May Property Snapshot

Property News Snapshot May 2020
Keeping our database abreast of evolving matters in the industry, several key items worth mentioning over the last couple of weeks are:

1. NSW Stamp Duty Set to be abolished:
A very unfair tax, the NSW government is looking at spurring the current already sluggish construction industry and welcoming more new buyers into the market making buying a home more affordable. Together with FTHB incentives and savings with LMI, these two ingredients may kick start this sector.
2. Open Home and Auctions to Restart:
Perhaps the biggest flop of the last few weeks in my opinion has been online Auctions, they simply don’t work and are too complicated. On the other hand, my team and I really worked well with private appointments and the rapport we established with all types of buyers and sellers was refreshing, like selling prior to the internet being the most dominant medium when I began back in 1996. Safety will be the utmost priority with sanitiser, 4sqm rule and limited numbers factoring into all open homes.
3. Rates on hold
With rates at record lows, now is the time to call your bank and ask for a better deal or refinance. An article published today states that approximately 300,000 borrowers in Australia are currently paying more than they should and are likely not even aware of the current rate they are paying!

As always, I would love to hear from you should you be looking at buying or selling and available at anytime to discuss your real estate needs. Take care and stay safe!