Real Estate

Property market’s on move again

Phillip Daidone Realty agent Frank La Malfa with a client outside 4 Berry Street, Regents Park, which is up for sale at $800,000-$849,000 and one of the many bargains at the moment, after a very similar property at 20 Berry Street sold for $900,000 in October 2017.

THERE are definitely more signs of life in the property market after the re-election of the Morrison Liberal Government, says Phillip Daidone Realty Berala agent Frank La Malfa.

“It’s only been a couple of weekends, but there’s been a strong increase in inquiries,” Frank said.
“Not just from first home buyers but also investors who may have been nervous at the Labor party’s proposed changes to negative gearing.
“There’s definitely a lot more confidence now.”
Agreeing, Jenny Deng of First National Waters & Carpenter in Auburn, said: “There’s a lot more people looking now and I think the first home buyer incentives will increase interest even further; some people are concerned it may put further pressure on the banks but I think it will be a good move in the long term.”
L J Hooker Auburn’s Themy Panagiotidis says that with signs of interest rates reducing, no threat to negative gearing now and improvements for first home buyers, the market which has ‘stabilised’, will start to bounce back.
“Anything that helps people get out of the rent cycle and onto the property ladder has got to be a good thing,” he said.
Despite welcoming the first home buyers’ assistance initiative, REINSW CEO Tim McKibbin says there are issues that will need to be addressed with the Government’s First Home Loan Deposit Scheme – in which eligible first home buyers can purchase a property with a deposit of five per cent, compared with the usual 20 per cent.
He says it is a risky assumption for the Government to believe that the banks would finance prospective purchasers, if they have been unable to save the required deposit.
“If the Government really wants to assist first home buyers, then they would remove the GST imposed on new residential property – which, along with Local and State Government taxes and charges, inflates prices by 40 per cent.”