The New South Wales (NSW) government has launched an online calculator to allow first home buyers in the Australian state to see how much money they would save by switching to an ongoing land tax instead of the current stamp duty. This comes as the NSW government is set to introduce legislation to trial the…
NSW Pushes to Convince Residents to Opt out of Stamp Duty for Land Tax
October 9, 2022
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Australian Rents Grew at Fastest Quarterly Pace, Expected to Climb Further
October 6, 2022
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Rents in Australia rose at the fastest quarterly pace over the three months to September and are set to continue climbing, according to the latest PropTrack Market Insight Report. Median weekly rent prices rose 4.3 percent over the September quarter, following a 2.2 percent rise in the previous quarter. Advertised rental rates also grew 10.3…
Australian Housing Prices Continue 5th Consecutive Month of Decline
October 2, 2022
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Home values across Australia dropped for the fifth month in a row in September as interest rate hikes continued to affect the housing market. According to real estate data provider CoreLogic, its national home value index fell 1.4 percent in September, following a 1.6 percent decrease in August. Among the capital cities, Sydney saw the…
Queensland Scraps Multi-Jurisdiction Land Tax Proposal
September 29, 2022
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Queensland Premier Annastacia Palaszczuk has shelved a contentious proposal to introduce a nation-first multi-jurisdictional land tax after an apparent lack of support from her state counterparts. The proposal would have seen Queensland charge investors land tax based on the value of all their property holdings across the country, not just within the state, which is…
Australian Unit Values Falling at Fastest Rate in 40 Years: CoreLogic
September 27, 2022
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The value of units across Australia’s capital cities is falling at a faster rate than what was seen during the onset of the Global Financial Crisis (GFC), according to property researcher CoreLogic. Since its peak in April, units in capital cities have fallen around 2.7 percent, or around $17,500 (US$13,000). In August alone, capital city…
NSW Refusing to Play Ball on Queensland’s Contentious Extra-Territorial Land Tax
September 27, 2022
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New South Wales Premier Dominic Perrottet has ruled out cooperating with Queensland state authorities to help roll out its contentious extra-territorial land tax. In a nation first, the Queensland Labor government’s proposal will calculate the amount of land tax owed by an investor based on their total property holdings across the country, instead of what…
Lessons From Ireland’s Rental Crisis
September 21, 2022
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On Aug. 1, only 716 homes were available for rent in the whole of Ireland, a country of five million people. The result? In one instance, hundreds of hopeful renters were photographed—by podcaster Conor Finn—waiting outside a property in Dublin. “Been here almost 30 mins, barely any movement, and 50+ more have joined the queue,”…
Queensland to Host Summit to Deal With Lockdown-Driven Migration, Homelessness
September 13, 2022
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The government of Queensland has announced a Housing Summit to deal with several issues plaguing the state’s housing market following an interstate migration boom driven by lockdowns in Australia’s big southern cities. Premier Annastacia Palaszczuk said an initial roundtable on Sept. 16 will be held followed by the larger Summit in October. “Nothing is more…
Australian Government Brings Forward Regional Housing Scheme for First-home Buyers
Regional Australians having difficulty getting into the housing market may be able to access a new federal government grant from October 1. In July, the Labor government introduced the Regional First Home Buyer Guarantee (RFHBG) scheme as an expansion of the Home Guarantee Scheme in an effort to boost home ownership in the country. The…
Rental Market Under Pressure in Brisbane, Queensland After Lockdown-Driven Migration
September 8, 2022
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Demand for rental properties remains sky high in the capital city of Queensland, Australia, following months of interstate migration from some of the most heavily locked down cities in the country. The latest figures from the Australian National University and CoreLogic, a property data firm, showed that rental vacancies in the Greater Brisbane area—around 2.5…
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