Federal Budget 2018 – How Will It Affect the Canberra Property Market?

The Federal Budget was handed down on Tuesday 8 May 2018. As always, it covered a wide range of topics from income tax offsets to spending on infrastructure. And as always, it contains a multitude of measures over almost a thousand pages that few people will ever read in their entirety. Won’t someone think of the forests?

So that you don’t have to wade through all 342 pages (and that’s just the first paper!), we’ve summarised the ways in which this budget will affect the property market.

There are very few direct announcements that affect housing, but several longer term measures that are worth knowing about. These are aimed at increasing individual income, freeing up vacant land and improving infrastructure, all of which could benefit the Canberra property market.

Whether you’re looking to buy, sell, invest or simply stay put, read on to find out the changes that will affect you. Continue reading

Share

The First Home Buyer’s Pocket Guide to Property Lingo

Escaping the rental roundabout and buying your first home can feel a little overwhelming. It’s almost certainly the biggest financial decision you’ve ever made in your life, for one thing. For another, there are suddenly so many people to deal with, and so many new things to learn.

One thing that can help is understanding the lingo. You’ll come into contact with most or all of these phrases during your home buying journey, so here’s a handy glossary to help. We’re not saying you have to print this article out and take it everywhere you go – but we’re not saying it’s a bad idea, either. Continue reading

Share

When Neighbours Come Together

Edward has lived in the Belconnen area for over fifty years, he raised his family in a simple three-bedroom, red brick home with a giant backyard that would make any young family jealous.

He’s always known there will be a time to sell but it’s not something he ever gave much thought to. Until one day, when his next-door neighbour knocked on his door with an idea Edward had never considered – “let’s join up and sell our homes together”.

This is not a new concept to real estate. Long a trend in Sydney, builders are looking for other options to meet the needs of growing cities. Back in 2016, 62 owners in Sydney’s French’s Forest teamed up, sold off a combined 4.3 hectares and were paid just under $200 million.

But how relevant is this to Canberra and people like Edward? Curious to know more, we spoke to Wayne Harriden, Executive Director of Project Marketing at Independent Property Group. Continue reading

Share

How Long-Term Leases Can Solve Rental Woes

Catherine still has possessions in storage from the last time she moved. It didnt seem worth finding spaces for them all when she knew shed have to box them all up again in a few months, so now shes paying for a storage unit as well as her rent. Shes already moved four times in the past five years, and her lease is up in six weeks. Shed love to buy some plants for her balcony, or choose her own paint scheme, but it doesnt seem worth it when shell just have to move again shortly.

At Perspective, we hear several tales like Catherine’s. These are tenants who want nothing more than to settle down in one spot, find their favourite local cafe and introduce their children to the nearby schools. But instead, they’re asked to move by landlords who want to sell up, move in or renovate. Some landlords also only offer six-month leases, and because there’s so much competition for the longer leases, tenants like Catherine might find themselves with no choice but to accept six months. Continue reading

Share

Owners vs. Tenants…Who Rules the Strata Roost?

With an increase of apartment living in Canberra, we are seeing more tenants moving into unit titled complexes. And whilst tenants are required to pay rent to the Landlord and follow the house rules of the complex, they do not contribute financially to ongoing maintenance or upgrades to communal areas. This means there are limits to how much input they have in the decisions made by the Owners’ Corporation.

These limits result in tenants sometimes feeling like they’re out in the cold with no way to be heard when it comes to the complexes they call home. If a tenant wanted something from the Owners’ Corporation, for example, a minor modification to their property or permission to keep a pet, they would need to forward the request to their property manager, who would take it to the landlord, who would raise it with the Owners’ Corporation. Continue reading

Share