Tax and legal advice

Gvt called on to cut negative gearing

By webmaster

A new report has called for negatively geared investors to have their tax rebates cut back, according to a housing supply study released this week that is being presented to both federal and state government agencies.

The McKell Institute’s “Homes for All” report, The 40 things we can do to improve supply and affordability, encourages all politicians to recognise that negative gearing and untaxed capital gains are inflating prices and says that these investment incentives should be cut back as 'Action 16' of the recommendations.

The negative gearing changes suggested in the report try to counter what the McKell Institute sees as an “equity issue”, according to report author Sean Macken.

“We believe that negative gearing is helping those who already have access to property to be able to have access to more, which is pushing up the price of housing for everyone,” Mr Macken told Smart Property Investment.

“We need to increase the supply of housing but we also need to stop intensifying the demand for housing because we find that, in particular, our younger people are being crowded out by people with three, four, or more properties,” he said.

He explained that housing affordability is particularly a huge issue in New South Wales.

“There are increasing numbers unable to get any property at all,” he said.

The report found that 55 per cent of homes are owned by 22 per cent of the population and were negative gearing to be cut back he expects that investors would remain in the market.

“We are arguing that we believe people will still invest in more properties and maintain the rental market – they just shouldn’t be given such a big tax concession.”

He recommends that negative gearing be phased out, rather than cancelled overnight, and that it could potentially still remain for new properties and off the plan purchases.

BIS Shrapnel’s managing director Robert Mellor, however, believes that it actually provides affordable housing for people in the way of rental properties.

“I always think that the continued operation of negative gearing provides an incentive for investors to get into the market that leads them to ultimately keep rents at a lower level than they would otherwise be, as it is keeping investors more focused on capital growth properties and therefore rents aren’t quite as high,” Mr Mellor told Smart Property Investment, suggesting that if negative gearing were to be removed investors would be seeking higher payments from tenants.

“I think if negative gearing would be removed tomorrow, rents would have to rise to keep up with some of that potential benefit that people are getting.”

“Criticism of negative gearing is overdone,” he said, explaining that most investors only have one or two properties.

“I think the majority of people who are investing in residential are not negatively gearing anyway, but even so, why shouldn’t expenses associated with the purchase of a property be a deduction just like you can make deductions for all other sort of investments?”

While negative gearing and the reduction of the capital gains tax did help make the boom bigger in the past, he said that currently we are not seeing any increase in prices regardless.

“I would be really concerned that in markets like Sydney, when we’re not seeing much capital growth anyway, there would be a real significant discouragement for investors in the market," he said.

“People have this preoccupation with the negative impacts and that it fuels price growth. Well it does in a boom but we’ve long moved on from increases in prices, in the case of the Sydney market we’ve only had one good year in the last eight… We’re not going to see 40 or 50 per cent growth in a few years.”

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  string(334) "

Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

" ["fulltext"]=> string(2483) "

In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

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:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["title"]=>
  string(38) "From pirouettes to property investment"
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  ["introtext"]=>
  string(381) "

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!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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