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Bigger fines for foreign property breaches

Bigger fines for foreign property breaches

Tougher financial penalties now apply with the introduction of strict new rules around foreign property investment in Australia, according to a recent article in The Sydney Morning Herald. The Australian Taxation Office is now in charge of overseeing foreign residential property investment, with 50 compliance officers charged with investigating potential breaches of the law. According […]

New Sydney suburb to be home for 30,000

New Sydney suburb to be home for 30,000

There are plans to rezone enough land for nearly 30,000 new residents in Leppington, an area about 50 kilometres south-west of Sydney’s central business district, according to a recent Sydney Morning Herald article. The area is currently sparsely populated and home to about 2000 people and semi-rural properties. Planning Minister, Rob Stokes said the suburb […]

Major changes on the way for apartment dwellers

Major changes on the way for apartment dwellers

The days of a single apartment owner holding out against a developer are over in New South Wales after changes to strata title law were passed by state parliament this week, according to a recent newspaper article. The Business Insider Australia article reported that changes to 90 existing laws would come into effect in July […]

Property market to slow rather than crash in Sydney and Melbourne

Property market to slow rather than crash in Sydney and Melbourne

A recent newspaper report notes that both NAB and Westpac have indicated that while there will be some downturn in the property market. Both Sydney and Melbourne will continue to see high single digit growth rates due to strong demand and limited supply. In a statement to the Sydney Morning Herald, NAB CEO, Andrew Thorburn […]

Northern Campbelltown property prices soar due to developer demand

Northern Campbelltown property prices soar due to developer demand

The Macarthur Chronicle Campbelltown has reported record property price levels across the northern Campbelltown area due to developer demand for land along the railway corridor. An area that was once considered affordable, in Sydney terms, has recently seen prices soaring up to $2.2 million. Developer demand is driving the price increases following re-zoning of land […]

Sutherland Shire LEP

Sutherland Shire LEP

Sutherland Shire Local Environmental Plan:  What does it mean for the future of housing in the Shire? The Sutherland Shire Local Environmental Plan (LEP) that was gazetted 23 June this year sets the course for the development of the area over the next few years.  In announcing the finalisation of the LEP a spokesperson for […]

APRA does not currently agree with city specific lending constraints

APRA does not currently agree with city specific lending constraints

The Australian Prudential Regulation Authority (APRA) has indicated that they won’t support city specific regulations to take the heat out of the Sydney and Melbourne market.  A city specific approach has been used by the New Zealand Reserve bank who have required Auckland investor buyers to have larger deposits in comparison to investor buyers in […]

Fonzie and Granny Flats in Sydney

Fonzie and Granny Flats in Sydney

Significant Fonzie and granny flat development growth across NSW McLennan Steege Smith & Associates provide valuations for homeowners building “Fonzie” and granny flats in Sydney. People of a certain age might remember Arthur “Fonzie” Fonzarelli who lived in a flat above the Cunningham’s garage in the 1970’s hit series Happy Days.  While the series might […]

The top 7 Sydney infrastructure projects that will shape the city’s future

The top 7 Sydney infrastructure projects that will shape the city’s future

The Adviser has commented on the seven major infrastructure projects across Sydney that will see huge growth and development in the city’s outer suburbs while at the same time developing and better connecting the inner ring and CBD over the next twenty years. Rising concerns about the affordability of Sydney-based property now and into the […]

Land Developments: Menangle Park, Edmondson Park, East Village, Renwick

Land Developments: Menangle Park, Edmondson Park, East Village, Renwick

NSW Government plans to sell four new land development sites in Sydney and the Southern Highlands On 9 February 2015, The Australian reported that the NSW Government is set to sell four major housing sites across Sydney and the Southern Highlands of New South Wales. This news comes at a time when PRD Nationwide has […]