Slash on Stamp Duty Seen as Big Boost for First Home Buyers and Construction Industry

First home buyers and the construction sector will be major beneficiaries under a targeted boost, which will end stamp duty on newly-constructed homes under $800,000 and cut thousands of dollars for homes up to $1 million.

According to Premier Gladys Berejiklian, the adjustment to stamp duty limits would also boost new home construction and create employment as part of Australia’s COVID-19 Recovery Plan.

Under the new amendments, the threshold will increase from the current $650,000 to $800,000, with the concession dropping on higher values before phasing out at $1 million.

Over 6000 first home buyers are expected to benefit from the changes, delivering thousands of dollars in savings for qualified first home buyers.

The changes also increase the stamp duty threshold on vacant lot from $350,000 to $400,000 and phase out at $500,000.

The new changes will only cover newly constructed homes and vacant lot, not to existing properties, and will last for 12 months, which started on 1 August 2020. Other purchases will continue to be covered by existing schemes.

First home buyers would save up to $31,335 on stamp duty on a new $800,000 home, said Treasurer Dominic Perrottet.

Under the existing scheme, more than 93,000 first home buyers have benefited since July 2017. The construction industry will also receive additional support as the nation faces the challenges of COVID-19.

The NSW Government’s $10,000 First Home Owner Grant will also continue to be available for people purchasing a new first home valued at no more than $600,000, or purchasing land and constructing a new first home valued at no more than $750,000 in total.

This means a home owner stands to benefit a maximum of $32,335 if they’re buying a new home and getting the grant.

Here is a table showing the indicative tax threshold changes: 

Property Type Existing Stamp Duty Amount for Eligible First  Home Buyers New Stamp Duty Amount for Eligible First Home Buyers Saving
Vacant Land $350,000 $0 $0 No change
Vacant Land $400,000 $7793 $0 $7793
New Home $650,000 $0 $0 No change
New Home $700,000 $10,445 $0 $10,445
New Home $800,00 $31,335 $0 $31,335
New Home $900,000 $35,835 $20,168 $15,668
Existing Home $650,000 $0 $0 No change
Existing Home $800,000 $31,335 $31,335 No change

 

 

Wallpaper Bedroom

Make Your Room Look Expensive with These 6 Ideas

When it comes to elevating the interiors of your home, the simplest approach for this is to use rich finishes and textures that will immediately bring a little wow-factor to any space.

From a touch of brass or copper, or tactile textures like velvets and linen, you don’t need to buy big-ticket items to bring a bit of beauty and appeal to your home.

Draw attention to statement pieces and artwork by making thoughtful vignettes on your display surfaces, and purchase sculptural relics that can start conversations.

Here are six budget-friendly ideas to elevate your home interior.

  1. Make a feature wall using wallpaper

A charming design can play a big role in elevating a neutral palette and add soul to a room. On an entire or small section of a wall, place a design that appeals to you factoring in the vibe that you want to communicate. For example, for an airy, open-plan space the perfection choice is a monochromatic ‘New Contemporary Two Woods” wallpaper from Cole & Son.

  1. Hang a Large Framed Artwork

A bland space can easily turn stunning with a beautiful print or painting. For example, an Ubabub Sundae framed print not only revitalises a space it also serves as a main focus at the base of the dining table.

  1. Roll out a rug

A rug can help bring a room together, resulting in a well thought-out space. You don’t need to go bold or colourful to create an impact, just lay out a simple rug to bring instant elegance.

  1. Bunch a group of pendant lights

Whether they are installed in a row or a cluster placed at different heights, pendant lights on top of the dining table, kitchen bench or in the bedroom bring drama and an elegant vibe to a room.

  1. Adorn your windows

Not having quality window dressings can harm what would otherwise be a beautiful space. Dressing your windows is essential if you want your room to look perfectly elegant.

  1. Add a bit of charm

A space can instantly look more luxurious with a side table or lamp in copper brass. An understated example for this concept is accessories like a tray or candle holder to add a metallic touch.

For more inspirational and value adding ideas, ask Annette to visit your home!

Think You Know What Buyers Want? Identify Their Non-Negotiables

Each property and buyer is different, but most buyers across Australia require similar non-negotiables.

Some buyers might be prepared to bargain with regards to the size of bedrooms or forego an outdoor area, but universal “must-haves”, such as curb appeal, a second toilet, natural light, privacy and lots of storage provide a starting point for majority of home buyers and the professionals they hire to help them find property, like buyer’s agents.

Here are the five major “non-negotiables” buyers throughout Newcastle commonly demand, after considering important factors such as property type, price, location and general suitability.

  1. Good natural light

There are a number of reasons why good natural light is a must-have.

Natural light boosts the general pleasure you derive from the property, but it also affects your real well-being and the property’s health.  Sunlight kills bacteria and keeps moisture and mould away, making a house more enjoyable to live in and saving on maintenance costs.

  1. Privacy or the house is not unnoticed

Having privacy is always at the top of the wish lists of buyers, because you want to not only feel safe and comfortable in your home, but also outside of it, including in your courtyard or balcony.  Most buyers will rebuff a house that is completely overlooked, you can correct minor privacy issues, such as side-by-side balconies, by putting up screening or plantings.

  1. Curb appeal

There is a major correlation between having a beautiful façade and the attractiveness of a house. This means curb appeal is really important.  However, curb appeal doesn’t pause with the appearance of the one particular house, it is about the street – the whole streetscape.

Check whether there is a standard to the types and periods of the houses or there is a hotchpotch of various styles? Do you see beautiful trees? All these features affect the general appeal of a property.

  1. A second toilet

Even when looking for a two-bedroom apartment, people want two toilets.  For today’s buyers, a second toilet is typically a non-negotiable. In new builds particularly, it is considered a given, not a luxury anymore – whether it is an ensuite to the master’s bedroom or a separate toilet.  While it is ideal for a property to have two toilets already, building another can be clear-cut if buyers do their research before purchasing.  Study the layout and learn how it is connected with plumbing so you can determine whether it is simple or tough to add one.

  1. Storage

Any type of buyer, young or old, considers storage important. Provided that there is room to add storage, lack of shortage should not be a deal-breaker. It is rare to come across a person who will be dismayed by too much storage in a property.  These days, it shouldn’t be expensive to add storage. You can just go to Bunnings or IKEA and pick up something to your liking.

 

 

 

What to Expect in Open House Inspections?

An open house is an exciting event whether you are a seller or a buyer. If you are selling, an open house is the chance for you to showcase your property to prospective buyers, and hopefully close a sale. If you’re a buyer, you are searching for a property that you can inspect, with the aim of finding a home that you can call your own.

While it seems like all you have to do is open your house and someone will buy, the fact is you need to have a little preparation if you want to ensure the best deal.

Here are tips to help you prepare before setting an open house inspection – from the perspectives of both the buyer and the seller.

How to prepare for open home inspections as a buyer

When you attend an open inspection, it’s easy to make yourself believe that the first home you inspect will be perfect or if not, you’d just go with your gut feeling. But if you are going to open homes with the aim of purchasing, you have to research the property so you have all the information you need before deciding to make an offer.

Here are three things you should consider when attending open homes:

Research the surroundings – Find out what services are close by. Knowing the neighbourhood and the properties proximity to schools, shops, cafes, parks, beaches, hospitals, sporting fields and complexes along with major shopping centres and even off the lead dog parks can add value to the property you’re looking at.  Not knowing this while your competition does may result in loosing out to another buyer.

Ask questions about the property  – finding out the history of the building can help you make your decision.  As they say, knowledge is power and being informed about any repairs or renovations the property may have been subjected to could either highlight some negatives or help you to discover some positives like not having to spend any more money on the home for the next 10 years.  Finding out if the pipes, roof, electrical systems, plumbing, pool equipment or windows have been replaced recently could mean that you make a higher offer and secure the property. 

Do some research to find out when the home hit the market – If the property has only been open for inspection for a short period of time, it could mean that many buyers are competing and you may need to make an attractive offer to advance in further negotiations.

How to prepare for open home inspections as a seller

What is an open house for sellers? This is your moment to put your property on display. On inspection day, your home needs to stun potential buyers and make them eager about the possibility of living in your home.

You want to give buyers all the reasons to buy and no reason not to. This means you have to get your home ready to sell fast – and for the highest possible price.

If you are preparing for open inspections, here are some things to include in your home inspection checklist:

Use space efficiently – The most important step in preparing your home for open inspection is decluttering. A tidy, uncluttered house appears larger, which creates a major difference when selling your house. Generally, you should remove at least half of your furniture (keep it somewhere else.)

Fix any maintenance issues – People are turned off by properties that look like it has been neglected. Additionally, if buyers think your property needs major repairs, they might request that you shoulder the expense. Repair leaky faucets, cracked tiles or damaged windows, and replace all the old light fixtures and or broken switches. You should also consider applying a fresh coat of paint as it makes your property look new and well-cared for.

Allow natural light – Buyers are turned off by a dark home, so ensure your home is taking advantage of the available natural light. Get rid or pull back superfluous window blinds, drapes or curtains. You can also install warm tone light bulbs and spot lamps to brighten a space.

Open Inspection in the Time of Covid-19

For us property managers and real estate agents, the health and safety of our clients are of utmost importance. In line with this, we have modified and updated our approach to meet the criteria of a safe place as defined by health authorities.

The process of open inspections during Covid-19 now includes:

Property managers and real estate agents are now working from home, and only attend home appraisal appointments, or to meet the clients, and oversee open homes or auctions. Buyers and sellers now have the option to communicate virtually with their agents or property managers over electronic devices for any property services they may need.

  • Most agents are now offering virtual open houses to vendors. These virtual walk-through technologies are secure and help agents generate offers as buyers are required to sign into the virtual open home in the manner that is the same for a physical one.
  • Clients who feel sick, or have gone to any high-risk areas are requested not to attend open homes for 14 days and instead call their agents for any enquiries they many have.
  • Clients will also be asked if they have travelled overseas in the past two weeks if they are going to homes for appraisals, or managing open home inspections.