RH ASHFIELD Monthly Property Newsletter 2020
(Updated every end of month)
HOME STRETCH to the YEARS’ END!
The first day of the last quarter of the year, brought about fresh changes and more new normals to adapt to.
The 2020-2021 Federal Budget included: the removal of CGT currently paid on the value of a home with a granny flat, extended the First Home Loan Deposit into next year, introduced new tax concessions and incentives that help people either keep jobs or create jobs. Closer to home, the NSW Court of Appeal also ruled this month that no apartment building in NSW be legally able to refuse to admit animals.
In the rental market, Inner Sydney unit rents are at their cheapest in six years. Areas harder hit by lockdown job losses and where border closures has had an impact on international students travelling here, affected the most. However, new data shows that house rents in certain areas are on the rise, with some areas increasing by $10 a week.
October brought out the finance-ready buyers who went quiet during lockdown and have now come out in force to either buy their first home, upgrade or sell out of Sydney. According to CoreLogic, NSW has had the smallest drop in property value declines since March this year.
Under 8 weeks until Christmas and despite a shortage of properties for sale, buyer demand is high, forcing days on market to near record lows. If you’re planning on selling by Christmas, contact us during office hours on 9799 2999 or complete a Free Market Appraisal online at rh.com.au/ashfield.