Fees for foreign investors who leave properties vacant will double and taxes will triple for those who buy existing houses Australia is set to impose higher fees and increased penalties on foreign investors acquiring existing homes and leaving them vacant in a bid to address housing affordability. The federal government recently unveiled regulations that would triple taxes for non-residents...
Market News
The Queensland government is doubling grants for people buying or building their first home. Key point The First Home Buyer Grant in Queensland has been increased to $30,000. This grant is applicable for the acquisition or building of new properties with a value under $750,000. This initiative comes in response to a significant decline in lending for new homes, reaching 20-year lows, and a...
Property market activity has been unseasonably high over the past few months, with higher listings and sales in many capital cities. Top suburbs for first-home buyers Based on email enquiries sent to agents on realestate.com.au in August, first-home buyers were most interested in units in the Melbourne CBD, Parramatta in Sydney, and Brisbane City. High property prices and the numerous interest...
After over a decade of cutting the cash rate, the Reserve Bank of Australia (RBA) has been increasing rates almost every month since April 2022. Homeowners and would-be borrowers may be nervously wondering how high their home loan rates will go. The big four banks have all cast their predictions for the next few years of cash rate movements. The cash rate started at 0.10% in April 2022. For the...
The Women's World Cup semi-final will take place in coming Wednesday. Matildas prepare for the biggest match in Australian football history, cities around the country are racing to accommodate the legions of fans at live sites around the country. Brisbane will open more sports venues, parks, and squares for live broadcasts. The Premier of Queensland calls on the public to take to the streets to cheer...
This arrangement by Australia comes as a pleasant surprise for Hong Kong residents! It is made possible through the Australia-UK Free Trade Agreement. Starting from July 1st this year, the age limit for BNO passport holders applying for the Working Holiday Visa has been increased from 30 to 35 years, allowing a stay of up to three years, including three separate 12-month visas. Currently, other...
It is important to note that future interest rate rises by the Reserve Bank of Australia could potentially calm the current market exuberance. The rise in house prices is not limited to Queensland, as property prices have increased in every capital city across the country. Despite interest rate hikes, there is no evidence of significant distress among mortgage holders. Economists agree that while...
The talks about a possible rent cap in Queensland will only worsen the rental crisis and infuriate investors, experts say. PRD Real Estate chief economist Dr Diaswati Mardiasmo told that while the concept of a rent freeze would help alleviate financial pressures among renters, a policy enforcing it would not be appropriate for current economic conditions. “A rental cap has more of the...
Core Logic, an Australian real estate industry research institution, said that the rise in rents across Australia may soon reach its peak, but once interest rates stabilize, more investors will enter the market. This is because the latest data in August and September show that rent continues to grow at an annual rate of 10%. CoreLogic's latest quarterly review found that the rent rose 0.6% in...
On September 2, Australian Home Affairs Minister Clare O'Neil announced at the Australian Employment and Skills Summit that the government will increase the immigration quota for the new fiscal year from 2022 to 2023 from 160,000 to 195,000. The increase is 10%. The highest total in years. Prime Minister Anthony Albanese said there was a "consensus" that more permanent immigration was needed to...