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Property News in Sydney

First Home Buyers Incentive from NSW Government

The NSW government has announced a new package designed to even the playing field for first time buyers and bring housing costs under control.

The new measures, effective July 1, include stamp duty exemption for first time buyers purchasing new or existing properties under $650,000. Buyers of homes under $800,000 will also get stamp duty discounts.

Those purchasing homes with small deposits will no longer have to pay 9 per cent stamp duty charges on lenders’ mortgage insurance.

Other measures are aimed at further restricting investor purchases.

Off Plan Purchase

NSW Parliament today approved amendments to the Conveyancing Act 1919, strengthening protections for buyers who purchase properties off the plan.
Minister for Innovation and Better Regulation Victor Dominello said the new laws are intended to prevent rogue developers from rescinding contracts using the sunset clause to make windfall profits.

“The NSW Government has listened to the community’s concerns and acted swiftly to provide home buyers with greater certainty,” he said.
“Any developers who are thinking of acting unethically should know that their behaviour will no longer be tolerated.

If you are interested in legal arguments read this case law

 
Rehayem Investments v Harfish [2014] NSWSC 1485

REAL PROPERTY - sale of land - whether contract for sale of land validly
terminated - whether notice of termination effective - where notice to
complete authorised by special condition of contract - where first defendant
failed to complete contract in accordance with notice to complete
http://tinyurl.com/mfn555f

The Realty About Property Boom in Sydney

Strong price rises seem to have thrown off many prospective buyers lately, particularly first home buyers. Their struggles, alongside the idea that cashed-up investors are crowding auctions, have contributed to an ongoing story line of Sydney’s property boom. But is it a boom across the board?

According to the Real Estate Institute of New South Wales president Malcolm Gunning, the idea of a boom market isn’t all that it seems.
“The reality is that all areas of the residential property market are not booming,” says Gunning.
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