Filed under: Bootcamp budget workshop
The federal budget was announced last night and the big news in the property market was that the First Home Owners Boost will be extended for six months.
At the moment: New Home buyers receive $21,000 and Existing Home Buyers receive $14,000
From October 1 2009: New Home buyers receive $14,500 and Existing Home buyers receive $10,500
From December 31 2009: It will revert to the original amount of $7,000
(Note that state government and regional bonuses are added to these amounts)
How will the budget affect the property market?
The main effect will come from the phasing out of the First Home Owner’s boost. It seems that the first home buying frenzy will continue, and that means that prices for houses around $500,000 will continue to grow until the end of the year.
Tax cuts will also impact people’s confidence in the market, with a little more in their pockets each week, coupled with low interest rates and high rents, encouraging people to buy their own homes sooner rather than later.
The rail and road projects announced may present buying opportunities as commutability, particularly from the South West sector is improved by the West Werribbee rail link.
Wednesday 20th May at 7 p.m.
Buying Property in your Self Managed Super Fund
Speaking of Bricks and Mortar, after a volatile year in the stock market, I'm getting lot's more interest in buying property using a SMSF. So I have asked Katrina Gay, financial planner to the stars, and Sharon O'Malley, accountant with the mostest to join me to discuss the pros and cons of buying property in your SMSF. Please phone Ro in the office on 9818 6755 to book your place.
Property Investment Bootcamp
There are still two places available in September and three in October.
If you’re thinking about attending, please ring Ro (03) 9818 6755 to reserve your place now before they go!