In 2025 every seller of every property will need to have a clearance certificate from the ATO confirming they’re an Aussie resident for tax purposes. No certificate? Buyer must send 15% of the agreed sale price directly to the ATO. You might only get it back at tax time. 

Effective 1 January 2025, the Australian Taxation Office (ATO) has introduced updates to the Foreign Resident Capital Gains Withholding (FRCGW) rules. These changes affect all property sellers, eliminating the previous $750,000 threshold and increasing the withholding rate to 15%. This aim to enhance the collection of tax liabilities from non-residents selling property in Australia but also carry significant implications for Australian residents. Whether you're a buyer or a seller, understanding these new regulations is crucial to ensuring smooth and compliant property transactions. 

Randwick City Council is considering an empty homes levy on properties left vacant for over a year in response to the local housing shortage. This proposal, intended to encourage owners to rent or sell idle properties, could provide essential housing near key areas, such as hospitals and universities. Significantly, the levy could generate funds for social housing projects, addressing both the immediate need for affordable housing and the city’s long-term housing goals. To move forward, the proposal requires state approval to amend the Local Government Act.

On 24 October 2024, the NSW Parliament passed the Residential Tenancies Amendment Bill 2024, marking a significant shift in the rental landscape for tenants and landlords alike. These reforms aim to enhance tenant rights and modify rental practices, which will directly impact property investors.

In the past 15 months, property investors have been making bold moves, with borrowing levels rising sharply. According to the latest data from the Australian Bureau of Statistics, investor home loans have soared from $7.797 billion in March 2023 to an impressive $11.016 billion in June 2024—a 41.3% increase.

Navigating the complexities of building and pest reports can be daunting, especially for potential homeowners. With years of experience reviewing these reports, we’ve encountered a wide spectrum of buyer reactions—ranging from sheer panic to composed problem-solving.