CBA announced it had set aside $1.5 billion to cover potential losses from the COVID-19 recession, taking its total provisions for bad and doubtful debts to $6.4 billion.
“Today’s announcement of an additional credit provision of $1.5 billion for the potential longer-term impacts of COVID-19 further reinforces our already-strong balance sheet settings,” CBA chief executive Matt Comyn said in a statement. Visit the given link for reading full details: x
Property market update: Sydney, May 2020
As the world continues to face the effects of the COVID-19 pandemic, how will the Sydney property market move to recover over the long-term?
www.smartpropertyinvestment.com.au
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19Hr ago
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