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 Market Update -  August 2010

Over the last month, the market has continued to tighten as the number of prospective buyers has dwindled. The total number of inspections at ‘Open Houses’ continues to be erratic, with some properties not attracting the attention of potential buyers some weekends.

 

Vendors are continuing to reduce asking prices to meet the market expectations and while the volume of sales numbers has diminished, properties are still being sold.

 

The Federal election has been called, and while some buyers tend to ‘wait and see’ what happens, the market overall continues on. Potential interest rate rises are still a big issue in the market and we are mainly dealing with buyers that need no or minimal finance to purchase a property.

 

Interestingly enough, the further concessions offered by State governments to attract new buyers have not provided the expected stimulus for first home buyers.

 

Rental levels for investment property are holding, with a successful month for letting, resulting in our vacancy factor being low at the moment. Again, if the asking rental is priced to the market, the property will let readily.

NSW first home owner grant cap changes

 

The Revenue and Other Legislation Amendment Bill 2010 was introduced into Parliament on 9 March. The Bill amends the First Home Owner Grant Act 2000 (FHOG Act) to reduce the cap on the value of homes for which the grant is payable.

 

For transactions entered into:

 

. before 1 January 2010 - no cap provisions apply;

· on . or after 1 January 2010 to 30 March 2010 - $1M cap applies;

· on . or after 31 March 2010 - $750,000 cap applies.

 

You can find further information at The NSW Office of State Revenue website - www.osr.nsw.gov.au.

 

Tenancy Laws overhauled

 

Our aim is to keep you informed at all times. Attached is an article detailing information regarding the Residential Tenancies Act 2010. We hope you enjoy reading it.

 

If you'd like to know what your home may be worth on today's market, please call us now on 07 55 245 245. One of our friendly team will be happy to assist you.