Tax and legal advice

Why First Home Owners Grant should not be a driving factor in investment decisions

By Bianca Dabu
Piggy bank

First-time property investors often consider a lot of things before making their first purchase—from their personal and financial goals to the possibility of renovation—but according to propertybuyer's Rich Harvey, First Home Owners Grant need not be one of them.

Property investor Colin Finch got the $10,000 First Home Owners Grant for his first property—a two-bedroom, two-bathroom, two-level townhouse off-the-plan in Maidstone, Victoria—in July 2015 and was wondering if it was a wrong first purchase.

"It's great to get that, but $10,000? Look, in the scheme of a property investment... [First Home Buyers Grant] shouldn't be driving factor for them making a decision on a property investment. Certainly, it's the icing on the cake, but consider the fundamentals of the property and the area that he's buying in first," Rich said.

"I mean, look what happened in Sydney. I can't remember the year that it was introduced, [maybe] 2011 or 2012—there was, what I call, huge pull-forward demand in that low end of the market. It just ignited that bottom end of the market, [and] properties between $400,000 to $600,000 just went crazy. It was just a bunfight to get properties in that bracket.

Smart Property Investment's Vivienne Kelly also made a point about how the access to the grant can affect the market and property investors in general. 

"There's been a lot of evidence with First Home Owners Grants... that if everyone has access to that money, it just ends up pushing up the prices, because if every first time buyer has an extra $10,000, then everyone can afford an extra $10,000 and it's not always the sort of carrot that people think it is," Vivienne said.

Property investors should instead focus on the fundamental drivers of growth in a certain area when deciding to purchase a property.

"What [happens in] the next 10 years for that area? Has it had its growth and is going to flat line for a while? Or are there enough fundamental drivers in terms of population, investment and infrastructure that's really going to drive the growth forward in that area? That's really key... to know," Rich said.

According to Phil Tarrant, editor of Smart Property Investment, knowing when an investor makes a wrong turn in his journey is as simple as looking back to his own goals. After all, there is no one sure way to success in property investment.

As always, good education and mentorship go a long way in ensuring that one is always on the right path towards achieving his short- and long-term goals.

Tune in to The Smart Property Investment Show's special Q&A episode to know the answers to some of the most frequently asked questions about property investment, including off-the-plan risks, creating equity, the financial backing you need to get started. and identifying the best real estate agents to sell a property.


 

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  ["id"]=>
  string(5) "18177"
  ["title"]=>
  string(51) "Boost for investors as app sets up off-site bidding"
  ["alias"]=>
  string(55) "boost-for-investors-as-new-app-sets-up-off-site-bidding"
  ["introtext"]=>
  string(144) "

Property investors are now able to identify and bid on auctions remotely using a new live-streaming functionality launched by Gavl.

" ["fulltext"]=> string(1540) "

Called “Request an Auction”, the new functionality enables users to watch and bid on any Sydney or Melbourne auction remotely.

Through Gavl, prospective buyers are now able to register to bid on their preferred auction. The platform will obtain permission from the listing agent and confirm within 48 hours.

Vendors can also request to have their auctions broadcast to a larger buyer audience.

Co-founder Joel Smith said that auctions streamed on Gavl attract 47 per cent more viewers than traditional ones.

He said that Request an Auction will be valuable for remote buyers.

“Buyers are able to have Gavl attend any auction they nominate, so they will never have to miss out on an opportunity due to logistical complications in physically attending the auction.

“Vendors, too, have the opportunity to directly book an auction with us, so they can open up their event to buyers all around the world. With more potential buyers, they’re giving their property the chance to receive more bids and maximise their sales result.”

Mr Smith said that prior to the Request an Auction app, buyers were limited to what they could achieve through the Gavl technology.

Gavl is a live-streaming and bidding platform for real estate auctions.

Mr Smith said that it has streamed more than 6,000 auctions, which have achieved 3.5 million views from 50 countries.

Gavl’s Request an Auction function is currently being offered in Melbourne and Sydney only.

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Boost for investors as app sets up off-site bidding
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Having to split her time between Hong Kong and her original base of Sydney has not slowed Julia Tita’s goal of building a high-performance Australian property portfolio. Instead the resulting alterations to her strategy have positively impacted her investing success.

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Having recently purchased her 6th property, Julia joins host Tim Neary to discuss her journey, share her ups and downs over the years, and reveal her thoughts on why some properties are better than others.

Julia also explains why she no longer makes a move without the help of a buyer’s agent, why working with a strong team of specialists is extremely important and discloses her long-term property ambitions.

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:

Why is Australian property so unaffordable?
Brisbane infrastructure attracts international interest
Going global
Australia desirable to foreign investors

AREAS MENTIONED:

Eagleby
Charters Towers
Townsville
Brisbane
Paddington
Sydney
Orange
Melbourne 
Glen Iris
Bondi

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How a move to Hong Kong impacted Julia’s Australian property goals
object(stdClass)#1192 (52) {
  ["id"]=>
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  ["title"]=>
  string(88) "‘Common’ referrer practice of being paid on both sides of the fence coming to an end"
  ["alias"]=>
  string(82) "common-referrer-practice-of-being-paid-on-both-sides-of-the-fence-coming-to-an-end"
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  string(246) "

The practice of property investment firms sharing undisclosed kickbacks among the supply chain involved in development sales will be outlawed in NSW on 1 July this year under the Real Estate Reform being handed down by regulators in NSW.

" ["fulltext"]=> string(2238) "

Property commentator and valuer, Suburbanite’s Anna Porter, said the reform will address conflicts of interest.

She said they arise when a mortgage broker, accountant or financial planner receives part of the commission from the property firm, who receive their fees from the developer or seller.

“This puts the broker into a position by which they are being paid on both sides of the fence,” she said.

“Until now this has been a grey area and there was nothing stopping this practice.” 

Ms Porter said this has been a common practice in the industry.

"Some well-known mortgage broking firms openly admit to receiving $5,000–$10,000 per referral in their pocket.”

She also said this process has been going on for decades.

"Property investment firms commonly pass some of their commission on to the mortgage broker, accountant or financial planner as a reward to them for passing on the referral. This means that many brokers or financial service providers are making significant amounts of money just to refer on to a property firm, often totalling hundreds of thousands of dollars a year," Anna Porter said.

Ms Porter said the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017 will be in force from July this year, and will prohibit this practice unless the broker or referring partner also holds a real estate industry license.

"Under the new laws, if the broker takes a referral fee from the property firm, they will have to be a licensed real estate agent and also hold a corporation’s license,” she said. 

“Subsequently, every transaction that they receive a referral fee from, they will be putting their license up against the transaction and taking full liability for the conduct, practices and outcome of that transaction, even if they have little to do with the transaction; they are a party to it financially and therefore take as much risk as everyone else in the transaction.”

Mr Porter said where a referrer holds a real estate license, and receives a part of the sale commission, they may find themselves in breach of the ethical requirements under the act.

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‘Common’ referrer practice of being paid on both sides of the fence coming to an end

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