First Home Buyer Incentives - 1 July 2017 - Mini Boom?

Discussion in 'Property Market Economics' started by larrylarry, 24th Jun, 2017.

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  1. larrylarry

    larrylarry Well-Known Member

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    larrylarry, 24th Jun, 2017
    #1
  2. Cactus

    Cactus Well-Known Member

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    I have a brand new house and land finishing in early August. My intention was to hold and I therefore bought in personal name. I buy in a gst registered company if I am planning to sell as a new property for obvious reasons.

    Anyhow since buying and starting construction this policy change and also the preceding market movement has me considering a change of strategy to potentially selling while brand new to a FHB and debt recycling.

    By rights given my intention and a greater than 12 month period this should be CGT discount territory. I am PAYG now too. But because I have done H&L before with the intention of selling (carrying on an enterprise) albeit under a company name, I'm concerned under audit I may get profit treated as income in which case I wouldn't sell. @Paul@PFI any thoughts here?
     
    Cactus, 24th Jun, 2017
    #2
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  3. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Extensive discussion on here: NSW First Home Buyer stamp duty exemptions - Existing properties

    Do believe there will be a mini boom on the lower end of the market. Due to the lending changes those who could afford > 800k will be pushed to buy cheaper and hence more competition for the "cheaper" end of the market. Yet those who will now be priced out of the 400k's will be moving their search interstate
     
    Property Twins, 24th Jun, 2017
    #3
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  4. datto

    datto Well-Known Member

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    I had a bit of a sticky beak at some lower end trash properties in Sydney south west today.

    Agents are telling me some first timers are holding off till next week when the stamp duty exemprtion applies.

    I'll keep you posted on any new trends. This is "datto on the street" signing off for now.
     
    datto, 24th Jun, 2017
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  5. RetireRich101

    RetireRich101 Well-Known Member

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    I had a sticky beak at all the Mt Druitt listing. They are all listed 650k and available for inspection 1 July...:p
     
    RetireRich101, 24th Jun, 2017
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  6. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Is that for real RR?
     
    Property Twins, 24th Jun, 2017
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  7. RetireRich101

    RetireRich101 Well-Known Member

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    :p:D:p:D

    Datto made me do it.... so every PC member go and have a look at Mt Druitt listings...
     
    RetireRich101, 24th Jun, 2017
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  8. House

    House Well-Known Member

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    Actually looking around R Hill for a PPoR. Have had a look around the Druitt, Lethbridge Park, Willnot etc for the lols too. All the agents are telling us the FHO's are holding off til 1st July so we better get in quick before prices rise.

    Can't imagine it will have too much of an effect but there's some fairly decent stock around the area for $650-$800k but seems to be picked up very quick. We'll be saving ~$20k for what we're looking at which is pretty darn sweet :)

    Seeing eveidence of gentrification everywhere. Eg
    IMG_7852.JPG
     
    House, 24th Jun, 2017
    #8
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  9. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Property Twins, 24th Jun, 2017
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  10. Tattler

    Tattler Well-Known Member

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    Yeah the FHBs will all buy up Mt Druitt houses by the truck load. Very soon you will see tons of cafe shops setup at Mt Druitt and surrounds, selling smashed avocados on toast for $20 each, and selling kombocha drinks ......
     
    Tattler, 24th Jun, 2017
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  11. RetireRich101

    RetireRich101 Well-Known Member

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    no need smash avo and coffee hit as a benchmark for gentrifying. Starbucks closed most of their stores in Sydney....Mt Druitt survived !!
     
    RetireRich101, 24th Jun, 2017
    #11