The Australian Government has announced as of midnight on the 25th of March 2020 that all on site and in-room property auctions and all open house inspections will be banned due to the Covid-19 Pandemic.
From July 2016, new strata laws are set to come into effect, with implications for residents of strata apartments and building complexes; as well as property developers in NSW.
The laws represent the first major reform to strata laws since the Strata Titles Act was implemented in 1973. More than 90 proposed reforms will come into effect, modernising the existing laws.
Below is an overview of the most significant changes that could affect you as a resident of a strata managed property:
There’s good news for investors nervous about purchasing property ‘off-the-plan’. Recent changes to NSW property laws will make it harder for unscrupulous developers to back out of off-the-plan contracts for residential property.
What are off-the-plan contracts?
An off-the-plan contract is a contract to buy a property which has not yet been created. That property may be vacant land to be created on registration of a plan of subdivision (e.g., the Shearwater Landing development at Greenhills Beach), an apartment to be constructed and created on registration of a strata plan (eg. the Woolooware Bay apartments) or anything in between.
Australians are known to love property as an investment vehicle. Generally this has been achieved by borrowing from a bank to purchase property before paying it off over time. Since 2007 self managed superannuation funds (SMSF) have been allowed to borrow money to acquire property, which has seen a large increase in the amount of SMSFs and the amount of property owned by SMSFs.
What is a SMSF?
A SMSF is a superannuation fund that has four (4) or fewer members and is an alternative to retail and employer sponsored superannuation funds. In a SMSF, the members (who are subject to strict rules) have control over the superannuation fund, its investments and decisions.
We’ve all heard the statistics about children living with their parents into their thirties, but while crippling house prices may be to blame, some parents are taking a more pro-active approach and shuffling their children out the door and into their very own first home.
Even the most kind-hearted parents however must think about how this may affect them and their children moving forward. Is the help going to be a one-time offer or ongoing, what sort of exposure will you face and does the reward outweigh the risk?
The more common approaches to helping your children buy property are: