Shannon Molloy, deputy editor of Australian Property Investor Magazine, has posted a commendably detailed and informative article on-line on the above topic. Discover what the legal and tax implications are, he writes, when converting your family home into an investment property: Whether you’re taking off overseas for a holiday or new job, moving interstate or buying a new house elsewhere, it’s probably crossed your mind to rent out your current family home rather than sell...
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Housing policy in Australia is overdue for a major renovation. Government tax and welfare policies, by favouring homeowners and property investors over people who rent, are increasing the divide between Australians who own housing and those who do not. The divide is income-based and it is generational. While home ownership is stable or declining slightly in Australia, there are sharp falls in ownership rates among households with low incomes or aged under 45. This report...
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What is a landlord’s idea of a good tenant? Is it someone who regularly maintains the upkeep of the garden or is it someone who is conscious of not spilling wine on the new carpet? Surprisingly, it’s not only malicious tenants who can cause property damage to a landlord’s life investment. Research from Terri Scheer, Australia’s leading specialist landlord insurance provider, has seen a spike in property damage caused largely by accidents, and by good...
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Thousands of Sydneysiders are unknowingly risking fines by opening their homes as short term rentals without seeking council consent. NSW councils are grappling with how to manage the growing market for private short term holiday letting, which is expanding through social websites such as Airbnb. The City of Sydney has warned an individual could face a $750 fine for renting out their property without council approval. ”The City’s Local Environment Plan does not permit mixing...
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To get runs on the board, residential investors have to be able to identify in-demand rental areas. This isn’t as easy as it looks. Families who rent, older people and single and couple members of Generation Y want different amenities. And, because of affordability issues, tenants will favour some areas over others. If you’re looking to buy an investment property, it’s important to look beyond broad residential vacancy rates. For example, renters under the age...
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Tony Bourke and his wife Dianne have rented a home on a peaceful parcel of land at Pimpama on Brisbane’s south side for the past 11 years. The owner sold the land to a developer company which intends to construct 300 housing blocks. The pensioner couple were soon given their marching orders. Bourkes received a Notice to Leave (which our Tim O’Dwyer considered invalid) by March 24th. Tony claimed he had an agreement with the multi-millionaire boss of the...
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OPINIONby Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au Below is the slightly edited text of an email and attachment I received this week from a very distressed Darwin couple. I have referred them to local solicitors for legal advice, and to a television current affairs programme. “Dear Mr. Tim O’Dwyer M.A., LL.B, We have been reading the articles on the Australian Real estate Blog and we have several misconduct grievances against nationally-franchised Property Agents that...
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