Weekly Market Pulse - 29th November 2018
Let's start with Politics. Now the budget has been announced for April 2019, it means the Federal Election is most likely May 2019. Labours' Negative Gearing Policy, according to the experts in Law and Taxation include a rollback of negative gearing for existing homes and a reduction of the capital-gains tax discount for investors from 50% to 25%. It’s likely the changes would be ‘grandfathered’ in and therefore should not have an impact on investors with existing negatively geared properties.
The market is not showing signs of slowing down for the year, there are now only two weekends left before Christmas for effective Open Homes. We saw another property under contract with us this week and another looking like buyers and sellers will agree. It’s not too late to be sold before Christmas, readjust your price if necessary. We have seen mostly first time buyers of all ages and buyers returning to the market after many years of renting quite active right now.
Some of our rural residential properties are getting some keen interest from the Sydney and Melbourne markets with buyers prepared to fly up to Bundaberg just to see property. Great news for those selling rural residential.