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LATEST NEWS SEPTEMBER 14, 2020
No. 24 Stanley St at Tempe was a standout auction on Saturday.
A Californian bungalow in an unliveable state has scored the vendor a financial windfall after selling for $1.2m at a pressure cooker auction that saw 18 buyers register.
The price was not only $300,000 above reserve, but was $280,000 more than what the seller paid for 24 Stanley St at Tempe a year ago when it resembled a house. After stamp duty, this equates to the owner pocketing over $4000 for each week they owned the house.
Agent Tony Day said the owner had gutted the home ahead of a planned renovation before deciding to sell it.
The interiors were completely dilapidated with the ceiling missing, floors covered in dirt and a room without walls or a roof. The bathroom had a half used pack of toilet paper, cracked walls, mud in the bathtub and dirt everywhere.
A total of 18 parties registered with eight bidders taking part after the auctioneer opened proceedings at $900,000.
The auction lasted for about 20 minutes despite the first $200,000 worth of bids increasing in increments of up to $50,000.
After the home was called to market at $1.150m, the action dried up, with the last three parties trading $1000 bids for all but four offers placed in the final $50,000 of bidding. The house sold for $1.2m to a couple who plan to complete the renovation and add an extension.
Realestate.com.au reveals the sale price is only $50,000 below the median house price in Tempe.
Mr Day said it was an incredible result considering the home looked to be in a far better state a year ago.
A room past this door has been completely demolished.
“For it sell for nearly $300,000 more than a year ago, and in this condition is a sign of just how strong the market remains,” he said.
Mr Day said he received more than 120 inquires over the campaign ranging first homebuyers to developers and builders.
In a heritage conservation zone, the buyers will have to ensure the renovation retains character features such as the facade.
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STAMP DUTY RELIEF FOR FIRST HOME BUYERS
July 27, 2020
The NSW government has pushed to temporarily pause stamp duty for first home buyers purchasing newly-built properties in a bid to bolster the state’s ailing construction industry. On Monday premier Gladys Berejiklian announced the new scheme which she said would build on the $10,000 first-home owner grant which is accessible to those purchasing a home worth less than $600,000 or for those building a home worth $750,000 or less. The stamp duty concession sees the threshold for stamp duty increased from $650,000 to $800,000. For homes worth between $800,000 and $1 million, the concession gradually phases out. NSW treasurer Dominic Perrottet said the changes would save first home-buyers up to $31,335 on a new $800,000 home and up to $15,668 on a new $900,000 home. The $78 million stamp duty relief package will also apply, on a scaled basis, to newly-built homes valued between $800,000 and $1 million as well as to vacant land worth up to $400,000. The NSW government hopes easing the burden of buying a newly-built property will stimulate the construction sector, which employs upwards of 400,000 workers across the state.
The new scheme will apply to newly-built homes and vacant land and will last for one year from 1 August.
“Thousands of people will see their bank balances benefit from this change—it will help get more keys into more front doors of more new homes,” Berejiklian said. “It will also boost housing construction across NSW and support jobs in the building industry at a time when we need them more than ever before.” The unemployment rate in NSW rose to 6.9 per cent in June as the national rate hit a two-decade high. The chief executive of advocacy group Urban Taskforce, Tom Forrest, said the government’s approach to decision-making had worked well to date in dealing with the pandemic, but the same approach needed to be adopted in relation to the vexed issue of tax reform. “The problem with stamp duty and payroll tax is they are distortionary,” Forrest said. “They have the effect of creating a bias in the property market which slows down property transactions, and payroll tax is simply a tax on employment—it is nuts.” “[The Urban Taskforce] has publicly called for the abolition of stamp duty and its replacement with a broadly based land tax or an extension of the application of the GST.” NSW chief executive of the Urban Development Institute of Australia, Steve Mann, said the first homebuyer stamp duty relief package may not be enough to see significant recovery from Covid-19. “We need to see stimulus across a broad range of homebuyer profiles, including upsizers who need to accommodate family growth, downsizers who are looking to offload larger mortgages and investors who play an important function in our rental market,” Mann said. Housing Industry Association NSW executive director David Bare also weighed in, stating the scheme changes would create stamp duty arrangements that “better reflected” the price of new homes across the state. The NSW government has been looking to reform stamp duty as part of a major federal financial review commissioned last year by Perrottet and published earlier this month. The year-long review, led by former Telstra chief David Thodey and includes former New Zealand prime minister Bill English and former federal finance secretary Jane Halton, recommended stamp duty should be abolished, with homeowners given the option to opt-in to a land tax. The report also suggested that state governments, in consultation with the Commonwealth, consider options for lifting the GST rate and expanding its base over the medium to longer-term. Federal treasurer Josh Frydenberg has previously ruled out an increase in the GST, and said if the states wanted to embark on tax reform they would get no financial support from the government. NSW estimates stamp duty costs the state economy about $2.35 for every collected dollar in lost income, compared with an estimated 16 cent for an annual land tax.
ASHBURY 3.14HA SITE CARRIES $90 MILLION HOPES AS IT IS SET TO BE TRANSFORMED INTO 350 APARTMENTS
July 12, 2025
The largest development opportunity to grace the inner west in more than a decade is set to see a 3.14ha industrial site transformed into high density apartments.
The two adjoining sites at 149-163 Milton St and 165 Milton St in Ashbury are being offered together or individually, and have been rezoned by Canterbury-Bankstown Council following a five-year process.
They back onto WH Wagener Oval and could house more than 350 dwellings made up with a mixture of townhouses and apartment blocks.
WHY NOW IS THE PERFECT OPPORTUNITY FOR FIRST-HOME BUYERS TO STRIKE
January 12, 2023
Aussie Millennials believe that the COVID-19 pandemic has given first-home buyers a much better chance to nab their first home, a new report has revealed.
One in two millennial home buyers (aged between 24 to 39) now feel that they can get the keys to their first home within the next one to two years as a result of a subdued property market.
• 59 per cent redirecting direct budgets towards savings.
• 37 per cent taking on a side job.
• 36 per cent moving back in with their parents.
• 50 per cent considering living further from their CBD (45km of more).
The report found many Millennials are also making many lifestyle sacrifices to fatten their savings.
This includes limiting personal spending, reducing dining out experiences, cutting back on recreational drinking, quitting their gym membership and dating less.
There are several government initiatives also on offer to help first-time buyers crack into the market including the First Home Loan Deposit Scheme.
The second tranche opened up on July 1 and allows eligible borrowers with just a five per cent deposit saved up to crack into the market.