– Trust account breaches, NSW stamp duty, a tax on Victorian investors, and top suburbs for growth are the biggest real estate news for the week ending May 28th.– There have been recent cases of trust account breaches in the real estate industry.– The New South Wales government is considering reducing or eliminating stamp duty for first home buyers.– The Victorian government is proposing a tax on property investors who leave their homes vacant for more than six months.– The top suburbs for growth in Australia include Hope Island in Queensland and Tarneit in Victoria.
The real estate industry has been buzzing with news this week, with several major developments impacting the market. From trust account breaches to changes in stamp duty and taxes on investors, here are the top stories from the week ending 28 May.
Trust account breaches
The NSW government has announced new measures to crack down on trust account breaches in the real estate industry. The changes will require agents to provide more detailed information about their trust accounts, including regular statements of account activity. The move comes after a recent audit found that more than 20% of agents were not complying with trust account regulations.
NSW stamp duty changes
The NSW government has also announced changes to stamp duty for first home buyers. From 1 July, the threshold for stamp duty exemptions will increase from $650,000 to $800,000, while the concession for properties between $800,000 and $1 million will also be extended. The changes are aimed at making it easier for first home buyers to enter the property market.
Tax on Victorian investors
The Victorian government has announced a new tax on property investors who leave their properties vacant for more than six months per year. The tax is aimed at encouraging investors to make their properties available for rent, in order to address the state’s housing affordability crisis. The tax will apply to properties in Melbourne and certain regional areas, and is expected to generate around $80 million in revenue per year.
Top suburbs for growth
New data from CoreLogic has revealed the top suburbs for growth in Australia’s major capital cities. In Sydney, the top performing suburbs were Vaucluse, Darling Point and Bellevue Hill, while in Melbourne they were Toorak, South Yarra and Brighton. Brisbane’s top suburbs were New Farm, Teneriffe and Kangaroo Point, while in Adelaide they were Glen Osmond, Hazelwood Park and Stirling. Perth’s top performers were Cottesloe, Peppermint Grove and Nedlands, while in Canberra they were Yarralumla, Deakin and Forrest.
To bring everything to a head, the real estate market continues to show signs of resilience and growth, despite ongoing uncertainty and challenges. With new measures being introduced to address issues such as trust account breaches and housing affordability, the industry is likely to continue to evolve and adapt to changing circumstances.
