12 Jun Property news: 6 things to know this week
Happy Tuesday all!
As tax time looms upon us, we are beginning to hear the warnings of the ATO of what things we need to be on top off. As usual, property investors need to be aware. The AFR has also posted a handy EOFYS checklist for investors here.
Auction clearance rates may be down again, but this should not signal widespread alarm. Here is an interesting interview with our treasurer regarding his opinion on the current downturn, which you can also download for listening.
There are some concerns though on the additional effect on prices due to labor’s negative gearing policy. From the article ‘Sydney, Melbourne prices to fall 9pc on Labor’s negative gearing changes’:
‘Estimates of falls are in addition to any declines in prices already underway as a result of a combination of forces. These include the regulatory crackdown on investor borrowing; a collapse in demand from offshore buyers, particularly from China; removal of key tax deductions for landlords; and concerns of a credit squeeze in the wake of the banking royal commission.’
Finally, this is a great article on how and when to determine the best time to buy. We only disagree on one thing. If you find the right place, NOW is the time to buy.
Have a great week everyone!