Market Update 2024 – Autumn Guide

As we embark on the journey of 2024, the horizon is painted with anticipation, with researchers predicting potential interest rate cuts later this year. Concurrently, recent tax reforms have set the stage for significant changes affecting homeowners across the board. In these dynamic times, staying informed and proactive is paramount.
We are here to provide you with the latest market updates and insights, empowering you to navigate this period of change with confidence and seize the opportunities that lie ahead.

Land Tax 2024 Snapshot

The Victorian State Government’s COVID debt recovery initiatives have resulted in many of you being required to pay Land Tax for the very first time, this year.
Previously, the assessable threshold for land holdings was set at $300,000, meaning that you were not required to pay land lax if the total value of your land holdings was <$300,000.
The Government has now significantly reduced this threshold to $50,000, hence the reason many of you find yourselves in unchartered territory.
We have received many questions from you that are of a specific nature pertaining to your individual circumstances. As this is a government levy, specific queries must go directly to the State Revenue Office Land tax | State Revenue Office.
We can provide you with the SRO current Land Tax Rates as below.
If You Do Not Agree with Your Land Tax Assessment

If you do not agree with the SRO’s Notice of Assessment, you will need to register for My Land Taxthrough the SRO website. Once you have completed the registration, ensure that you have your land tax assessment handy and if the assessment is in the name of an entity, you will also need a copy of a council rate notice.

If There is an Error on Your Assessment
To ensure that your assessment is current and accurate, please ensure that you update your details on My Land Tax.
  • Contact details
  • Assessment delivery preference
  • Updating principal place of residence
  • Removing land that you do not/no longer own as of 31 December
  • Apply for an exemption for a property that should have been marked as your principal place of residence.
If you do not update these details within 60 days of the issue date of your Assessment, you may be subject to penalties and/or be obligated to pay an incorrect assessment.
We recommend that you always make contact with the SRO for both general and specific advice when it comes to your land tax assessment, as they are the government body that administers, assesses and reviews the land tax assessments.
We also recommend that you consult your Accountant/Tax Agent as we cannot provide financial advice in relation to this.

Rental Report StatisticS Q4 2023

The December quarter 2023 Rental Report indicates that over the previous quarter the median rent has steadily increased by $15 in metropolitan Melbourne to $530 per week ($15 increase between June to Sep 2023), but remained stable in regional Victoria at $430 per week.

Rental Report Take-aways
In metropolitan Melbourne, the number of new lettings has decreased by 15.8% since the December quarter 2022.
The quarterly turnover rate for metropolitan Melbourne was 8.2%, higher than the rate in the December quarter 2022 (7.5%).
In Metropolitan Melbourne, the proportion of affordable new lettings increased to 8.2% in the December quarter 2023. This rate compares with 4.7% in the September quarter 2023 and 9.1% in the December quarter 2022.

(Source: dffh.vic.gov.au)

Categories: Buy, Sell, Lease

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