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INVESTORS LOSE $800M !!!

Bad news right?

Well actually the changes aren’t very ‘changed’, more slight modifications.

There are two main areas that will be affected, Negative Gearing and Depreciation.

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Calla Property has just been awarded a place in the ‘Top 75 Investment Blogs and Websites for Property Investors’ roll of honours.

We are very proud to announce that we came 60th internationally and 18th in Australia.

We love bringing news, tips and inside property information to our clients and it’s great to be recognised on the following criteria:

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Property prices are growing faster than your wages which means that every month you put money aside for a deposit, the market is moving further out of reach.

Millennials from modest families have been brought up with the attitude of keep your head down, work hard, save up and buy your own home first. Unfortunately, in today’s world, where property prices are rapidly growing, that’s no longer an easy option.

‘Rentvesting’ is a shift away from the traditional idea of owning your home with the white, picket fence on the quarter acre block. Society is changing, how we live is changing, so it’s not surprising the way we get ahead through property is changing too.

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There were reports last night that the Sydney property market is starting to slow down as we finish another weekend that resulted in lower clearance rates with the average of around 70% instead of 80%.  There were also reports from auctioneers and real estate professionals that bidders seemed less bullish.

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A housing bubble is a period of rapid growth in property prices, followed by a drop in prices back to the original point. For example if the market started at $300 000 and inflated rapidly and unexpectedly to $600 000, then fell over time to the $300 000 mark or below, this cycle could be termed a ‘Housing Bubble’.

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According to the latest BIS Shrapnel report Residential Prospects 2015-2018, house prices will start to fall in 2016 – 2017, as affordability declines and coincides with the threat of rising interest rates.  

They suggest the three year outlook for Sydney does not justify the current level of frenzied spending and that the median Sydney house price by June 2018, will only be 2% higher than it is today, still under the $1 million mark.

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What does this mean for Sydney’s already over-inflated property market?

Two weeks ago, we met with a young couple who live and work in Sydney and want to buy their first home in Sydney.  They’ve been married for a few years and plan to start a family in the next year or two. After months of going to auctions in Sydney and being forced out of the bidding they started to look elsewhere and entertained the idea of buying in the Central Coast region.  They had a bad experience with a property shark in Gosford and came very close to buying a property well over-valued.  They came to see us, frustrated yet hopeful we could find them a good property in Sydney that they could live in.  Sadly, we weren’t able to help them and yesterday’s news of the RBA cutting the cash rate is just more bad news for them. Even with a deposit of $110K they will not be able to get into the Sydney home market.

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Applying for your first home loan can be a daunting task and I’m often amazed at the preconceptions people have about lending policy.  So what do you need to know and what are the banks looking for?

Lending policy falls into two main areas – 1. Security and 2. Serviceability.

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