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1 min read

New requirements for off-the-plan contracts from 1 December 2019

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Jan 19, 2020 12:01:07 PM

An off-the-plan contract is defined to mean a contract for the sale of a residential lot that has not been created at the time the contract is entered.

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2 min read

No Festive Interest Rate Cheer

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Dec 3, 2019 5:43:06 PM

As expected by the majority of commentators, the RBA today decided to leave the cash rate at its current record low of 0.75%, this despite many economists pushing for yet another cut, as weak consumer spending and stagnant wage growth continues to keep a lid on business investment, jobs numbers, and inflation. In stark contrast to these economic indicators, the national property index experienced its biggest jump in 16 years over the past month.

In his announcement today, Reserve Bank Governor Philip Lowe stated –


The outlook for the global economy remains reasonable. While the risks are still tilted to the downside, some of these risks have lessened recently.

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After a soft patch in the second half of last year, the Australian economy appears to have reached a gentle turning point. The central scenario is for growth to pick up gradually to around 3 per cent in 2021.

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There are further signs of a turnaround in established housing markets. This is especially so in Sydney and Melbourne, but prices in some other markets have also increased recently. In contrast, new dwelling activity is still declining and growth in housing credit remains low.


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The easing of monetary policy this year is supporting employment and income growth in Australia and a return of inflation to the medium-term target range. The lower cash rate has put downward pressure on the exchange rate, which is supporting activity across a range of industries.

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Given these effects of lower interest rates and the long and variable lags in the transmission of monetary policy, the Board decided to hold the cash rate steady at this meeting while it continues to monitor developments, including in the labour market. The Board also agreed that due to both global and domestic factors, it was reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target. The Board is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time.




To read the full statement, go to https://www.rba.gov.au/media-releases/2019/mr-19-33.html

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The Reserve Bank of Australia (RBA) decided to leave the cash rate unchanged at the record low of 0.75%.

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Nov 6, 2019 9:55:57 AM

Three cuts have been made since June 2019, but with signs pressure on the economy is easing, the RBA decided to keep the cash rate stable. With a stronger than expected inflation figure of 1.7% for the 12 months to September, the pressure was off to cut interest rates.

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1 min read

First Home Owners Deposit Scheme: Are you a first home buyer?

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Nov 4, 2019 3:04:39 PM

Details have been released on how the government is assisting first home buyers to purchase their first property.

 

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1 min read

Further Stimulus Delivered - The RBA has lowered rates to 0.75%

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Oct 1, 2019 3:42:09 PM

In a move many expected, the Reserve Bank has today lowered the official cash rate to 0.75%, hopeful it will help stimulate employment and income growth, set against a backdrop of improving housing markets in both Sydney and Melbourne.

In a statement accompanying the decision, RBA Governor Philip Lowe said:

While the outlook for the global economy remains reasonable, the risks are tilted to the downside. The US–China trade and technology disputes are affecting international trade flows and investment as businesses scale back spending plans because of the increased uncertainty.
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A gentle turning point, however, appears to have been reached with economic growth a little higher over the first half of this year than over the second half of 2018. The low level of interest rates, recent tax cuts, ongoing spending on infrastructure, signs of stabilisation in some established housing markets and a brighter outlook for the resources sector should all support growth.
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There are further signs of a turnaround in established housing markets, especially in Sydney and Melbourne. In contrast, new dwelling activity has weakened and growth in housing credit remains low..
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The Board took the decision to lower interest rates further today to support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target.
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It is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target. The Board will continue to monitor developments, including in the labour market, and is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time.

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To read the full statement, go to https://www.rba.gov.au/media-releases/2019/mr-19-27.html

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Sydney property market shows signs of come back...

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 29, 2019 4:22:23 PM

"Mortgage Choice is the latest property-exposed business to detect signs the property market is turning, with loan applications up "significantly" in recent months, in stark contrast to a year in which its profits were battered by falling house prices and tighter credit." as quoted by Sydney Morning Herald.

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Reserve Bank of Australia Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:17:43 PM

Reserve Bank of Australia (RBA) met for its August meeting and decided to cut the official cash rate by 25 basis points to just 1.50 per cent. This result was widely predicted with many experts tipping the RBA would lower the rate to provide some stimulus for the economy following last week's disappointing CPI numbers. At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016.

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1 min read

Selling your property at auction? Here are some simple strategies that can help you achieve better results.

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:15:46 PM

Have you decided to selling your property at auction? Here are some simple strategies that may help you get a better result.

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What is land tax?

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:14:51 PM

Land tax is a tax that is applied to the value of any property you own or jointly own which is more than the land tax threshold as at midnight on 31 December of every year and is not applicable to your home or your principal place of residence.

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1 min read

Home owners warranty changes

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:12:44 PM

In NSW on, 6th May 2014, there was a announcement in regards to the removal of Home Owners Warranty obligations for owner builders. In other words owner built homes will be sold with no home owners warranty protection for the new purchaser. This decision will significantly impact the viability of owner building in NSW.

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