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Affordable Plus Conveyancing

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First Home Buyers Incentive from NSW Government

Posted on June 2, 2017 at 12:47 AM Comments comments (509)
The NSW government has announced a new package designed to even the playing field for first time buyers and bring housing costs under control.

The new measures, effective July 1, include stamp duty exemption for first time buyers purchasing new or existing properties under $650,000. Buyers of homes under $800,000 will also get stamp duty discounts.

Those purchasing homes with small deposits will no longer have to pay 9 per cent stamp duty charges on lenders’ mortgage insurance.

Other measures are aimed at further restricting investor purchases. Investors will no longer be able to defer stamp duty payments on off-the-plan purchases for 12 months.

The same concession will become available for off-the-plan buyers who intend to live in the properties they are purchasing.

The stamp duty surcharge on foreign investors, meanwhile, will increase from 4 per cent to 8 percent.

NSW Premier Gladys Berejiklian also announced eligibility criteria for the existing $10,000 First Homeowners Grant would be restricted to those building new homes valued up to $750,000 or those purchasing new homes valued up to $600,000.

Off Plan Purchase

Posted on November 24, 2015 at 7:33 PM Comments comments (122)
NSW Parliament today approved amendments to the Conveyancing Act 1919, strengthening protections for buyers who purchase properties off the plan.
Minister for Innovation and Better Regulation Victor Dominello said the new laws are intended to prevent rogue developers from rescinding contracts using the sunset clause to make windfall profits.

“The NSW Government has listened to the community’s concerns and acted swiftly to provide home buyers with greater certainty,” he said.
“Any developers who are thinking of acting unethically should know that their behaviour will no longer be tolerated.”

Effective from 2 November 2015, developers must gain the consent of a purchaser before rescinding a contract using a sunset clause.
If consent is not given then the developer must apply to the Supreme Court to justify the proposed termination.

Some NSW consumers have reportedly had their contracts rescinded by a developer using the sunset clause, only for the land or apartment to be re-sold the same day for a higher price 639 people responded to the three week public consultation which closed on 14 October. Industry groups were also consulted.
The amendments passed with bipartisan support.

More information about the new law is at www.lpi.nsw.gov.au.

If you are interested in legal arguments read this case law

Posted on December 17, 2014 at 7:07 PM Comments comments (78)
 
Rehayem Investments v Harfish [2014] NSWSC 1485

REAL PROPERTY - sale of land - whether contract for sale of land validly
terminated - whether notice of termination effective - where notice to
complete authorised by special condition of contract - where first defendant
failed to complete contract in accordance with notice to complete
http://tinyurl.com/mfn555f

The Realty About Property Boom in Sydney

Posted on July 13, 2014 at 10:24 PM Comments comments (63)
Strong price rises seem to have thrown off many prospective buyers lately, particularly first home buyers. Their struggles, alongside the idea that cashed-up investors are crowding auctions, have contributed to an ongoing story line of Sydney’s property boom. But is it a boom across the board?

According to the Real Estate Institute of New South Wales president Malcolm Gunning, the idea of a boom market isn’t all that it seems.
“The reality is that all areas of the residential property market are not booming,” says Gunning. “The majority of the boom we are seeing is at entry level, which is pricing first home buyers out of the market in the Sydney metropolitan area as well as Wollongong and Newcastle. 

“Properties in the affordable prestige market, starting at around $2m, are only now beginning to see signs of recovery. Renewed business confidence and the green shoots of a strengthening NSW economy mean that there are opportunities for those hoping to enter the affordable prestige market.” 

This at least bodes well for those who can afford to deal at the upper end of the property market because according to Harvey, Sydney’s market doesn’t traditionally drop or ‘correct’ much. He does expect the market will rise all year but eventually plateau once the talk turns to interest rate rises again.
Homeowners need their own strategy

For homeowners looking to move right now, the rising market presents its own set of challenges. Director of EPS Property Search, Patrick Bright says because prices are rising quickly it’s important to avoid the trap of selling before you’ve found a new home.
In this type of market it’s best to buy before you sell but only after you know what your current home is worth, says Bright.

We can be of further assistance when it comes to responding to any of your queries contact us on 02 9644 1551. 


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