Category Archives: Buying Tips

Thinking of buying real estate in Sydney? Visit the Warwick Williams Real Estate news blog for helpful tips and information to help you navigate your way through the property maze.

asbestos in australian homes

Asbestos awareness month – November 2016

Australia’s National Asbestos Awareness Month this November aims to stop Australian’s from playing ‘Renovation Roulette’. The initiative has been put together by the Asbestos Education Committee, in partnership with the Asbestos Diseases Research Institute and the Heads of Asbestos Coordination Authorities. The campaign aims to educate homeowners, renovators, handymen and tradespeople about the dangers of asbestos and how to manage it safely.

Asbestos in Australia 

Australia was among one of the largest consumers of asbestos containing materials in the world with asbestos-containing products still found in one in three brick, weatherboard, fibro or clad homes built or renovated before 1987.

A spokesman for the Asbestos Education Committee said: “Asbestos was used in the manufacture of a broad range of products. It could be anywhere! Without knowing where these types of asbestos-containing products might be located or how to manage and dispose of asbestos safely, Australian’s play a risky game of ‘Renovation Roulette’. If they disturb asbestos-containing materials and release fibres that can be inhaled, it may cause asbestos-related diseases including malignant mesothelioma.”

Asbestos can be found in carpets, linoleum, vinyl tiles, behind wall and floor tiles, in cement floors, internal and external walls, ceilings and ceiling space (insulation), eaves, garages, roofs, around hot water pipes, fences, extensions to homes, garages, outdoor toilets, backyard and farm structures, chicken sheds and even dog kennels.

More information: www.asbestosawareness.com.au.

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swimming pool legislation

Amendments to backyard pool regulations applauded

New amendments to the regulations that will give homebuyers of properties with swimming pools 90 days to rectify non-compliant swimming pool barriers are a sensible approach, according to the Real Estate Institute of New South Wales.    Minister for Local Government Paul Toole announced on Friday (11 March, 2016) the new regulations applying to the sale of properties with swimming pools to take effect from 29 April 2016.

“From 29 April 2016, vendors will need to attach to the contract of sale a Certificate of Compliance, or a Certificate of Non-Compliance outlining what needs to be fixed, ”REINSW President John Cunningham said.

“This is a sensible approach given the ongoing issues and delays over the last three years in regard to these important regulations.

“It is great to see that amendments have been made to allow these regulations the ability to be successfully implemented and help make our backyards safer,” Mr Cunningham said.

As part of the regulations, from 29 April 2016 every new tenancy agreement must have a compliance certificate if the property has a swimming pool.

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land tax calculator

Land tax update – calculators and helpful information

Land tax is a constant source of concern for investors and if you are looking at purchasing an investment property, or indeed already own one, it is a good time in the lead up to the end of the calendar year to ascertain what your land tax liabilities may be.

We have briefly outlined below who is generally liable and how the tax is calculated, however if you own land in partnership, company or trust we recommend you visit the NSW Office of State Revenue website to further clarify your position as it may differ to the basic and premium examples highlighted.  (http://www.osr.nsw.gov.au/taxes/land)

Who needs to pay?

Anyone who owns land (including apartments) in NSW as at midnight December 31 which is not your primary place of residence (including holiday homes and units) may be liable to pay land tax even if the property does not generate any income.

How is Land Tax calculated?

Land Tax is calculated on the combined total of all the taxable land owned.

The land tax threshold for 2013 is $406,000.

This means that tax is calculated on the combined value of taxable land owned after the threshold amount has been applied. If the threshold is greater than or equal to the value of the land (or proportion of strata entitlement) no land tax is payable.

The amount of tax is $100 plus 1.6 per cent of the land value between the threshold and premium rate threshold ($2,482,000) and two per cent thereafter.

What land is exempt?

There are instances where property ownership in NSW is exempt from paying land tax, generally those properties which are:

  • Your primary place of residence
  • A property purchased with the intent to be your primary place of residence, namely an existing residence you are renovating with the intent to move into or a vacant block of land which you intend to build your primary place of residence (there is a time limit of 4 tax years after the property has been purchased from the time building/renovating or construction commences)
  • Land which is zoned rural or non-urban and used for primary production
  • Land used & occupied primarily for a boarding house in NSW or property used for low-cost housing located within a 5km radius of Sydney GPO
  • Retirement villages, age-care facilities & nursing homes
  • Religious & charitable institutions

If you own a property other than your main residence and you think you may be liable to pay land tax you need to register for land tax. You can register online at www.osr.nsw.gov.au or download the form, complete and send it to the NSW Office of State Revenue.

Basic land tax calculation

land tax calculator

 Premium land tax calculation

property land tax calculator

More information
Warwick Williams Real Estate Drummoyne
Phone: (02) 9719 8288
Email: contact@wwre.com.au

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inner west property prices

Why are there so many buyers in the market?

By Rick Williams, Property Consultant. 

Presently we are seeing a lot of buyer activity with very little stock available. This is making it harder to secure a purchase, however proving to be a brilliant time to sell.

Recently we have seen interest rates fall to all time lows with the very real potential to drop even further. The latest inflation figure was just over 1% and it really needed to be around the 3% for the RBA to put a hold on further rate cuts. This being the case, a lot of analysts are putting their money on a further 25 basis point drop before the end of the year.

As a result mortgage brokers are offering all-time low honey moon rates on mortgages. With money going this cheap, it’s no wonder there are so many active buyers.

This 12-18 months we have seen a run in the stock market of paramount proportions (considering the state of the world’s economies). From June 2012 to May 2013 we saw an increase in the top 200 stocks of 30%! Yes that’s correct – 30%!!

As traders finally came to their senses the financial markets have retracted somewhat, along with our sliding Australian dollar.

The Australian Dollar has plummeted more than 10% in the past 6 months – enough that people are no longer looking to invest offshore as much. As a result, people are locking in huge profits made on the stock market.  Fortunately for us, outside of shares and fixed interest, the third biggest investment vehicle is unequivocally property.

Cashed up investors only add to the buyer pool increasing the overall demand for property, and consequently a bullish property market.

In conclusion, first home owners and small families looking to upsize are getting access to larger amounts of cheap borrowings, while investors are cashed up creating too much demand for what is normally a very slow winter in property.

Following on from this there are some great sales results being achieved due to the current levels of demand. Any investors or homeowners looking to move on have a prime opportunity to achieve outstanding results in the current market.

rick williams, real estate agent drummoyne

Rick Williams, Property Consultant

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