Conveyancing Blog

2 min read

RBA has decided to cut the cash rate by 15 basis points to 0.10%

By Conveyancing Blogger - Sydney Conveyancing - Fixed Price Conveyancing in Sydney & across NSW by Licensed Conveyancers. Call 02 6989 4656. on Nov 4, 2020 3:51:08 PM

At its November Board meeting, the RBA has decided to cut the cash rate by 15 basis points to 0.10%. The decision was part of a package of changes, which also included:

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1 min read

GAZUMPING

By Poppy Bournelis on Oct 2, 2020 6:31:21 PM

Gazumping occurs when an agent accepts an offer you make to buy a property at an agreed price but the property is sold to a third party. This usually occurs when there is a higher offer. 

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1 min read

What is the difference between a Conveyancer and a Solicitor?

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Sep 18, 2020 7:46:53 AM

When buying or selling a property, the Conveyancing stage is one of the most crucial parts of the process. It is where all financial, administrative and legal works converge.

A Conveyancer is someone who is specifically qualified to work with the transfer of real estate. They give professional legal advice on title transfers and conduct official legal work to ensure the purchase/sale runs smoothly.

A Solicitor is known to be a more general legal practitioner who also have the specialist knowledge required to handle the transfer of property.

Conveyancers will have a stronger working knowledge of the rules and regulations in the State it is taking place in when it comes to Conveyancing because this is their specific area of expertise.

Conveyancers have an extensive amount of knowledge in this field it is rare that an issue will arise that a Conveyancer cannot solve.

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Reserve Bank of Australia keeps Interest rates on hold again

By Conveyancing Blogger - Sydney Conveyancing - Fixed Price Conveyancing in Sydney & across NSW by Licensed Conveyancers. Call 02 6989 4656. on Sep 2, 2020 4:00:10 PM

The RBA’s decision to hold the cash rate at 0.25 per cent means interest rates on loans will remain stable, which will help many households and businesses manage their cash flow.

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1 min read

What is PEXA and how does it work?

By Poppy Bournelis on Aug 28, 2020 4:52:16 PM

As COVID-19 and social distancing measures continue to impact day-to-day life, the ability to complete conveyancing electronically has become more relevant than ever. A process that previously would take days or weeks can now be completed in minutes.

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1 min read

Sydney house prices likely to fall due to Coronavirus or Covid-19

By Conveyancing Blogger - Sydney Conveyancing - Fixed Price Conveyancing in Sydney & across NSW by Licensed Conveyancers. Call 02 6989 4656. on Aug 25, 2020 6:42:27 PM

The stringent government response to COVID-19 has undoubtedly placed the property market cycle at the cusp of another downswing. So far, property value declines have been fairly mild. Nationally, the May home value index results show that the dwelling market declined just 0.4% over the month, and preliminary indicators for June are showing the rate of decline has gathered some momentum through the month.

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1 min read

Sydney property market bounces back

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 12, 2020 8:21:37 PM

While housing prices in most capital cities have declined a little since May, the rising equity market meant household wealth remained largely unchanged, despite the deep recession caused by the coronavirus pandemic. Figures released by CoreLogic have shown that Sydney has fallen by 0.8 per cent, while nationally, capitals have fallen by just 0.7 per cent throughout the COVID-19 crisis.

While the Reserve Bank noted in its latest meeting that conditions in the established housing market “remained mixed”, pointing to recent falls in dwelling values across Australia’s capital cities.

“Housing prices in some larger cities had declined in June, though we’re only a little below recent peaks in the case of Sydney and Melbourne,” the RBA noted.

“Housing prices in a number of smaller cities were broadly unchanged.” REA chief economist Nerida Conisbee said suburbs with prices over $1 million have remained stable during the coronavirus pandemic due to the strong momentum of the past year.

Fifteen suburbs across Sydney have crossed the $1 million median price barrier for the first time.

The suburbs, located predominantly in Hornsby Shire, The Hills and Sutherland Shire, saw their median house price surge in the 12 months to June, thanks to record-low interest rates fuelling the market.

Realestate.com.au data showed Bexley in the city’s south had the strongest growth of the new entrants, with prices growing $266,000 to $1.251 million. Neighbouring Bayside suburb Arncliffe also surpassed $1 million. However, Sydney’s property market is going backwards for the first time since early 2019, with new data revealing house prices have fallen 2 per cent over the past three months. Northmead was the sole Parramatta suburb to break $1 million, with the median house price now $1.01 million. Jannali, Menai and Yarrawarrah from Sutherland Shire along with Belmore and Picnic Point from the Canterbury-Bankstown area also saw house values surpass $1 million.

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1 min read

COVID-19 economic impact behind Australian home prices falling

By Conveyancing Blogger - Sydney Conveyancing - Fixed Price Conveyancing in Sydney & across NSW by Licensed Conveyancers. Call 02 6989 4656. on Aug 10, 2020 6:57:02 PM

Australian home prices have fallen for the third successive month, due to the economic impact of the COVID-19 pandemic.

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2 min read

RBA keeps cash rate on hold

By Conveyancing Blogger - Sydney Conveyancing - Fixed Price Conveyancing in Sydney & across NSW by Licensed Conveyancers. Call 02 6989 4656. on Aug 6, 2020 8:22:29 AM

At its August Board meeting, the RBA has left its policy settings unchanged, this includes holding the cash rate at 0.25%.

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


The global economy is experiencing a severe contraction as countries seek to contain the coronavirus. Even though the worst of this contraction has now passed, the outlook remains highly uncertain. The recovery is expected to be only gradual and its shape is dependent on containment of the virus.

...

The Bank's mid-March package of support for the Australian economy is working as expected. There is a very high level of liquidity in the Australian financial system and borrowing rates are at historical lows.

Government bond markets are functioning normally alongside a significant increase in issuance. The yield on 3-year Australian Government Securities (AGS) has been consistent with the target of around 25 basis points. The yield has, however, been a little higher than 25 basis points over recent weeks. Given this, tomorrow the Bank will purchase AGS in the secondary market to ensure that the yield on 3-year bonds remains consistent with the target.

...

The Australian economy is going through a very difficult period and is experiencing the biggest contraction since the 1930s. As difficult as this is, the downturn is not as severe as earlier expected and a recovery is now underway in most of Australia. This recovery is, however, likely to be both uneven and bumpy, with the coronavirus outbreak in Victoria having a major effect on the Victorian economy.

Given the uncertainties about the overall outlook, the Board considered a range of scenarios at its meeting. In the baseline scenario, output falls by 6 per cent over 2020 and then grows by 5 per cent over the following year. In this scenario, the unemployment rate rises to around 10 per cent later in 2020 due to further job losses in Victoria and more people elsewhere in Australia looking for jobs. Over the following couple of years, the unemployment rate is expected to decline gradually to around 7 per cent.


...

The Board is committed to do what it can to support jobs, incomes and businesses in Australia. Its actions are keeping funding costs low and assisting with the supply of credit to households and businesses. This accommodative approach will be maintained as long as it is required. The Board will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3 per cent target band.


To read the full statement, go to https://www.rba.gov.au/media-releases/2020/mr-20-18.html

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1 min read

NSW Government updates stamp duty thresholds

By Conveyancing Blogger - Sydney Conveyancing - Fixed Price Conveyancing in Sydney & across NSW by Licensed Conveyancers. Call 02 6989 4656. on Jul 28, 2020 5:43:00 PM

Yesterday, the NSW Government announced updates to stamp duty thresholds which is set to boost first home buyer activity and housing construction across NSW -  all part of the Government’s COVID-19 Recovery Plan.

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NSW Stamp duty calculator - Sydney Conveyancing

By Conveyancing Blogger - Sydney Conveyancing - Fixed Price Conveyancing in Sydney & across NSW by Licensed Conveyancers. Call 02 6989 4656. on Jul 28, 2020 3:19:52 PM

Wonder how much stamp duty you'll pay on a property?

 

If you are first time buyer and/or buying a house as a primary residence you might be eligible for a concession on the stamp duty. Generally, if you're a foreign resident then you need to pay extra 8%.
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1 min read

Stamp duty change for First Home Buyers starting 1 August 2020

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Jul 27, 2020 10:52:56 AM

NSW government has abolished stamp duty for First-Home buyers to give relief to to support the economy amid the Covid-19 pandemic.

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1 min read

Bushfire Impact on Property Price

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Jul 13, 2020 5:45:12 PM

Property price can fluctuate with impact of Bushfire in any given area.

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1 min read

What is the difference between chattel and fixture?

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Jul 7, 2020 1:18:25 PM

Chattels

An object that can be removed without damage to the property or it doesn't require a tool to be removed. If it is easy to disconnect for example a refrigerator or a stove that is connected by only  a power cord, then it is likely to be chattel.

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1 min read

Government supporting First Home Buyers

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Jul 7, 2020 10:22:09 AM

NSW Government has developed a brand new package to help and improve affordability of housing.

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2 min read

Home builder grant of $25,000

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Jul 3, 2020 12:59:49 PM

The Federal Government has unveiled its HomeBuilder package,home owners to apply for a tax-free grant of $25,000 if they are spending between $150,000 and $750,000 renovating a home or building a new home — but the eligibility criteria are reasonably tight.

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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.

...

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.

...

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.


...

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.

...

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.
...

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.
...

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..
...

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.
...

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.

...

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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Strata property: Important facts

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:11:47 PM

A strata scheme is a system of multiple ownerships in a strata community or in other words every unit owner owns a portion of the strata community. Strata schemes can be though of as small communities. In a shared environment it is important to understand your privilages, obligations and responsiblities while owning or living in a strata unit.

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1 min read

Stamp duty - how much will you be paying on your property purchase?

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:07:57 PM

 

Stamp Duty or Transfer Duty is a revenue levied by State on sale of real estate, or other dutiable property, business etc.

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Property purchase costs: better to prepare upfront

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:05:40 PM

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Purchasing investment property - your rights & responsibilities as a landlord

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:02:25 PM

Are you purchasing investment property?It's important to understand what your obligations are in relation to the existing tenancy agreement. Along with benefits of buying a tenanted property, there are responsibilities and potential downside.

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Swimming pool compliance and registration: what do I need to do?

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 8:00:47 PM

sydney-conveyancing-blog-swimming-pool-compliance

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What is property conveyancing

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 7:59:13 PM

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What is PEXA – Property Exchange Australia Limited?

By Sydney Conveyancing - Fixed Professional Fees Conveyancing in Sydney & across NSW on Aug 22, 2019 7:56:02 PM

PEXA – Property Exchange Australia Limited previously known as National E-Conveyancing was formed in 2010 to deliver a national electronic Conveyancing solutions to the Australian Property industry.

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