The Foreign Investment Review Board (FIRB) is an Australian government department. They assesses applications from foreigners who would like to buy a property in Australia. FIRB makes recommendations to the Treasurer on those subject to the Foreign Acquisitions and Takeovers Act 1975 and Australia's foreign investment policy. Who needs an approval from FIRB? Foreign investors A foreign investor is...
When buying a place to live we are spoiled with choice. Do you buy a cheaper old home that needs fixing or do you pay top dollar for a newly renovated home? Building a brand new home is a particularly popular choice. This is very evident with first home buyers and owner occupiers looking to live in a home for a long period of time. Here is a list of reasons to build your own home: Longevity -...
It is a fine accomplishment to buy yourself a property. Regardless of the property type or the location, congratulations on an amazing achievement. As the population increases, property becomes more scarce and in demand. In recent decades, Melbourne property has increased substantially making it very difficult for many people to achieve that dream. Saving for a property deposit is one of the hardest...
One of the most anticipated property goals is buying under market value. But price is what you pay and value is what you get! Don't mistaken this goal to be the secret to a successful property investment. It is not... Many who approach property investment with this prime objective to buying under value, often lack the tools to fully understand what is under market value and what is not. Savvy...
Renting vs owning a property has some significantly differences, particularity long term. To put it in a nutshell here are some key differences between renting vs owning a property: Owning a Property: You are accumulating your own wealth. You have the ability to customise the property to suit your own needs. Most investors borrow to invest in property. The monthly loan payments are likely...
Inheriting a property isn't always an easy process. Most Australians are unsure of the actual implications of inheriting a property. There are a number of tax issues to consider when inheriting a property. The large contributor to cause implications is capital gains tax (CGT). Assessing your tax obligations is dependent on how the property was used prior to the decease passing away and what it will be...
Most would assume that the Reserve Bank of Australia's (RBA) role is to announce the official cash rates. This is most certainly public knowledge where they announce it on the first Tuesday of 11 months of the year. However you'd be surprised how much responsibility the RBA has on our economy. The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from...
Time to upsize during the tail end of property market correction The Real Estate Institute of Victoria’s latest data reveals that the median house price for Middle Melbourne is sitting at less than $900,000 for the first time in almost three years, creating upsizing opportunities for aspirational house hunters with the goal of buying in to some of Melbourne’s most sought-after postcodes. REIV...
The general cost of living has increased steadily over many decades. Over that time, the largest contributors to household spending has changed. So what are the the biggest living expenses? According to the Australian Bureau of Statistics (ABS) the three biggest living expenses incurred within a household are: Housing – 20% Food – 17% Transport – 15% Does that surprise you? Or is...
According to the The Real Estate Institute of Victoria (REIV) :- The proportion of vacant properties in metro Melbourne was 2.2% The proportion of vacant properties in regional Victoria rose to 1.6%. The weekly median rent for houses in metropolitan Melbourne was $460 a week The weekly median rent for houses in regional Victoria also rose to $350 a week. Disclaimer -...