What a year 2010 has been. Here is a snapshot of what has occurred in the property market this year
INTEREST RATES
With interest rates reaching all time lows last year, 2010 has seen a number of steady interest rate rises with the official interest rates being increase from 3.75% to 4.75%. These interest rates have certainly not gone unnoticed in the property market, however whilst some say they are high, this rate is about what the average has been for the past 10 years.
CHANGES TO STAMP DUTY
Vacant blocks of land
In July 2010 legislation was passed to exempt any person purchasing a block of land from stamp duty if they commence the foundation work on the block of land within 26 weeks of settling on the land and as long as the building is completed within 18 months of the commencement of the foundations.
BUILDING INDUSTRY CHANGES
Pre-construction stage
• Stamp duty was cut to zero for off-the-plan home purchases worth up to $600,000 – a saving of up to $22,490.
• The zero stamp duty only applies prior to any construction commencing on house and land packages or new apartments.
Under construction
• Stamp duty will be cut by 25 per cent for people buying a newly-constructed home worth up to $600,000 – a saving up to
$5,623.
• The 25 per cent stamp duty cut applies to home purchases made at any time during the construction period, or at
completion.
First home buyers
• First home buyers will also be eligible for these stamp duty cuts, giving them total benefits of up to $29,490
• They will still be able to access the NSW Government-funded $7000 First Home Owners Grant as well as the NSW
Home builders bonus.
Empty-nesters
• Stamp duty for people aged over 65 will be cut to zero when they purchase a newly constructed home worth up to
$600,000 – a saving up to $22,490.
• This will only apply to people aged over 65 selling their primary place of residence and moving to a newly-constructed
home, to encourage down-sizing and to encourage the regeneration of the state’s housing stock.
WEST DAPTO DEVELOPMENT PLAN
• We have seen some positive development moving forward with the West Dapto plan. You may have noticed the
commencement of the road at the intersection of Fowlers and Prince’s Hwy. The increase in employment opportunities
as well as the increase in infrastructure will have positive effects on the Dapto property market. We look forward to
further developments on the West Dapto Plan in the new year
NEW LAND RELEASE IN MAY 2011
• PRDnationwide Dapto is pleased to announce we have been appointed exclusive selling agents for the new 80
residential lots in Kanahooka. This estate will be known as ‘Brooks Terrace’ and will have a desirable north east aspect,
views to Lake Illawarra and will be released in 3 stages commencing in May 2011.
Registration of interest is now being taken which will give you the opportunity to secure a lot prior to all lots going to
market.
To register your interest email greg@prddapto.com.au or call 4261 3333.
HAYWARDS BAY PROGRESS
• As you may have noticed the latest promotion of ‘Buy now - Pay later’ resulted in the sale of 11 of the 12 lots in Bayview
Avenue and Haywards Bay Drive being snapped up by keen purchasers on our extensive database.
All of them have the same dream, not only to build their new home, but to become a part of the Haywards Bay culture.
Our Sales Manager, Greg Pollard, has been managing the sales and is extremely pleased with the progress of this
estate and has now released another 4 lots in Haywards Bay onto the open market. Lots 408 - 411, land size being
720m2 and priced at $335,000 per lot.
If you know anyone wanting to secure their place in Haywards Bay then now is their chance. Call Greg Pollard on
4261 3333 or email greg@prddapto.com.au.
NEW RESIDENTIAL TENANCY ACT 2010
The new 2010 Residential Tenancy Act has finally been passed and will come into effect 31st January 2011. This legislation has been very controversial and we will be providing full details on these changes to our landlords in the coming weeks. if you are not a current landlord and would like these details on the legislation changes please contact Laura or Tracey (02)42613333 or email your questions to laura@prddapto.com.au
Thanks to all our valued clients again for a great 2010.
Tracey McDonald, Greg Pollard, Daniel Lambert, Jeremy Tillman, Nardia Guillaumier, Karissa Anstee, Annette Tillman, Laura Matthias, Lisa Bedford and Joanne Hayward.
