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Trust account breaches, NSW stamp duty, a tax on Victorian investors, and the top suburbs for growth.
Welcome back to REB’s weekly round-up of headline stories and news that are important not only for the real estate sector but also for the state of Australian property more broadly.
To compile this list, not only do we consider the week’s most-read stories and the news that matters most to you, but we also curate it to include stories from our sister brands that also have an impact on the Australian property landscape. Here are the biggest stories of the week:
1. Melbourne agent in trouble over $930k trust account abuse
The misuse of more than $930,000 in trust funds left clients unable to complete property transactions.
2. NSW reneges on ‘game-changing’ stamp duty removal
Less than six months after its introduction, NSW will no longer be allowing first home buyers to pay yearly land tax instead of stamp duty.
3. WA government offers land tax relief
The West Australian state government has moved to boost rental property supply in the state through a land tax exemption.
4. Victoria scraps stamp duty for commercial properties in ‘landmark’ reform
Commercial and industrial property buyers will soon no longer pay stamp duty after the Andrews government announced a “landmark” reform in Victoria’s tax system in a bid to boost the state’s economy.
5. Fast 50 2024 reveals the best Aussie suburbs for future investment
Which Australian suburbs are primed for growth over the next 12 months?
6. Senior economist ‘wary’ about housing upturn sustainability
Although the housing market’s resurgence has continued to strengthen in the middle of interest rate headwinds, there are still questions regarding its sustainability, Westpac senior economist says.
7. Lenders begin tweaking serviceability buffers
Several lenders have begun lowering their serviceability assessments for certain borrowers in a bid to help more customers refinance.
8. Falling rates actually make it harder for FHBs: AHURI
Long periods of low-interest rates can hinder first home buyers, as they encourage more buyers into market, thus pushing up prices, AHURI has found.
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