Sydney and Melbourne are the 14th and 15th most expensive cities in the world

The wallet-burning cost of living in Australia’s largest cities has been highlighted again, with Sydney and Melbourne ranked among the most expensive in the world. Both cities jumped six places in the Economist Intelligence Unit’s latest worldwide cost of living survey, which gauges the relative costs of living across 133 cities. Sydney’s jump to 14th position and Melbourne’s rise to 15th was expected given the appreciation in the Australian dollar in the last year or so, the survey’s editor Job […]

Real estate price quotes for Victoria to cause confusion with new laws on the way

Confused about the conflicting terms that real estate agents use to quote the likely selling prices for properties? Then get set for the uncertainty to intensify – at least for the next few months. Many agents are adopting highly divergent approaches to quoting prices in the countdown period to the Victorian government’s introduction of new laws to clamp down on underquoting by agents. The most widely used terms include “offers above,” “price on application” or no price indication at all. […]

CBA: Victoria’s tax on vacant homes may be a blueprint for other cities in Australia

Following in the footsteps of policymakers in Vancouver, the Victorian government announced yesterday that it will introduce a 1% “Vacant Residential Property Tax” from January 1 next year, designed to raise revenue from investors who choose not to occupy or rent out a vacant dwelling. It will be based on the improved value of a taxable property, and will target homes around the inner and middle suburbs of Melbourne. For an investor with a vacant property worth $500,000, the tax […]

First Homeowner Grant to double in regional Victoria

FIRST homebuyers might want to think about moving to regional Victoria. Just days after Premier Daniel Andrews announced his plan to tackle affordability by unlocking 17 new suburbs in Melbourne, the government has doubled the First Home Owner Grant in regional Victoria. Commencing 1 July 2017, the grant will increase from $10,000 to $20,000 and is expected to help 6000 first home buyers in regional Victoria to build and live in their own community. “By doubling this grant, we’re giving […]

First home buyers in regional Victoria get a boost from state government

The state government will double the first home owners grant for regional Victoria in a bid to draw more young buyers into the regions and counter the capital’s housing affordability crisis. First home buyers building new homes in regional Victoria will be entitled to $20,000 as of July 1 this year, up from $10,000 for new homes valued up to $750,000. Treasurer Tim Pallas said he expected the new grant would increase buyer interest in regional cities like Ballarat and […]