Buyers and sellers of real estate will have to prove their residency and citizenship status to the NSW government before a sale is completed, under new rules targeting foreign buyers that will apply from July. The Baird government will collect the first comprehensive data about the real level of foreign ownership of NSW houses and […]
In just one day, all 85 land lots released in the first stage of the New Breeze masterplanned community in Sydney’s south-west suburb of Bardia had sold, realising $36.4 million. Buyers were drawn to New Breeze’s proximity to the Edmondson Park train station, which is 400 metres from the estate’s entrance and which will get commuters […]
Regardless of mixed reports about the state of the current housing marketing across Australia, the Australian Bureau of Statistics has revealed that new construction records were set in 2015 for some states with a surge in the multi dwelling sector. The largest increase for new developments were seen in New South Wales, followed closely by […]
With an increasing number of blended families, the issue of property ownership can become complicated. McLennan Steege Smith and Associates is often called on to do what is known as ‘Life Interest Valuations’. A life interest relates to a situation where one party is granted the right to live in/on a property until the death of […]
There has been a major tightening of home lending criteria since late 2014 resulting in more loan applications being rejected and smaller maximum loan sizes being offered. The change has coincided with Australia’s bank regulator APRA introducing a crackdown on home lending criteria at that time, according to an ABC news report. A fresh survey […]
The proportion of inaccurately quoted price guides dropped by a third in February 2016 compared to last year, according to statistics released on Tuesday by property price prediction company RealAs. In February 2015, agent underquoting hit an average of 13.9 per cent, compared to 9.7 per cent in 2016, according to the Sydney Morning Herald story. It is […]
Plans have been submitted to the state government for a $2 billion development next to Boat Harbour on the Kurnell peninsula that would include two hotels and up to 2000 condominiums for permanent residents. According to the story in The Leader, the staged development would also include a convention centre, private hospital, shopping centre, business park and a […]
AGENTS not trained in property valuations will struggle under new legislation targeting underquoting, according to the Real Estate Institute. NSW President Malcolm Gunning said current courses – some as short as a few hours – will not be sufficient for new laws introduced on January 1. According to The Daily Telegraph story, the changes will […]
During 2015, the media was full of feel good stories of potential millionaires – the result of neighbours banding together to ‘crowdsell’ their homes to developers across Sydney. Fuelled by the demand from developers and low availability of land, the popularity of multiple selling – anywhere from two houses up to 20-strong ‘superlots’ – is […]
The growth in international students in Australia will be a key driver of apartment demand in 2016, according to commercial real estate company, Colliers International. A recent story in the Australian Financial Review reported that investor interest in apartments may have cooled due to a lending clampdown but the rising international student numbers will fill the gap […]
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