Hot Property: Biggest headlines from the week that was

By Grace Ormsby

June 26 2020
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Businesses are beginning their rebound post-COVID-19 despite Victoria’s second wave of infections, while brokers have gotten a glimpse of what their new best interests duty to consumers will look like: Here are the biggest property stories from this week.

Welcome to nestegg’s weekly round-up of the bricks-and-mortar stories that we think will be most relevant to you, whether as a first home buyer, a seasoned investor or anyone in between!

To compile this list, not only are we taking a look at the week’s most-read stories and the news that matters, but we are also curating it to include stories from our sister platforms that could have an impact on your buying, selling or investment journey, no matter where you find yourself on the property ladder.

16 types of tax deductions to claim on your investment property

There are several big-ticket items you should be claiming on your investment property this tax time – have you accounted for them all?

Agents spill on why now is the time to sell

Ray White Group managing director Dan White has said it’s important to understand that the real estate industry has remained very active despite restrictions starting two to three months ago: “During April and May, we served nearly 9,000 Australian families and businesses, representing over $4.4 billion of property. We also conducted 1,025 online auctions, with a better auction day clearance rate than the same months last year.”

What’s in store for the property market post-COVID-19?

It is unlikely that the Australian property market will sustain any long-term falls due to a combination of migration, foreign investment and government intervention, writes David Hancock. Many markets across Australia also have low supply with demand likely to continue to grow.

Beware building for the sake of free money

First home buyers have been warned not to dive into a property purchase for the sake of government grants without properly considering the future return on that investment, a property investment consultancy has flagged.

Perth agency fined for forgotten bonds

An “administrative oversight”, which saw a Perth real estate agency fail to lodge a number of security bonds for up to three months, has led to $5,000 worth of fines.

MI Real Estate Pty Ltd, trading as Soco Realty, had accepted three security bonds from tenants but failed to lodge them as soon as practicable, or within the required 14 days.

3 tips for embarking on a tree or sea change

There’s been a steady surge in regional property markets since COVID-19 as Australians consider an escape to the city grind, but such a move doesn’t come without its pitfalls, according to a property expert.

ASIC releases BID guidance

The corporate regulator has published the long-awaited guidance concerning the application of the best interests duty on mortgage brokers.

ASIC’s high-level, principles-based guidance seeks to outline obligations under the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers [2019 Measures]) Bill 2019, but does not prescribe minimum standards of conduct nor impose new or additional obligations.

Bank to reject HomeBuilder-dependent applications

Adelaide Bank will not consider applications for its Connective Select white label product from borrowers depending on the federal government’s $25,000 HomeBuilder grant to complete a renovation or construction project – and if the HomeBuilder grant has been disclosed but will not form part of the funds needed to complete a project, then conditional or formal approval would exclude considerations of the $25,000 grant.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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