Chapter 1: What is the main topic discussed in this episode?
It's the Real Estate Podcast across every state, city and town of Australia. And welcome to another episode of the Real Estate Podcast available on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcasts from. It is a Monday back after the weekend. Hope it was a good one if you were looking at property transacting over the weekend.
I hope that all went nice and smoothly for you today, June the 27th. for 2022 coming up we're going to be discussing land tax in New South Wales if you're celebrating a birthday for June the 27th you're celebrating it with Spider-Man Toby Maguire he is celebrating his 46th
birthday also coming up katie lee is back with another prize piece to the huge getaway package that we are giving away to one lucky breakfast club member of course it is to the hunter valley with two nights included staying at the mccure resort and of course listen out for the secret word you need seven of these secret words to go into the competition
But coming up right now, let's have a look at your weather around Australia for this Monday morning. It's the main centre forecast with propertybuyer.com.au. All right, let's have a look at Sydney and good morning to you. Expecting a shower or two for your Monday morning, a high of 17 degrees. Melbourne, cloudy but dry.
Dry is the key component of today's weather and stuck on that 13 degree high. Brisbane, blue skies and 23. And in Perth, expecting a possible afternoon shower. And your high today is 22 degrees. Well, it seems it doesn't matter what day of the week or month it is, when people are searching for property, the number one thing they search for from a domain survey is a swimming pool.
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Chapter 2: What is the new property tax proposal in New South Wales?
Yes, the swimming pool is king in number one position for searchers. And it's rather surprising because Australian life was dramatically changed because of COVID and working from home. But the office was not a priority. The top four key searches on domain were pool in number one position. Number two was having a view. Of course, that's pretty important for a lot of people.
Number three was waterfront. And in fourth position was a study. We are just as addicted to property as you are. It's the Real Estate Podcast, across Australia, seven days a week. Grab your coffee and switch on your real estate breakfast every weekday morning from 6.30. Well, first home buyers are to receive some relief with stamp duty.
The New South Wales government has a proposal to replace stamp duty with an annual land tax. The aim, of course, is to give some relief when buying property, especially to first home buyers. Stamp duty is charged as a lump sum on a percentage of the purchase price of a property and has been one of the largest barriers for buyers entering the property market.
The problem being is that it's being added to the cost of saving for the deposit. So let's discuss this a little bit more and welcome in mortgage broker from Archer Mortgages, Jaz Macker. Good morning, Jaz. Great to have you on the show. Good morning, Craig. Same here, mate. Now, tell me a little bit about how much of a welcome bit of news this is for first home buyers that you're talking to.
What's the reaction been to this proposal? Everyone I've spoken to really has been delighted with the new news and I think they couldn't have it come into action sooner. But definitely everyone's very excited, understanding that they're going to be able to get a home quicker and that's big news for a lot of first home buyers out there. Yeah, for sure.
And it's become such a entry barrier for people, as I've mentioned. It's not a silver bullet, but because the saving time, as I mentioned, for stamp duty is going to be less, people will be saving on that critical rising cost of property with less saving time. So, I mean, there's quite a benefit there. Definitely is, mate. Definitely is.
If you look at your average first home buyers and average spend on their first property, we're looking at this would reduce their saving time by at least 12 to 18 months. Yeah, rather significant. And is there a potential catch in the stamp duty reform?
One of the main things that we're looking at from the finance perspective is understanding that buyers also need to understand that potentially this land tax would be covered in their annual expenses. So it will potentially drop their borrowing capacity a little bit, not by a huge margin, but definitely a little bit.
And you were saying recently there are a lot of buyers who do not look at homes over $650,000 so that they can get into the market with that smaller deposit, but not too many properties these days at that price point. Absolutely, absolutely. I think especially in the last two years, that's really taken a hit.
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