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Jun 3, 2021
Perth’s property market is approaching a new all-time high!
While the overall Perth median house sale price in March 2021 failed to eclipse the market’s 2014 peak, parts of the region have reached historic highs. According to new data released by the Real Estate Institute of Western Australia (REIWA), Perth’s property market is on track to overtake its previous record median sale price of $545,000. The REIWA said that 20 Perth-based suburbs have now overtaken their 2014 counterparts when it comes to the median sale price, with 12 suburbs now valued at over $1 million or more. “While the market still has a way to go before it is back to its 2014 peak, the signs are very encouraging that we will achieve that before the end of the year, which will be welcome news for Perth owners and sellers,” REIWA president Damian Collins said. “When the Perth market hit the bottom in the June 2020 quarter, the Perth median house price sunk to $475,000. A lot of home owners lost value in their properties during the downturn, so it’s pleasing to see the quick gains that have occurred over the last eight months.” The WA-based institute previously forecasted a 15 per cent price rise in the state by the end of 2021. However, they now believe that a 10 per cent growth in property prices has already been achieved across 20 suburbs in the region.
May 18, 2021
The Perth suburbs with the biggest price rises!
Homeowners across Perth have cause to celebrate after the latest Real Estate Institute of WA data showed rapid growth in median house sale prices in the first four months of 2021. A total of 20 suburbs recorded increases of 10 per cent or more since the start of the year, led by Bicton in Perth’s south and the neighbouring coastal suburbs of Sorrento and North Beach, 20 minutes north of the CBD. Median sales prices have been running hot across Perth amid a COVID-19-driven sales surge here and across Australia. Bicton also maintained its spot atop the list of growth suburbs in the past 12 months, its median sale price rising 31 per cent since April last year. Of the 20 suburbs which rose the most, eight were priced at an average of $1 million or more for a house, while nine were valued below Perth’s median house sale price of $508,000. REIWA president Damian Collins said the institute had forecast 15 per cent price growth in Perth by the end of 2021 but 20 suburbs had either met that figure or were on track to exceed it well before the year’s end. “For these suburbs to be only a third of the way through the year and already achieving price growth of this magnitude is quite impressive,” Mr Collins said. “It will be interesting to see if they can maintain this momentum as the year progresses. “If you own a home in one of these suburbs and are considering selling, now would be the time to ... take advantage of these prosperous market conditions.” While Bicton experienced the strongest price growth in the first four months of the year, its median house price rising 20 per cent to $1.14m, North Beach (up 17 per cent to $1.05 million), Sorrento (up 16 per cent to $1.118 million) and Applecross (up 15 per cent to $1.79 million) were close behind. The data revealed strong price growth and a recovery in the market across a range of Perth suburbs. “Six to eight months ago it was mainly the higher end of the market showing strong growth, but now we are seeing movement across the board,” Mr Collins said. “From Mandurah to Yanchep, the property market is strong, and this is reflected in the eclectic mix of suburbs that have made this list.” Got a property in this area and want to see what you may get if you sold? Give us a call today on 08 9339 7079 to discuss how we can help you with your property journey.
Jul 16, 2019
Top 5 Tax Guidelines for Investors
img {object-fit: contain!important;} Mi Casa recently hosted a Landlord Information Session that featured a presentation by Nexia’s Dean Birch discussing the tax implications on investment properties. For those who missed the session, we are pleased to share 5 key insights we took away from the presentation that may help property investors be more informed about tax-related issues that they should be aware of. Rental Property Deductions Income from rental property is taxable, but some expenses are tax deductible, can be written off over time or can be added to the cost base of the rental property. Expenses can only be claimed during the time your property was rented or available for rent. Expenses accrued from property management services can lower your tax bill since they are tax deductible. To do this, however, all invoices and statements of the services must be kept as evidence. It is beneficial to know what can be deducted from your tax bill, but it’s also important to know what conditions must be met in order to claim these deductions. For example, travel expenses can only be deducted for a residential property that is being used completely or partially for commercial purposes (including a ‘business of property’; this does not include property investment). Second-hand depreciating assets It may be surprising to know that as of 1 July 2017, deductions cannot be claimed for assets purchased with a property that have already depreciated in value. Deductions can only be claimed for assets that were obtained new since purchase. This applies to property investors as well. Please note that ATO audits are increasing, so be sure to keep a sufficient paper trail of purchases and improvements. Changes for Non-Residents Your main residence, i.e. your home, will usually be exempt from capital gains tax (CGT). A capital gain (or loss) is generally calculated by the difference between the purchase and other costs of a capital asset (like real estate) and what is received by you when you dispose of the asset. However, if you are a property investor who is a foreign resident at the time of disposing your real estate property, you will be denied access to the main residence exemption. In order for a property to be exempt from CGT, you generally need to live in it as your main residence for at least 6 months. This will then ensure this is your main residence for a 6 year term, after which you will need to return to reside in your chosen residence if you wish to continue treating it as your main residence. Regarding the amount that must be withheld by property buyers from the purchase price during transactions, it has risen from 10% to 12.5%. This does not apply to transactions for properties with a market value of less than $750,000 (unless the vendor provides a clearance certificate to the buyer showing they are a resident of Australia for tax purposes). Foreign owners should also be aware that a vacancy levy may be imposed on residential properties that are not rented out or occupied for more than six months a year. This annual vacancy fee applies to foreign investors who make a foreign investment application for residential property after 7.30pm Australian Eastern Standard Time on 9 May 2017 and to foreign investors who purchase a dwelling with a New Dwelling Exemption Certificate that was applied for by a developer after 7.30pm Australian Eastern Standard Time on 9 May 2017. Distinction between New & Old GST The main change for residential property GST that was made effective 29 March 2018 is for the purchaser with regards to the process of paying it. The purchaser now pays GST directly to the ATO instead of to the seller. The main reason for this is so that the seller cannot use a phoenix arrangement' to get out of paying the GST on to the ATO. How much GST is paid depends on whether a margin scheme applies. The GST payable by the purchaser when no margin scheme applies is 1/11th of the contract price. If a margin scheme applies, the GST payable is 7% of the contract price. Transfer Duty On top of the usual amount of duty payable on property purchases, i.e. stamp duty (the current top rate being 5.15%), a 7% duty (transfer duty) will apply to purchases made by foreign residents from 1 January 2019. If you are unsure whether you count as a foreign resident, ask your accountant for advice. We hope this gives you a brief insight into some aspects to take into consideration when it comes to reviewing the financial viability of your investment property. Should you require further clarification or review then please contact the knowledgeable team at Nexia on 08 9463 2463. And if you are looking to start your property investment journey and are seeking a dedicated and experiences team to manage your property, then contact the team at Mi Casa Property Boutique for more information and a FREE market appraisal. Contact us HERE. We offer an all inclusive 11% property management fee, with no hidden costs. See more great information here on the Nexia Perth website This information is current at time of publishing and is not tax advice, should an individual be seeking final tax information that they need to contact a registered tax agent. Please speak to Adam Smith or Dean Birch at Nexia on 08 9463 2463. Or to email Adam: adam.smith@nexiaperth.com.au
Jul 2, 2019
Pet Guidelines for Landlords
img {object-fit: contain!important;} Are you a landlord who is unsure about having a pet at your rental property? Did you know you could be missing out on an ideal tenant? Have a quick read of our recent blog on Pets and Property. Do you look around and feel like there are more pets around Perth? Maybe its dogs out for a stroll or cats stalking around the neighbourhood… Well, rest assured you aren’t just imagining things because, according to Reiwa.com, pet owner numbers have more than tripled since 2015! In fact, the love of some pet owners extends as far as treating their pets like one of their own children! (Fur babies, anyone?) So not only are pets growing in popularity, owners may expect them to be treated like any other tenant! For landlords, that means that there will be more and more prospective tenants with a furry friend in tow. Many landlords probably see pets as a potential source of unwanted issues that should be avoided. Others may be considering allowing pets but aren’t sure what is involved. Whatever camp you sit in, we have outlined some considerations to make as a landlord when it comes to having tenants with pets. Pet owners stick around Firstly, pet friendly rental properties are still harder to come by despite the drastic increase in pet owner numbers. Tenants with pets tend to stay longer because they appreciate the fact that they have been accepted into a property and know there is not many on the market. If acquiring long-term tenants is important to you, allowing pets may help you achieve this. You are stick covered Tenants with pets are required to pay a pet bond. If you’re unsure of how much a pet bond should be, $260 is a sufficient amount. This covers pet fumigation, and any damage caused by pets should be handled by the tenant. Like owner: like pet As you can expect, a pet’s behaviour depends on its owner and how well it is looked after. A typical example would be a young puppy seeking attention – it could act out unless its owner gives it adequate attention, frequent exercise and training. We at Mi Casa request details of pets and obtain references where possible when processing a rental application. The type of pet, breed and age should be listed in the tenancy agreement so that tenants understand that only approved pets may live in the property and you don’t get surprised by extra “tenants”. Does your property apply It would be a good idea to assess your property to know whether it is pet friendly, and if so what type of pets it is best suited for, such as apartments being more suitable for small dogs compared to large dogs. In fact, if you own an apartment, check with the strata company for any restrictions on pets. Consider the pet’s type, breed and age as this will help determine the suitability of your property and how well the pet in question will live there. Lastly, if you are worried about installing a pet door when there isn’t one, tenants can purchase and install their own. The door fits into the door frame and no alteration will be made to the property. When the tenants move out, they simply “make good” by removing their pet door. We greatly recommend for landlords to be open to pets! If you aren’t sure, you can advertise that “pets may be considered” and then decide when a tenant applies and you can obtain more information about the pet. For more information please contact our Licensee Susan Lam on 0403 124 699 or at susan.lam@micasaproperty.com Or contact our team here
Dec 19, 2018
People of Bicton - Naomi Jones
img {object-fit: contain!important;} Showcasing People of Bicton Mi Casa Property Boutique Proudly Supports the People of Bicton Facebook page, where we highlight people in who make up our community. A while back we spoke to Naomi Jones - Owner of ID Clothing . Why Naomi Started ID Clothing My husband and I opened the store ten years ago. I had a back condition meaning I had two artificial discs put in my back. It was a really hard time as I was bed-ridden for lots of it and unable to do what I normally would. I decided I wanted to work for myself and I needed a purpose to wake up everyday. My husband and I decided on a clothes store and so I started to learn about it all myself, and we sat in the Melville shopping centre for a few weeks and months then decided this would be a good spot, as well as it being our local. What is ID Clothing about The shop’s name is “Id Clothing” and it is a spiritual term for self because I wanted it to be about you when you come into the shop. It is about the fashion but it is more about the person who comes into the shop, and making you feel good about yourself with fashion. I love people and meeting new people which is probably my favourite thing about having the store. Of course living up here and going to school around here, I do know a lot of people and you get to meet a lot of people in the community. Melville Plaza Community I love being in the shopping centre up here because it is not so much everyone knowing everyone, but everyone looks out for everyone and keeps an eye on each other. For example, we have an elderly gentleman who comes up everyday and he has some special needs and if he doesn’t come up here we’re all onto it, you know, “where is he? Has anyone seen him?” You know we aren’t related being up here but everyone keeps an eye on everyone and I think that’s a really nice thing. It is also a sense of belonging with the local community and dealing with the issues together, and that’s really lovely. People of Bicton Thank you Naomi for taking your time to speak with us. We love having you as part of the community. If you, or someone you know is interested in learning more about People of Bicton, or have someone you would like to nominate, then please do not hesitate to contact us here.
Dec 19, 2018
People of Bicton - Kerryn Woodhouse
img {object-fit: contain!important;} Showcasing People of Bicton Mi Casa Property Boutique Proudly Supports the People of Bicton Facebook page, where we highlight people in who make up our community. Recently we spoke to Kerryn Woodhouse - Principal Bicton Primary School How Kerryn came to Bicton In the middle of last year, my father passed away very suddenly which was extremely difficult for my family. I remember saying to my mum, “you just don’t know what is going to happen,” so his death definitely made me realise you’ve only got one shot. I applied for a range of things and was offered this position, and I love Bicton so far; it is the most beautiful school. The community, everyone coming out and willing to help, and the kids are just so beautiful and beautifully behaved. I like going into an organisation and assessing where you can make the biggest change. It’s really great coming here where the kids are already coming to school with such amazing abilities, so we have this niche to spend time with them to really enhance their skills not only in the academic world but also social, physical, emotional and how they are going to be citizens in this ever-changing world. Our curriculum becomes really crowded so we need to be innovative in the way that we’re teaching because kids need to be explicitly taught things like English, but once they get those basic understandings we really focus on letting them grow and explore and enquire because that’s what is going to prepare them for the jobs we don’t even know exist yet. Great things happening at Bicton Primary We have just been named the recipients of the Science Lab grant where the science lab will be fitted out with a range of different things so it can actually be functioning, and we have $25,000 allowing us to buy resources to support that. We have a community of scientists so we’re really building a relationship with our community and parents who actually work in that industry to be able to support the kids. What she loves about teaching One of the most incredible things about teaching is seeing the kids start from a point of progression and then end up at a totally different point at the end of the year. I think people can say “oh you become disconnected from that when you go into administration,” and I think that is a big possibility, so I think one of the things you can do as Principal is to make sure you are still connected to the classroom, still connected to the teachers, because once you lose that it can be very difficult to build those relationships again. I am going into the classrooms and giving support to keep that connection because at the end of the day, I am still a level three classroom teacher so I know I can teach, and when you walk the talk it really helps. Bicton is a phenomenal school but it’s always important to not get complacent. We can always improve, we can always do something better than we’ve done before, we can always implement change, and I am really excited for the opportunity to work with the staff, the kids, and the Bicton community throughout my time here. People of Bicton Thank you Carol for your tireless efforts in giving back to the community. We appreciate all that you do. If you, or someone you know is interested in learning more about People of Bicton, or have someone you would like to nominate, then please do not hesitate to contact us here.
Dec 19, 2018
People of Bicton - Carol Bray
img {object-fit: contain!important;} Showcasing People of Bicton Mi Casa Property Boutique Proudly Supports the People of Bicton Facebook page, where we highlight people in who make up our community. This month we spoke to Carol Bray - Captain of Bicton Girl’s Brigade and volunteer. About Carol I came to Australia with my parents and two brothers in 1964, as a ten-pound pom. We then spent six months at the Point Walter migrant hostel. I began my education in Australia at age 14, after already completing 3 years of schooling in England. I went to John Curtin, and my kids also went there after I did. Rodney and I have been married for 48 years, now with 4 children and 6 grandchildren. As a grandmother, I look after my grandchildren, and drop and pick up my grandson for school every day. Career-wise, I began as a volunteer assistant in the classroom, then, at 54 I did my education assistant certificate after my friends encouraged it. Carol in the Community Today, I am heavily involved with the Bicton Uniting Church, being a member, and also running the ‘Never Alone’ group once a month. I am also captain of the Bicton Girl’s Brigade, and I have been for 6 years. It is a Christian- based group, similar to ‘Girl Guides’ and we have a program of activities for each term. I find it amazing hearing the questions the girls ask and I always have to give a truthful answer to them. We mainly have primary school girls, from kindergarten to year 7, and the girls love it. Volunteer work I also volunteer at Bicton and Booragoon primary school. I’ve volunteered at Bicton for over 25 years, and now I have a group of six children (which I stay with for the entire year) that I do comprehension with on Monday mornings. I was the longest serving P and C president there in the 1990s, serving a total of 7 years. I used to run scripture classes there with my husband and some girls even joined the Girl’s Brigade after them. I’ve been assisting at Booragoon for a few years, and recently I have been helping a young girl with her reading. On Wednesday mornings we simply read together for about half an hour. I am also involved with the Valerie Heston school of dance. Every Saturday morning, I am there for morning teas and to support my two granddaughters who dance there. Written by Josie Trent People of Bicton Thank you Carol for your tireless efforts in giving back to the community. We appreciate all that you do. If you, or someone you know is interested in learning more about People of Bicton, or have someone you would like to nominate, then please do not hesitate to contact us here.