Is the state government finally getting the property market back on track? The NSW government is relying on a sustained housing led recovery to keep the budget in surplus. To see its plan come to fruition, the government realises that it needs to remove the barriers to housing development and improve the level of affordability in key areas of the residential market..
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The NSW Home Building Bonus (HBB)
The NSW Government is abolishing stamp duty for dwellings purchased off the plan, and making concessions for newly completed homes.
We enclose the NSW HBB Fact Sheet for your information, and we note the essentials for you below.
The HBB provides for full exemption for vacant land and off the plan purchases where building has not commenced.
A partial concession of 25% applies to completed new homes or off the plan purchases where construction has commenced.
For an off the plan purchase to be eligible for HBB the agreement for sale must be entered into:
1. on or after 1 July 2010 and before 1 July 2011 and completed by 31 December 2012, OR
2. on or after 1 July 2011 and before 1 July 2012 and completed by 31 December 2013.
For a new completed home to be eligible for HBB the contract must be entered into on or after 1 July 2010 and before 1 July 2012.
Important : Applications for exemptions or concessions under HBB must be made within 3 months of the date of the agreement for sale.
Seniors Principal Place of Residence Duty Exemptions (SPPR)
The SPPR provides full exemption for eligible seniors purchasing a new home that is to be occupied as their principal place of residence.
Applicants must be 65 or over and selling their current residence.
Should you require any further information please do not hesitate to contact us.
Click here to read Fact Sheet from Office of State Revenue
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Publication: www.money.ninemsn.com.au
Date: 8 July 2010
The NSW government has cut stamp duty to zero on new homes and apartments worth up to $600,000 as part of today's 2010/11 budget announcement.
This will save homebuyers up to $22,490, NSW Treasurer Eric Roozendaal says.The government will also cut stamp duty by 25 per cent on homes that are under construction of have just been built, saving homebuyers an estimated $5,623.
The NSW government forecast a budget surplus of $773 million for 2010/11, as the state makes it way back into the black this financial year and gets ready for a state election early next year.
The net operating surplus will come on top of a projected surplus of $101 million in 2009/10, according to budget papers tabled in state parliament on Tuesday.
That represents a strong turnaround from the forecast in the previous budget for a $990 million deficit in 2009/10.
Roozendaal forecast general government debt to be $12.23 billion, or 2.7 per cent of gross state product (GSP), by June 2011.
The estimated government debt as a share of GSP is expected to be the peak, before the ratio declines to 2.6 per cent in June 2012 and 2013 and falls to 2.5 per cent of GSP by mid-2014.
"NSW is already back in the black," Mr Roozendaal told parliament."At a time when many other economies around the world, particularly in Europe, are struggling, the financial position of our state is strong."The state will also cut the payroll tax from 5.65 per cent to 5.5 per cent on January 1 next year, and then to 5.45 per cent on January 1, 2012.
The budget papers show revenues have been revised up to $57.7 billion for 2010/11, an increase of $2.2 billion, or 3.9 per cent, over the revised estimate for 2009/10.
This includes a $1.4 billion increase in taxation revenue over the upcoming financial year to $20.2 billion, up 7.7 per cent over the revised estimate of 2009/10.
It also factors in a $1.4 billion increase to $14.8 billion of general purpose grants and an 8.8 per cent increase to $4.6 billion of sales of goods and services over 2009/10. This will be offset by a six per cent increase in employee expenses over 2010/11, reflecting increased services and frontline staff in the health sector, the budget papers show.
Meanwhile, the NSW government also forecast a budget surplus of $885 million in 2011/12, compared to the 2009/10 budget forecast for a surplus of $86 million.
It also forecast a surplus of $863 million in 2012/13 and a surplus of $628 million in 2013/14.
Budget papers show the government expect the state's unemployment rate to fall to 5.5 per cent in 2010/11, down from the 2009/10 estimate of 5.75 per cent. The state's jobless rate is expected to fall to 5.25 per cent in the 2011/12 financial year.
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Publisher: Sydney Morning Herald
Author: Alex Brooks
Date: 20th May 2010
Feel warm and fuzzy about your eco footprint and add value to your property.
I heard that going green is all the rage and can add value to my house - how much more money can I expect to get if it has all the right eco bells and whistles?
How long is a piece of recycled string? Answering questions about property value is complex. While prospective buyers could be willing to pay more for a property that uses energy wisely, just how much more depends on price range, location and features.
After all, that harbour view could add a few million dollars but installing one energy efficient light bulb may not add one cent. A report by the Australian Bureau of Statistics studied sale prices and eco star ratings in the Australian Capital Territory - it found that for a house worth $365,000, increasing the rating by half a star would add, on average, nearly $4500 to its price.
With electricity prices in NSW expected to increase by a whopping 64 per cent over the next three years, improving your property value is just one more motivation to take up eco renovating. Everything from shower roses to solar panels can alter a property's carbon footprint, so it's worth starting somewhere.
How can I make my kids turn the lights out and save me money?
Tell them Earth Hour is every day in your house - kids today are aware of the environment.
I want my home to be better for the environment - where do I start?
This whole green-living thing can baffle even the most zealous eco lover but it's best to start with your own home's energy and water audit. Gather your water and energy (gas and electricity) bills from the last 12 months and check out your consumption on the graphs on the bill.
You can usually work out roughly how many units of water, electricity or gas your home consumes. Most homes have seasonal spikes caused by winter heating or summer watering of the garden.
Going green is not about embracing one solution such as rainwater tanks or solar panels but more about reducing overall usage. For most of us, easy behaviour changes such as taking shorter showers are simpler than installing a grey water recycling system.
NSW's Independent Pricing and Regulatory Tribunal has confirmed the average electricity bill will skyrocket by between $577 and $918 a year by 2013 - so there is a hip pocket incentive to be more energy efficient. If you have a plan now, you might just pay for some of those eco renovations by reducing your electricity costs in the future.
If electricity costs are going up so much, what's the best way to keep warm in winter?
The old-fashioned way - dress warmly, wear ugg boots and hug someone you like. Heating is usually responsible for a third of your home's energy bills and that cost blows out if you heat a large open-plan family room.
The choice of heating has an effect on the environment, with radiant electric heating used in radiators, electric heaters, or fan heaters often being the most expensive and carbon-intensive. Natural gas has one-third of the carbon pollution and costs less.
The best option is direct heat, so a hot water bottle can be cheaper than a smoky open fire - which is usually inefficient, with more heat going up the chimney than inside. Slow combustion heaters are good but choose wood carefully if you're in an area where smoke pollution can be a problem.
Those old-fashioned door snakes are perfect to put under door or window gaps, keeping rooms toasty warm.
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