Weekly Market Update - 8th May 2017
By | 8th May 17

The new underquoting laws that came into effect on May 1st haven’t really had an impact on our clearance rate as we saw an 84% clearance rate from 618 auctions. First Home Buyers continue to do it tough as they are only 15% of purchases, well below the long term average of 21%. Parents can play a big role in helping their children get into the market by allowing them to stay at home ‘rent free’ which is how my parents assisted me in getting into the market and buying my first home in Brunswick West in 1995. Read our comments in Scott Carbine’s article here.  

With the new State Governmenty budget, property investors will again get hit with more taxes. A new tax will be brought in for any property transfers between spouses for any investment property. This change on July 1st this year is estimated to bring in around twenty million a year in new tax revenue. 

Our investors have purchased quite a few properties with dual income sources. A granny flat or self-contained apartment in the backyard can be a great way to increase your cash flow by around ten thousand dollars per annum. Buying property with potential for a second income stream can be a great way to improve an investors serviceability and thus build a successful property portfolio faster.

Please don’t hesitate to visit our website www.advantageproperty.com.au or contact us regarding our popular Buyer’s Advocate, Vendor Advocacy, Property Management, Owner’s Corporation services and Group Block Purchases, including our future opportunity in Hampton East (approximately $420,000).  Also, don't forget about our Investor's Club meeting this Thursday May 11th. Click here to RSVP