State governments along Australia’s eastern seaboard may have unwittingly joined forces to give a leg-up to property markets in other areas of the country... Auction activity roars back to life...
Smaller markets could benefit from foreign buyer tax moves
State governments along Australia’s eastern seaboard may have unwittingly joined forces to give a leg-up to property markets in other areas of the country.
In recent weeks Victoria, New South Wales and Queensland have all introduced some form of additional tax costs for foreign buyers of residential real estate by imposing higher rates of stamp duty and land tax.
All three governments announced the measures with a common message that the tax surcharges would provide additional revenue and would not impact demand for Australian real estate among foreign buyers.
But Gavin Norris, head of Australia for Juwai.com, an online portal that markets real estate to Chinese buyers, said the three states do run the risk of making other areas of Australia more popular to overseas buyers.
“The east coast states do run the risk that buyers will move to locations with more affordable property and less red tape, like South Australia, Tasmania and Western Australia,” Norris told MPA's sister tile Your Investment Property.
“This is certainly a great opportunity for agents and developers in those other states to more proactively make the case that their markets offer the same lifestyle at a better price,” he said.
Auction activity roars back to life
After last week was a subdued one due to a public holiday long-weekend across much of the country, Australia’s auction market has roared back into action this week.
According to CoreLogic RP Data, Australia’s capital cities are scheduled to hold 2,116 auctions this week, ell up on last week’s activity.
Last week saw just 1,100 homes go under the hammer across Australia, with a final clearance rate of 65.7% being recorded, the lowest result seen across the combined capitals since mid-March
After holding just 341 auctions last week, Melbourne has bounced back to easily be the country’s busiest market this week.
The Victorian capital is set to hold 1,059 auctions this week and it will be hoping it can recover its momentum after recording a clearance rate of 64.5% last week, the lowest rate it has recorded to date in 2016.
The 10 busiest suburbs for auctions this week are all located in Melbourne, with Glen Waverley (24), Reservoir (19) and Bentleigh East (18) leading the way.
(Your Investment Property)
State governments along Australia’s eastern seaboard may have unwittingly joined forces to give a leg-up to property markets in other areas of the country.
In recent weeks Victoria, New South Wales and Queensland have all introduced some form of additional tax costs for foreign buyers of residential real estate by imposing higher rates of stamp duty and land tax.
All three governments announced the measures with a common message that the tax surcharges would provide additional revenue and would not impact demand for Australian real estate among foreign buyers.
But Gavin Norris, head of Australia for Juwai.com, an online portal that markets real estate to Chinese buyers, said the three states do run the risk of making other areas of Australia more popular to overseas buyers.
“The east coast states do run the risk that buyers will move to locations with more affordable property and less red tape, like South Australia, Tasmania and Western Australia,” Norris told MPA's sister tile Your Investment Property.
“This is certainly a great opportunity for agents and developers in those other states to more proactively make the case that their markets offer the same lifestyle at a better price,” he said.
Auction activity roars back to life
After last week was a subdued one due to a public holiday long-weekend across much of the country, Australia’s auction market has roared back into action this week.
According to CoreLogic RP Data, Australia’s capital cities are scheduled to hold 2,116 auctions this week, ell up on last week’s activity.
Last week saw just 1,100 homes go under the hammer across Australia, with a final clearance rate of 65.7% being recorded, the lowest result seen across the combined capitals since mid-March
After holding just 341 auctions last week, Melbourne has bounced back to easily be the country’s busiest market this week.
The Victorian capital is set to hold 1,059 auctions this week and it will be hoping it can recover its momentum after recording a clearance rate of 64.5% last week, the lowest rate it has recorded to date in 2016.
The 10 busiest suburbs for auctions this week are all located in Melbourne, with Glen Waverley (24), Reservoir (19) and Bentleigh East (18) leading the way.
(Your Investment Property)
