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New strata laws for NSW come into effect today

Today’s the day – after years of consultation and review, it all finally comes to a head with reforms to New South Wales strata laws set to begin. President of the Real Estate Institute of NSW John Cunningham says more than 90 new strata laws will make a difference to the lives of those living in in the state. “These reforms will benefit owners, te...
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Sydney needs higher affordable housing targets

By  Laurence Troy , UNSW Australia ; Dallas Rogers , Western Sydney University ; Emma Power , Western Sydney University ; Hal Pawson , UNSW Australia ; Kurt Iveson , University of Sydney ; Louise Crabtree , Western Sydney University ; Michael Darcy , Western Sydney University , and Peter Phibbs , University of Sydney The release this week by the Gr...
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Concerns Sydney levy could push prices higher

The revised Metropolitan Strategy for Sydney along with the six District Plans contains a 10-per-cent levy proposal on new housing to fund affordable housing, which could increase the cost of all new housing according to Urban Taskforce Australia. “While there’s a lot of good work in the long-awaited District Plans for Sydney, there’s an ominous pr...
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‘Land tax should replace stamp duty’: UDIA

The New South Wales state Minister for Finance, Services and Property Dominic Perrottet has proposed to replace the transaction tax of stamp duty with a broad based land tax, which the Urban Taskforce says could help housing affordability. “The Urban Taskforce has previously advocated for the replacement of stamp duty with a land tax and it’s good ...
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NSW strata reform – what you need to know

On November 30, important new reform affecting investors and strata occupants will commence in New South Wales. In summary, the key factors you need to take into account are: Finances – financial reporting requirements will change and there’ll be changes in timing of levy payments and interest payments on arrears levies. Those who haven’t been rais...
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Sydney vacancy rates are up

Residential vacancy rates have jumped in middle Sydney as more stock comes onto the market, according to data released by the Real Estate Institute of New South Wales (REINSW). REINSW president John Cunningham says that in the September 2016 REINSW Vacancy Rate Survey, middle Sydney, rose 0.5 per cent to 2.1 per cent, leading a 0.1 per cent increas...
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New laws force Meriton sell-off

Meriton founder, Harry Triguboff, says the decision to sell their strata management business is a response to law reform in New South Wales. “One of those reforms effectively shuts Meriton, and other developers, out of having any role in the strata-management of their properties until the buildings are 10 years old,” he says. The new strata-laws co...
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Latest mixed-use approval a sign of things to come?

A 43-storey residential tower has been approved in Parramatta city centre’s commercial-only zone, which, according to the Urban Taskforce, highlights the need to rethink zoning in Parramatta’s centre as well as all city centres in Sydney. “Parramatta currently has a commercial-only zone for a significant area of the city centre but it’s clear that ...
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Sydney’s infrastructure changes mapped from above

It’s been nearly 60 years since Sydney’s transport infrastructure last experienced a major upgrade and yet, since then, the population has more than doubled, recently surpassing the five-million milestone. Developments like Sydney Metro Northwest, Sydney Light Rail and WestConnex have been put in place to future-proof Sydney, preparing it for the p...
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Global Cities report reveals Sydney and Melbourne flying high

Global property consultancy Knight Frank has launched its Global Cities: The 2017 Report, examining the market performance of 31 cities across the world in light of three major trends shaping the times: Negative interest rates have reduced investors’ expectations on what constitutes an acceptable return, which is drawing capital towards real estate...
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Wilton and Macarthur set to become growth areas 

  The Urban Development Institute of Australia (UDIA) NSW has commended the state’s Minister for Planning, Rob Stokes, after he announced plans for a new growth community at Wilton New Town in Western Sydney as well as new land release areas in Menangle Park and Mount Gilead. UDIA NSW chief Stephen Albin says Western Sydney is experiencing unpreced...
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Complaints initiative faces backlash over ‘unfair’ outcomes for agencies

An initiative to provide better customer service and help consumers make more informed decisions is set to be introduced in New South Wales this week. However, the Real Estate Institute of NSW (REINSW) believes it will unfairly tarnish reputable businesses. The NSW Fair Trading Complaints Register, which is due to come into operation on Wednesday, ...
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Increased focus predicted for Sydney strata market

  It’s believed that significant reforms to NSW strata laws will create a wave of new interest in the Sydney strata market after years of flat growth. A recent client event co-hosted by CBRE and Brown Wright Stein Lawyers highlighted that investor interest in strata investment had surged in the past 12 months in anticipation of the upcoming changes...
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Sydney city plans released, amid some concerns

  The City of Sydney has revealed its strategic vision for Sydney’s future skyline, with potential building heights in excess of 300 metres – 80 metres taller than Governor Phillip Tower – while still protecting sun access to important public places and parks. In the most comprehensive urban planning strategy for central Sydney in 45 years, opportu...
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NSW Gov ‘failing to pass funds to first-timers’

  The state government has not provided meaningful incentives to first homebuyers despite announcing changes to stamp duty that will see a $1 billion windfall from foreign investors, according to the Real Estate Institute of New South Wales (REINSW). Last week, NSW Treasurer Gladys Berejiklian said the government will add a four per cent stamp duty...
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Concerns over further surcharges for foreign buyers

  Hot on the heels of the news that the Queensland Government is introducing a three per cent stamp duty for foreign buyers, Mike Baird’s New South Wales Government is under fire for its introduction of a four per cent stamp duty surcharge on foreign buyers as well as a 0.75 per cent land tax. Responding to news of the NSW moves, Pitcher Partners S...
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Sydney facing its own oversupply

Many Sydney suburbs are facing property oversupply according to a new study by national property market researcher Propertyology. Building approval volumes have never been higher in Sydney than the last three consecutive calendar years according to Propertyology market analyst Simon Pressley. “Sydney is about to enter new territory. Its average ann...
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Report shows Sydney must ‘change urban structure’

New South Wales Treasurer Gladys Berejiklian has just released The Intergenerational Report, which the Urban Taskforce says highlights major changes over the next four decades that will affect our urban areas. “The Intergenerational Report is a real wake-up call to the people of NSW that many changes are coming over the next 40 years,” Urban Taskfo...
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Sydney vacancies show little change, but there’s movement in Perth

Sydney’s residential vacancy rates remained at 1.7 per cent for a third month in a row, according to data released by the Real Estate Institute of New South Wales (REINSW). REINSW president John Cunningham says the April 2016 REINSW Vacancy Rate Survey again saw inner-Sydney rental accommodation unchanged at 1.3 per cent. “Middle Sydney was down 0....
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