A closer look at October

The countdown is on with 8 weeks until Christmas, a busy time on the selling front. Last year alone, between November and December, we successfully sold 18 properties, and as we move into November, we’re confident we’ll see numbers flourish.

If you’ve had a property appraisal in the last 8 weeks or longer, it’s important to remember that the market has changed quite rapidly this year, and the value of your property is likely to have increased. Ensure you’re getting accurate information and contact us.

Back after popular demand and in the Christmas spirit we love, we are so pleased to share our yearly, FREE personalised Santa letters for little ones. Be sure to jump on our website and register to ensure your loved ones receive a letter from Santa - https://dibchidiac.com.au/santaletter There is still time to sell before Santa leaves the North Pole to visit the Inner West. Give us a call to discuss how we can maximise a sale for you over the approaching holiday period, and still have you sold in time for Christmas if that’s your goal.

Interest rates and property prices

• The RBA took official interest rates to an all-time low of 0.75% earlier this month, with financial markets expecting it to be cut to 0.5% by February 2020.
• Unsurprisingly, Sydney remains the most expensive city to buy property in with a median price of $782,473, more than $200,000 higher than the national median value of $524,149.

ACCC inquiry into residential mortgage prices

On 14 October, the Federal Government announced it had directed the Australian Competition and Consumer Commission (ACCC) to investigate how banks were charging mortgage holders. The inquiry will ensure the pricing practices of Australia’s financial institutions are better understood and made more transparent by:

• investigating the prices charged for residential mortgages across the market
• considering how banks make pricing decisions
• examining differences in the prices paid by new and existing customers
• investigating barriers that may prevent consumers from switching lenders

We will keep you informed of developments in this space.

Land tax and surcharge exemptions

Land tax is going digital. If you own a property that is liable for land tax, you can now sign up to land tax online and register, opting in to receive your future Notice of Assessment via email, as well as:

• lodge a return, request an exemption or make any changes to property details
• track requests, view a summary of the assessment notice and account balance
• use the online calculator to estimate the amount of land tax liability
• send documents to support an application, or in relation to a query
• view an online service history summary
• view land holdings and any exemptions

Additionally, retirement visa holders for subclass 410 or 405 may now be eligible for a surcharge land tax exemption on their principal place of residence.

For more information on whether or not you are eligible for land tax exemptions and concessions, check the Revenue NSW website.