Market Wrap

Welcome to you all,

Apologies for the lateness of this blog, with all the holidays of late time has flown.

Are you aware that under the new Yass Valley Council Rural Lands LEP all land that was zoned rural (80Ha) may be able to be subdivided into building blocks as small as 20Ha and as large as 70Ha?

These building blocks are very sought after by buyers looking for a rural lifestyle and hobby farms.

Subdivision can be a complex process and there are many factors that need to be considered prior to making a decision;

  • The gross yield of the value of the subdivided land compared to the value of the farm as a whole.
  • The costs of development such as council fees, road construction, fencing, surveyors costs etc.
  • What impact this subdivision will have on your continued farming activities.
  • Does the subdivision need to be a ‘Community Scheme’ or can it be freehold title.

Yass Real Estate has extensive subdivision experience both in the initial process and final marketing.

We work closely with local Surveyors DPS, and Council to ensure that our clients achieve maximum marketability of their projects 

If you would like a confidential and obligation free discussion on the possibilities of a subdivision of your property, please contact me.  

Market Wrap

Enquires have slowed however this can be expected with the ongoing holidays and long weekends we have experienced since Easter. The looming election I am sure is also contributing to the slower market. I note on the news the large loss incurred in the share market for the McGrath group where they have also stated this loss is attributed to a reduction in sales and listings over recent times in Sydney.

Despite what appears to be a very quiet time in the real estate market we have still experienced some great sales. Most buyers out in the market place now are genuine so sales are still happening.

We are seeing a lot of enquiry from Sydney especially with rural land and I expect with the change in the minimum lot size for Rural land the traditional 80ha (200 acre) lot will become very sought after in time.

 

Finance Provided by                

 

Stamp Duty - First Home Concession:  After 1 July 2012 The transfer duty exemption cap on new homes increases to $550,000 with duty concessions for new homes valued between $550,000 and $650,000 and this cap on vacant land increases to $350,000 with duty concessions for vacant land valued between $350,000 and $450,000. 

First Home Owner Grant (New Homes) The Scheme applies to new homes only and will reduce to $10,000 on 1 January 2016. The value of the property must not exceed the First Home Owner Grant Cap of $750,000.

New Home Grant scheme 

Introduced on 1 July 2012 to stimulate the construction of new homes. The scheme provides a grant of $5,000 towards the purchase of new homes, homes off the plan and vacant land on which a new home will be built. The value of the new home must not exceed $650,000 and the value of vacant land must not exceed $450,000. 

 

Kind regards,

Michael Gray JP

Principal