New Charge for Foreign Owners for Empty Properties Foreign persons who apply for approval to purchase residential property after 9 May 2017 will face a new annual vacancy charge to be imposed if the property is not occupied for at least six months per year.The charge will be levied annually and will be equivalent to the purchase application fee imposed at the time the property was acquired by the foreign investor.Details of the new charge can be viewed HERE FIRB approval for sale of...
From July 1 2017, new Commonwealth Government reporting requirements will be introduced that will affect all real estate property transfers in Western Australia.The reporting requirements are being introduced following agreement by Commonwealth, State and Territory Treasurers to establish a National Register of Foreign Ownership of Land Titles. This Register will be administered nationally by the ATO. In WA, Landgate will collect and report the required information to the ATO.For each transaction of freehold (and some leasehold interests) In real property...
Spring time sees more property settlements and transactions across Australia than any other season, according to leading conveyancing technology experts GlobalX.GlobalX CEO Peter Maloney said from September to November the grass is greener, gardens are in full bloom and the weather is comfortably warm, making for optimal house selling conditions.Mr Maloney said spring sales were often driven by the desire for a new beginning, with individuals, couples and families preferring to move before the end of the year.“Buyers who have...
Things could be looking up for homebuyers, with a new report forecasting a drop in property prices over the next three years. But could this also signal the end of the Australian property market golden era?According to BIS Shrapnel’s Residential Property Prospects 2016-2019 report, median house and unit prices in our capital cities will be lower by 2019. This is due to a perfect storm of slower population growth, falling immigration levels and an oversupply of new homes.The Australian Prudential...
