20 February 2025 A fake rental scam has resurfaced as prospective renters are targeted with fraudulently modified rental listings on social networking sites. Reports indicate that scammers copy genuine listings and share them with altered rents, tenancy conditions, and contact details to appear legitimate. The REIV urges renters seeking properties on social networking sites, to check before you...
12 February 2025 The latest Residential Tenancies Bond Authority (RTBA) Annual Report for 2023-24 highlights key shifts in Victoria’s rental market. As of 30th June 2024, the total number of bonds held declined by 0.9%, while their total value increased by 5.2%, indicating rising rental prices. The median tenancy duration also grew, with active bonds averaging 732 days, up from 679 days in 2023,...
20 January 2025 Units and apartments in Melbourne’s outer suburbs were in high demand with the median price growing 1.5 per cent in 2024 to $600,000. Suburbs in the Yarra Ranges, joined the million-dollar club with Launching Place and Yarra Glen landing median house prices of $1,080,000 and $1,377,500, respectively. Melbourne’s leafy suburbs continued their steady growth, with half of the...
15 January 2025 Homes Victoria has released its Rental Report for the September 2024 quarter. It provides insight into the private rental market in Victoria through key statistics. The rental market experienced notable shifts in the last quarter, marked by rising rents in metropolitan areas, a decline in new lettings, and increased borrowing for property investment. Regional and metropolitan...
15 January 2025 In December 2024, the Victorian Government announced changes to the congestion levy for parts of inner Melbourne, coming into effect from January 2026. The levy acts act to reduce traffic congestion in central Melbourne by encouraging motorists to use public transport more often. The congestion levy is a tax designed to reduce traffic congestion in central Melbourne by discouraging the...
15 January 2025 This is a reminder that notifications for the vacant residential land tax (VRLT) and absentee owner surcharge (AOS) are due today (15 January 2024). Further, changes have been made to the VRLT. The VRLT is a progressive rate based on the land and property values. It applies to residential land with an existing home on it that is vacant more than six months in the calendar year...
15 January 2025 Ringing in the new year, the SRO has issued reminders on changes to Victoria’s tax system, effective 1 January 2025. This includes the short-stay levy, which passed the Victorian Parliament in October 2024. The levy imposes a mandatory 7.5 per cent levy on short-stay properties across Victoria. Limited exemptions are in place. The 7.5 per cent short-stay levy will apply to the...
17 December 2024 Source: ATO < https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/foreign-residents-and-capital-gains-tax/foreign-resident-capital-gains-withholding/capital-gains-withholding-impacts-on-foreign-and-australian-residents> The Australian Government has passed legislation impacting the foreign resident capital gains withholding regime....
04 December 2024 The Senate Economics References Committee has scrutinised Australia’s financial regulatory framework and its impacts on homeownership through an inquiry and report. It sought to identify the effects that the current framework has on homeownership, with the findings largely focusing on first-time homeownership. The terms of reference placed focus on scrutinising the financial,...
The Albanese Government successfully passed over thirty pieces of legislation in the final sitting parliamentary week of the year. Below is a summary of the legislation that will be of interest to real estate professionals. The two central bills, the Treasury Laws Amendment (Build to Rent) Bill 2024 and the Help to Buy Bill 2023, are driven by institutional and government investment in the...