The Fin Review (or Australian ) last week ran a piece on a I think it was called the Maestri, a new development with “magnificent views of Darling Harbour “, a Trigibuff development with a group of properties in this block auctioned recently by McGrath.
A one bedder bought in 2002 for 425,000 top bidded at $360,000 now on the market for…[Read more]

This is not tax advice, but you may have issues with your principal residence being exempt from Capital gains.

Live in the Nth West of Sydney (Glenhaven). Saw my first front page “prices property slump headline ” yesterday in the local paper. Interviewed numerous agents who were telling tales of price drops, a market peak of Oct Nov 2003 and how some agents will go to the wall.
Also performed the function of “correcting sellers expectations ” by providing…[Read more]

Originally posted by investron:
I thought I would get it valued at the total I would get for selling the blocks, eg; $500,000 and pay stamp duty on that, which is a lot less than the tax would be.

If you can find a valuer who will give a bogus valuation, cause thats what it is, while guessing you want it for the ATO and he dosn’t want half your…[Read more]

If brand new, then the builder developer often (afterall he has the records of the costs ) has prepared one, as a selling incentive.

From experience, schedules prepared by the developer/builder are a lot more generous than a QS.

Not saying QS are wrong, more that developers are creative with the schedules.

Get your solictor to rattle the…[Read more]

I was under the impression that. the market was settling and had slid off the top.BUT last weekend in Dural sth of round cnr, 5 lots of acreage went off. Council has said absolutley no development for 25+ yrs, and 4 out of 5 went for 2mill+, with a top of 2.8m.
All blocks but one were vacant.
They’re record prices for the area folks, morale to…[Read more]

He sells happiness. Tells people they can be wealthy and for weeks months or years they get to belive it.
Then reality hits. But for a while they felt they could be millionaires.
Agree on the “Noodle Bar”, that amount of effort for around $30,000 to $40,000…..????

In Glenhaven we are having a lot of Sep 5s, and the last block with knockdown was $2.1M.
Agree about the zoning though, I think it will be like the land south of Blacktown.

Ordinary 5 acre block in Glenhaven, (about 40 min drive on a Sunday morning from the Harbour bridge, )just went for $2,100,000. Others are more expensive depending on whether they come with a mansion. It also depends on your zoning, we are still zoned rural .
(??????)

They will all be residential eventually just depends when.

Of course if…[Read more]

Originally posted by cpmj28672:
.

Can anyone enlighten me about historical property busts. I know Sydney had a downturn in 1989-90 where across the board a drop in housing prices of around 13% occurred but this was on the back of a 40%+ rise the year before.

Over the past 25 years this has been the greatest “correction” so why does the current…[Read more]

In early December Helen and I spent a quiet weekend in Nelson Bay, resting and reading. On the same day I read the finacial Review, dooming & glooming on property. Nowhere to go but down !!!

Sydney Morning Herald predicted next year, thanks to their source, the REI, that units would go up 5% and houses 11%, presumably Sydney or NSW.

Guess which…[Read more]

quote:
If you are moving out and renting you should be able to take advantage of the 6 year rule. You can still class your oirignal home as your PPOR – even if you earn income, and pay no CGT if you sell. Do a search for more info.

Terry this may work if you have no other PPOR.

“Where NO OTHER dwelling is treated as the taxpayers main residence…[Read more]

Quote:
Terry

it is my understanding that you may need a valuation when you move out of your PPOR as it is CGT exempt during this time. The CGT libility begins accurring once you move out (altho there are some ways around this).

What does the Tax Handbook say on this matter?

Terry thats intersting ….the Tax handbook does not agree. It says…[Read more]

quote:
I’ve heard from different people (I think Dale Gatherum Goss was one) that if you move out of your PPOR then do a valuation straight away that that will be your ‘beginning’ price for calculation of CGT.

Mel have a lot of respect for your opinion but that disagrees with “Thompsons Australian Tax Handbook for 2003 ” sect 14.300
Would…[Read more]

I think because as my PPOR, it is exempt from CGT, so for the purpose of paying CGT I only have to pay CGT on the difference between the valuation once I rent it out & when I sell it.

Don’t think so.I think the profit is net sale LESS net purchase price, pro rated over period non PPOR.
Don’t think valuation has anything to do with it.
Was…[Read more]

Can you tell me why you think if you get it valued when it is your PPOR that affects the puchase price for CGT ???

I thought you couldn’t use your super for this, are you sure?
I’m interested to find out how to do this, since I thought super was ‘untouchable’ till you retire?
My husband once asked our accountant if he could use his super for property investing and was told this was not possible.

Celivia it can be done, but as with most good ideas it is not…[Read more]

I agree about rents being totally out of line with property values, not sure about your assumption of the need for wages to rise to match property values.

You could be right or it might indicate property is way overdue for a serious correction.

Registering with the ATO in no way guarantees that contributions will be tax deductible. Greenpeace had to fight for years.

Lots of Charities around very few are tax deductible.

Set up one in Vanuatu, its a tax Haven many years ago, was very easy.

Inner city units are an expensive way of buying hope.
As for an investment ….??????
Look at the Connaught. It has great location, opposite Hyde Park, Harbour views from mid levels up, AND it has gone up very little in real terms in the last ten years. Other examples are the York.
As a lifestyle, unless you are Chinese, the main tennant in the…[Read more]