There are plenty of reasons why people sell up and move, but with cheap money available it can make more sense to renovate the family home, as explained by Greville Pabst: The logic is, if you are purchasing a home for $1million, the buyer has to add a further $100,000 for stamp duty, legal costs, agents commission and other charges, if they have to sell an existing property and so on. For that amount...
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Commission is an inherently unfair method of remuneration, completely unrelated to the time, effort and skills associated with real estate sales. This is why carefully worded contract is needed to create an “entitlement” to the windfall that is commission. It will be interesting to see how this debacle plays out, and whether it will change the way salespersons in this industry are paid for what they do. Melbourne firm SLF Lawyers, which has issued...
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Is traffic congestion likely to be a factor in your home-buying decision? A home that is within walking distance of public transport may be worth more than you realise. History tells us that anything done to reduce travel times between where we live and work has fundamentally changed the value of homes in affected areas. http://www.switzer.com.au/the-experts/john-mcgrath-property-expert/budget-targets-traffic-congestion-to-improve-city-living20181504/?utm_medium=newsletter&utm_source=switzer-daily Peter Mericka B.A., LL.B – Australian Legal Practitioner, Consumer Advocate and Principal of Lawyers Real Estate Pty Ltd and...
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Could the Reserve Bank be planning an interest rate hike later this year, perhaps on the day that traditionally stops everyone across the nation except those on the RBA Board – Melbourne Cup Day? by David Bassanese Maybe, just maybe. Indeed, just when every economist around the country was prepared to write-off yesterday’s release of the RBA’s minutes from its recent policy meeting as nothing new, the Bank saw fit to drop an added line...
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The test of the value of this Royal Commission is going to be what authorities do to change what happens in the finance industry. What is being revealed is not new knowledge — it’s just being made more public. by Peter Switzer Anyone like me who works in finance knew that financial planning had its problems. But I still doubt ASIC’s Deputy Chair, Peter Kell’s submission that nine out of 10 advisers are not considering...
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A new penalty regime targeting foreign investors has seen 500 overseas property buyers issued with penalty notices and told to pay the Australian Taxation Office $2.7m in fines. The majority of breaches occurred in Victoria, New South Wales, Queensland and Western Australia. In December 2015 the federal government introduced a range of new penalties for foreign investors, including new civil penalties supporting divestment orders, fines for third parties who knowingly assisted foreign investors to break...
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THE real estate industry is bracing for the next move of a familiar disrupter, threatening to give the highly regulated field an unwelcome shake-up. Leasing agents and those who manage rental properties are sharpening their sales pitches to owners and tenants alike as they prepare for Airbnb to disrupt the long-term rental market. [More] [See also ‘Significant legal issues’ posed by rental platforms]
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The corporate watchdog has joined the banking regulator in cracking down on interest-only home loans, announcing targeted surveillance of lenders and mortgage brokers inappropriately spruiking the loans. The Australian Securities and Investments Commission (ASIC) also said eight lenders, including Commonwealth Bank, National Australia Bank and ANZ, will be forced to provide remediation, including possible refunds, to consumers who suffered financial difficulty as a result of shortcomings in past lending practices. [More]
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The Reserve Bank has left interest rates on hold at a record low 1.5 per cent for the eighth month in a row, as it remains torn between a surging housing market and sputtering economy. The decision came as no surprise, with all 50 economists surveyed by Reuters ahead of the RBA board meeting expecting a steady cash rate. The key challenge for the RBA is surging home prices across Australia’s major south-eastern centres at...
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HUNDREDS of investment properties across Queensland could be meth time bombs with experts warning clean up costs could run into the thousands. Australia’s meth use has tripled in the past five years, and according to one industry testing group that means the number of clandestine drug labs would also be on the rise. Bryan Goodall, the national sales manager for Octief, environmental and occupational hygienists, which test properties for chemical residue from methamphetamines, said it...
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