The 2021/22 fiscal year is now underway and that means that many government programs and initiatives have been given the green light to go ahead. For anyone seeking to enter the property market, some welcome news is that price caps for homes bought under the First Home Loan Deposit Scheme, New Home Guarantee, or Family Home Guarantee have increased from July 1st 2021. In Melbourne and …
Victorians increasingly seeking homes with a “secondary living space”
Since the onset of lockdowns across Victoria almost 18 months ago, there's been a surge in demand for secondary living space, particularly within Melbourne's housing market. Christina Karras from Herald Sun has highlighted "a massive 450 per cent spike in shed sales across Australia in the past 12 months, and a 50 per cent increase in Melbourne during the latest snap lockdown alone". On top of …
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Federal government announces a new scheme to assist single parents with buying a home
As part of its 2021-22 Federal budget, the Federal government has announced a new scheme aimed at supporting eligible single parents to purchase a home. As explained on the Housing Australia website, the Family Home Guarantee "provides eligible single parents with dependants the opportunity to build a new home or purchase an existing home with a deposit of 2 per cent, subject to the individual’s …
The deadline to begin construction under the Australian HomeBuilder Grant program has been extended
On the 17th April 2021, the Federal government extended the deadline by which construction must commence under the Australian HomeBuilder Grant program. Initially, construction needed to have begun within 6 months of contracts being signed. That deadline is now 18 months from the date of signing. Applications for the Australian HomeBuilder Grant closed on Wednesday 14th April. …
A vote on the federal government’s bill to change responsible lending laws could arrive as soon as this week
The federal government's bill to wind back responsible lending laws received strong endorsement from the Senate last week when the Economics Legislation Committee tabled its report recommending that the bill be passed. Echoing the Morrison government's rationale for introducing the bill, the official view of the committee includes a statement describing the "current credit protection framework …
Australia’s strengthening dollar could affect fixed-rate mortgage repayments sooner than expected
In the RBA's first monetary policy announcement for 2021, it was predicted that the conditions for a rise in the interest rate wouldn't "be met until 2024 at the earliest". This statement gave many potential homebuyers added confidence about how much they could afford in terms of mortgage repayments. However, as pointed out by ANZ's Head of Australian Economics David Plank in this …
First home buyers need to know the risks when buying a property
A Melbourne schoolteacher is facing a first homebuyer's worst fears after discovering that the apartment she purchased in 2018 contains severe defects. Lauren Bird decided to invest in an apartment in order to get into the property market. Unfortunately, she wasn't aware of the importance of a strata report when purchasing an apartment. Ms Bird did what she thought was …
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It’s an honour to be listed by PropTech Newsletter as one of the 100 most influential people in real estate
Earlier this week, I was listed along with 99 other experts in PropTech Newsletter's The 100 Most Influential People in Real Estate. It was a wonderful surprise and it's an honour to be placed in the company of those who made this list. I've been in the real estate industry for over 25 years now and it's my core passion. Along the way, I've learned a lot about online marketing and have …
Properties within sought-after public school zones continue to fetch huge premiums
Six-figure premiums continue to be paid for homes within Melbourne's top public school zones. In February 2020, the REIV released the results of an analysis of 2019 residential property sales. The analysis revealed that families can expect to pay up to $425,000 more to reside within a school zone "when compared with the median price for houses outside those school catchments". Many families …
