The Sunday Times The Australian Prudential Regulation Authority (APRA) has announced it is considering reducing the seven per cent oor on serviceability calculations for residential mortgages, instead allowing banks to assess loans at 2.5 per cent above current rates. Currently, APRA requires lenders to assess whether or not a consumer can afford a loan […]
UDIA WA is pleased to partner with The West Australian to deliver The Land Report lift out in The Weekend West and Sunday Times two times a year. Featuring the latest land market data, trends and advice for new home buyers. Please download a copy of the May 2019 edition here.
COMMUNITY NEWS While parts of Australia are reeling from Saturday’s election result, the property industry has welcomed the outcome. Reiwa president Damian Collins said the Coalition’s victory meant there would be no change to national property taxes, like negative gearing and capital gains tax, which was a big win for the Australian housing market and […]
WA BUSINESS NEWS The state government will not consider pausing or scrapping its surcharge on foreign property purchasers, despite a sharp reduction in sales to offshore buyers and growing scepticism over whether revenue will meet projections. In January, the McGowan government instituted a 7 per cent tax on offshore purchasers of property in Western Australia, […]
THE WEEKEND WEST Not enough is being done to create more significant stimulus measures for the struggling property market, according to UDIA WA CEO Tanya Steinbeck. Ms Steinbeck’s view came off the back of the Western Australian State Government’s handing down of the 2019-2020 Budget last Thursday, during which WA Treasurer Ben Wyatt announced WA’s […]
THE WEST AUSTRALIAN Perth’s iconic Yagan Square development by the Metropolitan Redevelopment Authority has taken out top honours at the UDIA National Awards presented on the Gold Coast earlier this week. The project won awards in the Urban Renewal category and also won the prestigious President’s Award. Testament to the success of Yagan Square, the […]
THE WEST AUSTRALIAN The blunt message last week from Reserve Bank assistant governor Michele Bullock’s speech to the Urban Development Institute of Australia (WA) was that lending and development excesses have hangovers that take time to recede. The mood in the room was that WA developers were being unfairly crippled by tighter lending standards brought […]
THE WEST AUSTRALIAN WA’s newly introduced foreign buyers’ surcharge was unlikely to help the State’s sluggish property market, Reserve Bank assistant governor Michele Bullock said. Ms Bullock told a UDIA WA function last week that in times of strong growth a surcharge would “take the edge off”. “I would only observe that given the WA […]
UDIA has made a pre-budget submission to the state government outlining key areas where the government can support the property sector and the market recovery. Recommendations are made in relation to: – the establishment of a broad based land tax system which distributes taxes more equitably – the introduction of a stamp duty concession for […]