Finance advice
Paul Bennion

Low interest rates delivering new building boom in Australia

By Paul Bennion

Low interest rates over the last eighteen months are now beginning to have a major impact on the residential building sector with building construction now rising strongly throughout Australia.

Blogger: Paul Bennion, Managing Director, DEPPRO tax depreciation specialists

This trend is underlined by the latest ABS building approval figures for new dwellings.

They show that during the past year the past year, the number of new dwellings approved for construction has jumped by 25% throughout Australia.

The biggest growth was in higher density homes such as apartments with private sector dwellings –excluding houses – surging by 39.4%.

In Western Australia, for example, residential building approvals are now at a near record high with 21,227 private sector homes being approved last year which was just short of the all-time record year of 2006 when 21,367 new dwellings were approved.

Over the last year, property investors have helped the drive the demand for new housing especially higher density homes such as apartments. Low interest rates have encouraged many first time investors back into the property market and with interest rate set to remain steady for some time, this is only giving further confidence to investors to purchase more properties.

Rental returns are also high and with property prices rising, developers are therefore finding it much easier to sell new apartment developments off the plan to property investors.

This trend is reflected in the number of tax depreciation schedules undertaken by DEPPRO for investors buying new properties which overall has jumped by up to 30% in some areas of Australia.

In particular, DEPPRO is finding strong demand amongst first time investors for tax depreciation reports who have recently bought a new apartment.
However, it is unfortunate that many first time property investors who purchase apartments and units for investment purposes are still the most common group of investors who fail to obtain the full tax depreciation entitlements.

These first time investors fail to understand that the tax benefits from depreciation can be just as important as rental income. This is particularly the case with people buying an apartment because one year’s depreciation allowance could be equal to several years of rental income.

While there are many issues concerning the depreciation entitlements on properties, in most cases, strata style homes such as apartments provide a higher rate of depreciation than houses - all being equal.

Currently, there are a large number of new strata developments being sold to investors in Australia. Generally, owners of these strata style homes only depreciate the internal fixtures of the property without taking into account other items such as common property areas including car parking and recreational facilities.

Most investors do not realize that tax benefits obtained through depreciation can be equivalent to 60% of the total purchase price of the property.

For investors buying a new apartment this can equate to over $250,000 in possible tax benefits through depreciation. A large proportion of these tax benefits are never claimed which means that each year hundreds of millions of dollars in tax benefits are lost every year by investors not claiming their legitimate entitlements.

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About the Blogger

Paul Bennion

Paul Bennion

Paul Bennion is the managing director of DEPPRO tax depreciation specialists.
DEPPRO Pty Ltd is Australia’s leading property depreciation company, specialising solely in the preparation of tax depreciation reports for residential, commercial, industrial and leisure investment properties.

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  string(38) "From pirouettes to property investment"
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If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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The hard-to-swallow truth: The prickly points of the Airbnb reforms
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AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment
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Jillian Stewart's investment journey began in 2009 with a property loan being used for anything but - and the purchase of half a house. And while she claims to have done everything wrong along the way, her current portfolio boasting 15 (and a half) properties, suggests otherwise.

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On this episode of the Smart Property Investment Show, Jillian joins host Phil Tarrant to unpack her portfolio and explain the reasoning behind her investment decisions. She discusses her plan to purchase through the company and reveals the link between her properties, earth moving and cotton farming.

One of Jillian's daughters joins in briefly to discuss the value in educating children about money, and how another is just about ready to purchase her first property - while still at school! They also reveal how Jillian encourages her children to grow wealth in a move that many kids might not be too happy about.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

Slowing rents show rental properties need clear differentiation
Where are listings seeing the biggest rises and falls?
Country v city and how to beat the assumptions


AREAS MENTIONED:

Moree
Inverell
Walgett
Come By Chance
Sydney
Stuarts Point
Kempsey
Northam
H
exham
Hervey Bay
Craignish
Nurrumba
Dysart
Inverell
Tannum Sands
Mackay
B
oomi
Goondiwindi
Deception Bay

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Half a house to more than 15 in 8 years
object(stdClass)#1202 (52) {
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  ["title"]=>
  string(58) "Where the major off-the-plan hotspots are around Australia"
  ["alias"]=>
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  ["introtext"]=>
  string(231) "

Buying off-the-plan can be lucrative in the long run, if you can get over the risk factor. If you want to minimise the risk and maximise your chances at profitability, these suburbs might be just what you’re looking for.

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Outlined in The Australian Off The Plan Sentiment Report, published by Investorist, Domain’s data scientist Dr Nicola Powell has outlined where in major markets investors should focus their efforts when purchasing property off-the-plan:

Sydney

The south-west region of Sydney has seen an increase of interest in new developments, with Leppington, Austral and Edmondson Park, as well as Marsden Park, which all offer the widest variety of developments available to buy into, according to Domain data.

Sydney was also the most popular capital city for off-the-plan interest, with Domain recording over 2 million views for the property type.

Brisbane

The increased number of new developments has impacted on price growth in the unit market with supply stronger than demand, yet off-the-plan listing prices remain higher than listing prices for all new developments.

The full extent of the market however is yet to be seen, as it is adjusting with the fall of new development commencements and completed developments slide from the peak. Boutique developments in the inner city, targeted towards owner-occupiers, have the potential to show signs of improvement amid underperforming inner city Brisbane units.

Canberra

The key area in all of Canberra is Gungahlin, which according to Dr Powell contains numerous opportunities for buyers, as the area has seen a “significant transformation”.

Gungahlin currently is Canberra’s fastest growing area, seeing its population double in the last 10 years, there is a light rail project under construction and the first commonwealth government agency is scheduled to relocate to the area. Moncrieff is the most popular Gungahlin suburb, with the most development listings and views according to Domain data and has continued to remain popular even with other developments undergoing construction in Throsby, Taylor and Kenny.

Melbourne

Out of all the property types, new house and land packages topped Domain’s list for Victoria in 2017 with 1.8 million views, showing there is high demand for them due to employment opportunities getting stronger and affordability hurdles getting lower. There is also a solid chance for growth, as the strong demand saw prices for new house and land packages rise over 2017.

West Melbourne was the most popular region for off-the-plan supply and demand with the most listings and views, with popular suburbs including Tarneit, Werribee and Rockbank.

Perth

Demand for new house and land packages were proportionally high, making up 87.5 per cent of all listing views, with the majority of listings stemming from south-west and south-east regions of Perth, with the suburbs Baldivis, Piara Waters, Wellard and Hilbert ranking at the top.

There was also strong demand for listings in the north, which include the north-east suburb of Morley and the north west suburb of Doubleview.

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Where the major off-the-plan hotspots are around Australia

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