Wednesday, October 19, 2011

NSW OSR Client Identification

Office of State Revenue will be collecting Client Identification (CI) information for all parties liable to or exempt from transfer duty
Here is their page with the details:
osr.nsw.gov.au/taxes/transfer_land

Thursday, August 11, 2011

Obligations of witnesses

From 10 June 2011 the Real Property Act 1900 (Section 117(4)) requires a witness to a land dealing or caveat to have known the person signing the dealing or caveat for more than 12 months
OR
They must sight an original primary identification document containing a photograph of the person. (See PDF for list of documents)
Failure to comply may result in fines of up to $2200.
lpma.nsw.gov.au/../2011_05_Confirmation_identity_Mortgagee_Witness_Obligations.pdf

Wednesday, April 20, 2011

The millionaire mums and dads

The RP Data list of Australia’s top 25 most expensive suburbs.
NSW has the largest proportion of the most expensive suburbs.

Suburbs that we do conveyancing in are in these positions on the list:
7. Woolwich, NSW - $2.475M
10. Longueville, NSW - $2.31M
17. Mosman, NSW - $2.1M
18. Kirribilli, NSW - $2.088M
19. Clontarf, NSW - $2.075M
20. Balmain East, NSW - $2.073M

The sequence is a bit of a surprise to us.
For the full article see:
switzerbroker.com.au/the-experts/john-mcgrath
*Source: RP Data – numbers rounded to three decimal places

Wednesday, April 13, 2011

Renter-investors

Renter-investors can live in a rental by the beach and close to work while still owning property.. The capital gains are important.
switzerbroker.com.au/..mcgrath/the-rise-of-renter-investors

These buyers have to be sensible about their rents (maybe share wisely with others) and also handle the repayments on their investment loans. One person said to us that they can't afford to buy what they lived in and they would not be able to afford the rent that they charged on the unit they owned.

Thursday, March 10, 2011

Australia house prices March 2011

In theory, the price of a home should reflect the value of the services it provides. People who choose to rent their homes buy those services on a monthly basis.
Home prices should therefore reflect the rents that tenants pay. The Economist's index calculates the ratio of prices to rents in 20 economies.
economist.com index

In Australia, that ratio is 56% above the long-run average.
House prices fell from March 2008 to March 2009 (as measured by the weighted average of the eight state capitals), then resumed their rise. In the year to the first quarter of 2010, they jumped by 18.8%!
Maybe something has changed in Australia that now warrants a higher ratio. The Economist's chart suggests some kind of structural break after 2000.
economist.com/../australias_house_prices

If you compare today's price-to-rent ratio with its average over the past ten years, it is overvalued by 12%, not 56%.

Compared with its five-year average, it is overvalued by just 3%.

Wednesday, February 2, 2011

Protecting the beachhouse

New laws from January 2011 may help resolve some of the problems arising from property damage due to rising seas, but the strict conditions applying to protection works will make it very difficult for landholders in emergency conditions.

Coastal erosion has been a longstanding problem for many beachfront properties right across the NSW coastline. It is even more of a concern now that climate change is predicted to result in rising sea levels and increased frequency and ferocity of storms.

The emphasis in the new coastal management laws in NSW is on planning, and local councils will now have to develop plans which deal with the impacts of rising seas, the maintenance of any protection works, and their impact – such as increased beach erosion elsewhere.

Consent will only be given for coastal protection works that do not unreasonably limit public access to a beach or headland and when adequate funding is in place to ensure the works can be restored and maintained.

More.. luchetti.com.au/newletter
Also in the newsletter:
Landlord and tenant: Renting laws have been rewritten
Wills: Can I change my mind?
Breaking the contract: When employee can’t just walk away