So we’ve just completed another financial year. How quick did the last one come around? And here we go again looking for our receipts and paperwork for our next tax lodgment. A little birdy told me that the Australian Taxation Office (ATO) is targeting fictitious work expense claims due to the growing popularity of home based businesses that have sprawled over the last 5 years, so be careful and understand the difference between work related and non-work related claims. Some valuable information directly from ATO can be found here.
We also recently sent out a memo to all members that holiday homes are also on the ATO radar. ATO contacted the POA NSW to reach out to members advising them of their obligations. Please read this ATO link for more information.
So our 2016 Census night data is slowly being released to the public. No surprises that housing data and migration/immigration trends were the first cabs off the rank. Sydney’s surging property prices having an effect on alternative choices being made by those wishing for a less mortgaged-up lifestyle. However NSW and Victoria lead overall influx of new immigrants (76% combined overseas immigration)
There is a clear decline in home ownership in our capital cities with the trend of more renters living in apartments as supply of home & land is very minimal.
And what about the facing change of the Sydney demography. 10 years ago a family with children would never have thought of living in a high rise apartment. Now it’s a given with a doubling of families opting to live inside an apartment close to amenities and foregoing the great Australian dream of the house with the quarter acre.
We were very pleased at the 50+ attendee turnout at our new venue (Balmain Bowling Club) on the 7th June for our Buy, Hold or Sell seminar and networking function. Many property investors curious about what is really going on in the NSW property markets. Our expert guest panelists delivered some great content and shared their opinions. It was interesting to see how much data and how micro property investing decisions have become. See some of the event photos.
As a property professional myself, its now difficult to answer family, friends and clients who ask me “how’s the market going?” The Sydney market itself can now be divided into several economies, moving at different speeds, having variable auction clearance rates and capital growth predictions. Picking the right property in the right suburb has now become a complex choice. Return vs capital gain are clashing forces. One thing that the census data figures has uncovered is that there is a strong correlation between strong population growth suburbs and strong capital gains.
Let’s not get started on the lending environment with all the APRA restrictions that change by the week and crackdown on foreign investor purchases with doubling of taxes. Yes members, if you haven’t figured it out already our state & federal governments want to swing the pendulum from investor fueled property speculation to support first home buyers and return the market to “normal”.
On the touchy subject of religion, which popular inner city suburb in Sydney has been named the least religious? Interestingly how boarding houses have been blamed for “losing our religion”
Boarding house owners/operators – Fair Trading has flagged that the 2012 Boarding House Act will be placed on the mandatory 5 year review process possibly later this year. POA NSW will be seeking members input as to what is working and what is not and will compile a submission. We are currently planning an upcoming event for boarding house owners to discuss their challenges.