Property news you need to know: The week ending 31 October

Smart Property Investment is pleased to present a weekly round-up of the biggest stories across property, investment, real estate, and finance, with thanks to Momentum Media.

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Here are the biggest stories for the week ending 31 October 2021:

  1. $3m+ in trust account transfers land Victorian director in legal trouble

A former real estate agent, who was the officer in effective control and the sole director of an agency, has been prosecuted for withdrawing more than $3 million from a trust account before depositing the money back into that account at a later date.

  1. Rethink capital gains tax, NSW tells federal government

The state government has urged for a review of housing tax settings, stating the capital gains tax discount unfairly advantages investors and erodes affordability.

  1. ‘Call it what it is’: Why this CEO is concerned by CBA’s latest deal

A network CEO has decried the new Commonwealth Bank deal with :Different, warning business owners and property managers that they could soon be facing competition issues.

  1. NAB predicts sharp slowing of property prices in 2022

The bank has revised its price forecasts for both 2021 and 2022.

  1. The rising price tag for new builds

The cost of building a new home has risen substantially over the past year, with increases in land prices compounded by a materials shortage, according to a report.

  1. Investors flock to QLD as vacancy rates stay ridiculously low

Showcasing the popularity of Queensland as an investor haven, new investor loan commitments in the state reached $1.86 billion in August alone.

  1. NSW short-term rental accommodation rules kick off 1 November

From next week, the new short-term rental accommodation (STRA) provider rules for NSW will finally come into effect after widespread backlash delayed their start.

  1. Expand comprehensive credit reporting, say lenders

The Australian Finance Industry Association has called for comprehensive credit reporting to be extended to smaller specialist lenders and fintechs, in order to boost competition.

  1. The Agency talks growth strategy

ASX-listed The Agency is pulling the curtain on the strategy that’s fed the company’s exponential growth since going public in December 2016. 

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