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Latest News

Latest News

Westpac raises interest rates

Westpac has introduced changes to its fixed rates, effective 1 August 2017. Investor fixed PandI rates with two-year terms will grow by 31 basis points to 4.39 per cent, while three-year terms will see a fall of 5 basis points to 4.44 per cent. Five and six-year terms will both fall 10 basis points to 4.69 per cent.

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Clearance Certificate

From 1 July 2017, real property disposals by foreign vendors where the contract price is $750,000 and above (previously $2 million) will attract the foreign resident capital gains withholding (FRCGW) tax rate of 12.5% (previously 10%). Australian resident vendors selling real property can avoid the 12.5% withholding by providing a 'Clearance Certificate' from the ATO prior to settlement.

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St George Niches

We wanted to highlight some of St George's key niches: - Genuine savings can be verified by rental paid to a property manager over last 12 months and Funds to complete can come from FHOG if construction

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Australians hopeless savers

One-third of Australians do not have a savings account and are spending all of their money by payday, according to new research by NAB's Ubank.

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China to spend $104 billion on property this year

Global real estate investment from Chinese nationals is expected to hit $104.5bn this year, according to a new report from property portal Juwai.com.

These figures are lower than the record highs of 2016 when China poured $133.7bn into property across the world. Australia received the second largest share of this outflowing capital, Juwai's Chinese Global Property Investment Report found.

For specific amounts invested in Australian property, data from the Foreign Investment Review Board (FIRB) found that Chinese buyers were approved to purchase $23.8bn of property in 2015-2016 and $18.4bn in 2014-2015.

Juwai's estimate of $104.5bn is calculated from real estate purchases made by both corporate and individual investors and is based on the firm's own data as well as that of industry and government.

"This is the first time in history that Chinese buyers acquired more than AU$130bn of international real estate," said Sue Jong, chief of operations for Juwai.com. "The 2016 total represents a 25.4% increase over 2015 and an 845% increase over five years. Our forecast suggests 2017 will also be one of the top three years on record."

Although investment flows in Australia had dropped significantly from their peak, they still remained strong by historic standards, she said. This decrease has been helped by tighter capital controls, bank lending standards and higher foreign buyer taxes.

Jong expected significant Chinese investment in the years to come and told Australian Broker that Australia's share of that money would remain more or less the same.

"However, it's too early to predict what exactly will happen over the next 10 years. What we can say is that we are confident that if current trends are maintained, Chinese real estate investment in Australia in 2017 will be about the same as 2015."

Last year, the top five countries for Chinese investment by dollar amount were as follows:

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