Acreage Market Wrap - 12th July 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

This week there’s been a lot of concerns about the spread of the Coronavirus in Victoria and the 6 weeks lockdown imposed by the Victorian government. We need to be very careful to do whatever we can to avoid a 2nd phase of the pandemic occurring in New South Wales, because it would be another massive blow to our local economy.

Even though the 6 weeks lockdown has only just been imposed on a number postcodes of Melbourne, earlier this week a buyer wanted to fly up from Melbourne to inspect an acreage property but we had to politely decline the inspection and postpone the appointment until we can be sure that our clients are not going to be put at any risk.

It’s going to be very interesting to see how this next phase of Covid-19 plays out here in Australia over the next six weeks.

In the meantime, it was good to see the decision by the Australian Banking Association to extend the loan repayment deferral period for another four months, which allows more breathing space for mortgage holders after September.

In other news, a couple of weeks ago the NSW Government announced that they predicted Sydney will need another 1 million homes by 2041 to keep up with the population growth...and when you consider the news this week that Hambledon Park (known locally as Peels Dairy), the 253 hectares (625 acres) farm on The Terrace in North Richmond has been sold for $60 million to businessman John Camilleri, I predict that before this decade is over there’ll be development approval for a couple of thousands homes on this property.

You see, the new owners were involved with getting The Gables development in Box Hill approved through State Planning and the same developer has recently gained approval for the 580 lot subdivision in Glossodia, and Hawkesbury City Council will have very little control over stopping the housing development of ‘Hambledon Park’ in the near future.

To get the subdivision through faster, it's likely the developers will have to contribute millions of dollars towards the proposed 2nd river crossing at North Richmond on top of the $200 million allocated towards the construction of a new river crossing in last year's Federal budget. Developer funding towards projects will continue to play a huge role in driving Sydney's economy.

There's plenty more that's going to be said about this matter over the coming months, however one thing is for sure, the proposed 2nd river crossing at North Richmond is still several years away from being completed, and the crossing needs to be designed and built to allow for future traffic volumes, not just based upon the current issues experienced by the commuters trying to cross the river.

How’s The Acreage Market?

Currently there are 391 acreage properties For Sale across the region. This total includes 221 acreage properties For Sale throughout The Hawkesbury, 122 throughout The Hills district and another 48 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

There were 11 new acreage listings this week, and there were only 11 acreage properties Sold this week (which is creating more of a balanced market). Plus, there are currently 19 acreage properties ‘Under Contract’ across the region.

Out in the field this week, enquiries for acreages increased slightly and there was some very competitive bidding between buyers for both 6 O’Dell Street, Vineyard and 51-55 Cherrybrook Chase, Londonderry.

Both of these properties were Sold over the past few days.

Vineyard

6 O’Dell Street

Londonderry

51-55 Cherrybrook Chase

The auction campaign for the property at Londonderry generated over 100 acreage enquiries and there were 7 registered bidders, which means that with these 2 properties now Sold, the underbidders who missed out are now actively in the market and are searching for a suitable acreage property to buy.

So, if you’re thinking of selling your acreage property I may already be working with your ideal buyer, and we could match them to your property with a $Zero marketing investment via my hugely successful ‘Off-Market Acres’ system.

For buyers on the look out for an acreage property, keep a close eye out over the next few weeks because I have a number of ‘Off-Market Acres’ listings that I’ll be promoting exclusively to my database of acreage buyers. If you’d like to get early-bird access to any of my ‘Off-Market Acres’ you can find out more and register for FREE at www.offmarketacres.com.au

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 4th July 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

The Real Estate Institute of Australia has welcomed, the draft report of the Independent NSW Review of Federal Financial Relations. Supporting the road to recovery.

In summary, the report noted a strong case for reforming the GST which is now 20 years old, and scaling back inefficient taxes, which includes stamp duty on property transactions.

“The REIA supports the call for the newly formed National Cabinet to commence the long overdue discussion to adjust the GST and remove inefficient taxes such as stamp duty on property transactions to boost economic growth at this crucial time and not let this report gather dust on the bookshelf as others have,” said Mr Adrian Kelly, President of the Real Estate Institute of Australia.

At a Glance:

• Taxes are one of the factors determining investment in housing

• The housing sector is one of the most heavily taxed sectors of the Australian economy

• Stamp duties on the transfer of property are the second-largest source of state tax revenue (generating 24 per cent of state tax revenue) yet they are a highly volatile tax, with revenue fluctuating by over 50 per cent

A notable earlier review, the Henry Review stated stamp duties on conveyances were inconsistent with the needs of a modern tax system and should be replaced with a more efficient means of raising revenue.

“Economic analysis shows that economic activity in Australia can be lifted by shifting the composition of taxes from high economic cost State taxes to lower cost Australia-wide taxes, without changing the overall level of tax revenues.”

For more information about possible changes to Stamp Duty, you may like to check out the following links...

https://www.therealestateconversation.com.au/news/2020/07/03/strong-case-reforming-gst-and-reducing-reliance-harmful-taxes/1593738072

https://www.mcgrath.com.au/advice/articles/john-mcgrath-stamp-duty-pay-upfront-or-yearly-tax

https://www.gregvincent.tv/blog/Why-NSW-Govt-Proposed-Changes-To-Stamp-Duty-Need-To-Be-Rolled-Out-Retrospectively

Since Wednesday, another ten thousand first-home buyers are now able to apply for federal government assistance that could shave years off their mortgages.

The second intake of the much-anticipated First Home Loan Deposit Scheme is designed to give first-home buyers a leg-up in the property market by providing banks with a guarantee for up to 15 per cent of a property’s value.

It means struggling savers can secure their first mortgage with a deposit as little as 5 per cent and avoid paying costly lenders’ mortgage insurance.

Under the eligibility criteria, borrowers who have been approved for the scheme have 90 days to exchange contracts on a property, so we should see a lot of sales happening in the bottom end of the housing market over the next quarter.

For more information, see the link below...

https://www.domain.com.au/news/thousands-to-purchase-first-property-in-federal-governments-second-first-home-loan-deposit-scheme-intake-965808/

Also, this week, John McGrath answered 3 important questions for anyone looking to invest in property, like:-

1. What’s happening with property prices?

2. What’s happening with weekly rents?

3. What should investors do now?

One of John’s tips was,

“Consider regional satellite cities or desirable lifestyle areas. They should get a great boost from more people working from home, which will incentivise regional relocations in coming years.”

...and I’ve already noticed an increase in enquiry from investors looking for quality ‘land-bank’ acreage opportunities around the fringes of Sydney.

To find out more about John McGrath’s tips check out…

https://www.mcgrath.com.au/advice/articles/john-mcgrath-rents-investments-and-what-to-do-next

How’s The Acreage Market?

Currently there are 402 acreage properties For Sale across the region. This total includes 230 acreage properties For Sale throughout The Hawkesbury, 123 throughout The Hills district and another 49 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

There were 20 new acreages come onto the market this week, and there were only 4 acreage properties Sold this week (but that’s on top of the 36 acreages that were Sold over the past fortnight). Plus, there are currently 21 acreage properties ‘Under Contract’ across the region.

Out in the field, there were a lot buyers out & about looking at acreage properties this week. We had a good turn out at today’s Open Homes, even though it’s start of the school holidays and lots of people have been anxious to get away after home-schooling and the recent Coronavirus lockdown. Plus, there were quite a few buyers attending the midweek Twilight Viewings we held earlier in the week. Enquiry level for acreage continued to be strong but it was down slightly on last week.

Coming up this week, it will be very interesting to see what happens at this Saturday’s auctions of 11 Pitt Street, Windsor and 51-55 Cherrybrook Chase, Londonderry. There’s been lots of interest in both of these properties with several contracts issued. If you’re in the area on Saturday feel welcome to come along and check out either of these live auctions.

Finally, as I’ve mentioned previously, if you want to stay up-to-date with what’s really going on out there in the Australian property market make sure to follow the #OZpropertyAlive hashtag.

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 27th June 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

Whilst there’s been a bit of uncertainty about the possibility of a second wave of COVID-19 restrictions in the media this week, it certainly hasn’t stemmed the flow of interest from buyers in the acreage sector. In fact, there seem to be a lot more people now looking to escape away from the city life and they’re seeing this North West part of Sydney as a convenient & affordable rural lifestyle option for their family.

Speaking of affordable, I caught up with a client the other day and we got talking about the current interest rates and some of the incredibly low home loan deals on offer today.

He was saying that he was recently quoted a fixed mortgage rate of only 2.19% and some lenders are even offering cashbacks of up to $2,000 to help you refinance.

There are some incredible deals available at the moment and if you’re planning to stay put for the next few years a home loan health check is definitely well worth your time & effort in the present climate, because chances are that you might be missing out on some substantial savings.

For anyone watching this who may be considering an upgrade from a residential block to an acreage lifestyle on Sydney’s fringes, you’ll find that acreage prices are currently about their most affordable level that they’ve been for the past 5 years.

…and if acreage buyer activity keeps increasing at the current rate and available acreage stock levels continue to decrease, the affordability gap looks like it will widen very quickly as upward pressure starts to drive price growth within the acreage sector.

You see, this next week is going be very interesting to watch what happens in the housing sector after the injection of an extra 10,000 first home buyers enter the market across Australia.

Many of these first home buyers have been hanging out for the 1st of July to hurry up and arrive so that they can try to snap-up the next batch of the Federal Governments First Home Loan Deposit Scheme allocations, and we could start to see activity increase in the market like we saw back in January when the first 10,000 became available.

We are already starting to see more activity in the acreage sector and when comparing the acreage stats, with where they were a few weeks ago, it’s now quite noticeable that acreage stock levels are steadily reducing during these Winter months and acreage sales are now on the increase.

How’s the Acreage Market?

Currently there are 399 acreage properties For Sale across the region (the first time there’s been less than 400 available for months). This total includes 234 acreage properties For Sale throughout The Hawkesbury, 114 throughout The Hills district and another 51 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

There were 12 new acreages come onto the market this week, and there were another 20 acreage properties Sold this week (and that’s on top of the 16 acreages that were Sold last week). Plus, there are currently 19 acreage properties ‘Under Contract’ across the region.

Out in the field, there were a lot buyers out & about looking at acreages this week. We had a great turn out at today’s Open Homes, plus I was really surprised by the volume of buyers who attended our midweek Twilight Viewings earlier in the week, plus enquiries levels for acreage was still very strong and was up slightly on last week’s levels.

Coming up this week, I’ll be launching the 2 ‘Off-Market Acres’ properties to that I mentioned briefly last week. One’s an exclusive landmark riverfront 25 acres property on the Hawkesbury River. It’s an amazing property. The other is a very unique acreage opportunity that’s located in a prime position just on the outer fringes of the North West Growth Centre.

If you want to be among the first to see either of these 2 new ‘Off-Market Acres’ listings or would like access to the other ‘Off-Market Acres’ properties that I currently have available, simply register at www.OffMarketAcres.com.au

Finally, if you want to stay up-to-date with what’s really going on out there in the Australian property market make sure to follow the #OzPropertyAlive hashtag.

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 20th June 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

This week, Deborah Cullen, from Knight Frank Australia, explained how “COVID-19 has changed many aspects of our lives, but one, perhaps less expected impact, has been a significant rise in demand for prestige rural and coastal properties.”

Plus, Matthew Fleming, CEO of Contemporary Hotels Group said that, “they have seen an explosion of demand for holiday homes since restrictions have eased.

As demand for prestige rural properties rises, values are strengthening. But amid a global pandemic, buyers are realising that a rural retreat is not just a sound investment, and a place to unwind. It can also be a valuable safe haven that protects the wellbeing of the whole family in uncertain times.”

In addition, this week property expert, John McGrath shared a number of trends that he sees for the future as we emerge from the Covid-19 pandemic.

1. More multi-generational households

Job losses and financial stress will bring families together. We’re already seeing many young renters moving back home with mum and dad.

2. Empty nesters to downsize earlier

Some empty nesters will downsize earlier because their businesses won’t survive. With their superannuation also diluted, cashing in the family home might be the most appealing option.

3. Working from home in lifestyle locations

A large contingent of permanently home-based workers will likely head to the regions for a better lifestyle within commuting distance of the city.

4. Technology makes it easier and more efficient

Covid-19 forced every agent to adopt high-tech work tools overnight.

Online auctions, greater use of virtual tours, meetings via zoom and streamed inspections are now the way of the future. This will make it easier than ever before for people to research, buy and sell property.

5. More overseas buyers

Our agents sold half a dozen or so properties to people overseas who couldn’t inspect them during the lock down, which shows just how good the buyer experience has become online.

6. Work from home will influence design

Designated home offices, home gyms and multi-purpose spaces will be the new must-haves. Home owners will be more mindful of creating safe, adaptable environments that are pleasant to work in. Those who depart cities for affordable regional areas will want big houses with lots of extra rooms.

If you’d like to see more of John McGrath’s predictions for the future, here’s a link to his insights.

What’s Ahead For Acreage?

Something else to consider that I sense will have a significant impact on the property market over the next few weeks is that we’re now only 10 days away from the roll out of the next phase of the Federal Government’s First Home Loan Deposit Scheme which will be available on the 1st of July to another 10,000 first home buyers.

This should have a similar impact on the market as it did back in January and we will start to see a lot more activity at the bottom end of the housing market as thousands of first home buyers enter the property market, and the good news is that we should see a ripple effect which will in turn increase buyer activity in the acreage sector.

So if you’re thinking of selling your acreage property, the remaining winter months of July and August could be a great time to sell, especially if you want to get sold before the potential September cliff-edge and the likelihood of more economic uncertainty that many have been predicting may occur as the Government initiatives start to cease.

How’s The Acreage Market?

Currently there are 419 acreage properties For Sale across the region (13 less than last week), which includes 241 acreage properties For Sale throughout The Hawkesbury, 125 throughout The Hills district and another 53 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

There were only 7 new acreage listings come onto the market this week, and there were 16 acreage properties Sold this week. Plus another positive sign that the market is improving, there are currently 21 acreage properties ‘Under Contract’ across the region.

Out in the field, there were a large number of buyers out looking at acreages at today’s Open Homes and enquiry numbers increased dramatically this week.

This week I launched two properties, the large 5 bedroom homestead at 51-55 Cherrybrook Chase, Londonderry is set amongst a three acre property in an excellent ‘flood-free’ location and the cars were lined up down the street for this property at today’s Open Home.

The 2nd property at 11 Pitt Street, Windsor also had a lot of interest because it’s located amongst the exclusive peninsula area of Windsor with a spectacular acreage outlook, within a short walk of the cafes, restaurants and shops in the town centre. If you want to downsize from acres and move closer to town, with the feeling of acreage but without the maintenance then this one is the perfect place.

Also, yesterday I listed two more ‘Off-Market Acres’ properties.

One is an excellent land bank opportunity on prime, ‘flood-free’ acres in Berkshire Park (located right on the fringe of Sydney’s North West Growth Centre)

…and the other is a landmark riverfront 25 acres property complete with boat ramp, water licence, 3 large rural sheds and a huge 5 bedroom home in one of the best positions along the Hawkesbury River.

If you’d like to get early access to either of these 2 new ‘Off-Market Acres’ listings or want to find out more about the other ‘Off-Market Acres’ properties that I currently have available, simply register at www.OffMarketAcres.com.au

Finally, just remember don’t get fooled by the Fake News headlines about the housing market. If you want to see what’s really going on out in the Australian property market make sure to follow the #OZpropertyAlive hashtag.

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 13th June 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

Tim Lawless from CoreLogic reported this week that “Consumer sentiment is back to pre-crisis levels according to Westpac. The r'ship between home sales and sentiment has historically been strong, suggesting we should see a further rise in market activity, following a near 20% bounce in home sales through May (off a low April base)”

Plus in an exclusive article, John McGrath reported earlier this week, that Winter is a good time to be selling during a resilient market.

“All the latest pricing data indicates only a small hit to the property market from Covid-19 so far, and it looks like we could be entering a window where buyers priced out six months ago now have an opportunity to get in; plus, with interest rates as low as 2.19 per cent fixed for two years, when compared to the fixed rates of 9 per cent that we experienced during the GFC, acreage right now has become more affordable.

First home buyers, who are looking past the pandemic have been buying enthusiastically with the First Home Loan Deposit Scheme for the 2020 financial year already ‘sold out’.

Of the 10,000 deposit guarantees reserved, about 3,100 were in NSW and another 10,000 guarantees will become available from the 1st of July.

Last week, we learned that GDP for the March quarter fell by -0.3%. It was a big headline because it was only the 4th negative quarter during 29 consecutive years of growth.

But compare this to the rest of the world: -9.8 per cent in China, -5.3 per cent in France, -2.2 per cent in Germany, -2 per cent in UK and -1.3 per cent in the US.

A technical recession might be inevitable but Australia is in a relatively good position.

The banks and governments are providing good support and from an economic perspective, we should take heart in our progress so far.

The Treasurer, Josh Frydenberg said: “The fact that the Australian economy only contracted by -0.3% shows its remarkable resilience.”

RBA Governor, Philip Lowe recently stated that “it’s entirely possible that the economic downturn will not be as severe as earlier thought.”

...and today, the NSW Government announced that “Sydney will need 1 million more homes by 2041 and housing will need to adapt to significant but uneven population growth, climate change and diverse family living arrangements.

The Berejiklian government will deliver the state's first housing strategy to shape how and where NSW residents will live over the next two decades.

Greater Sydney is expected to reach a population of about 7 million by 2041 as a result of births and the arrival of skilled migrants and international students, government estimates show.”

So as predicted, after years of waiting, it finally looks like an announcement that several precincts within the North West Growth Centre are being released for development will happen very soon to help accomodate Sydney’s urban sprawl.

The release of these housing precincts will have a positive impact on the local economy as well as the acreage market, but, unless the NSW Government fast-tracks the announcement to release these precincts, the subdivided land won’t be made available in time to be of any significant benefit to the HomeBuilder scheme.

Speaking of the HomeBuilder scheme, several acreage buyers have asked me about if they buy a property could they use the $25,000 HomeBuilder stimulus package to do renovations. The answer is ‘Yes’ however, for a renovation to be eligible, it will have to cost between $150,000 and $750,000, which could help to improve the amenity, decor and size of an acreage homestead quite dramatically.

However, there are also other restrictions like the pre-renovation value of the house must not exceed $1.5 million. Sheds, yurts, granny flats, pools, tennis courts and any other structure not attached to the home are apparently not be eligible.

As I mentioned last week, it’s going to be very interesting to see how the HomeBuilder scheme impacts the building industry and how the acreage market plays out over these next six months.

How’s The Acreage Market?

Currently there are 432 acreage properties For Sale across the region, which includes 245 acreage properties For Sale throughout The Hawkesbury, 129 throughout The Hills district and another 58 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

There were 10 new acreage listings come onto the market this week, and there were only 6 acreage properties Sold this week. With some more positives signs that the market is moving in the right direction, as there are currently a further 21 acreage properties ‘Under Contract’ across the region.

Out in the field, there were a lot of buyers out looking at acreages at today’s Open Homes and enquiry numbers were up by approx. 27 per cent on last week’s enquiries.

This week I launched a property at 26 Wavehill Avenue, Windsor Downs where we saw double-digit inspection numbers for the first time this decade.

Next week I’ll be launching a couple of other great properties which are both scheduled to go to auction on the 11th of July.

Finally, just a quick reminder that if you want to see what’s really going on in the market make sure to follow the #OZpropertyAlive hashtag.

Also, if you’d like to get early access to any of my acreage listings or find out more about the ‘Off-Market Acres’ properties that I currently have available, simply register at www.OffMarketAcres.com.au

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 6th June 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

I hope you’re enjoying the June long weekend so far.

I was out looking at an acreage property at Kurrajong Heights yesterday and on my way back down the hill along the Bells Line of Road it was so good to see so many cars with campers, caravans, bikes and boats on the back and lots of people heading over the mountain to get away into the regional parts of NSW which have been anxiously waiting for tourist dollars to help drive their local economy.

It’s so good to see so much of Australia starting to get back to business as usual, but we still have to do whatever we can to avoid a second wave. The last thing any of us want to have happen is to end up going back into Lockdown again.

There was a lot that happened this week that will impact the acreage market, and an article in Money mag answered a lot of questions about property, for example, should I buy or should I wait to buy property?... and as property expert Terry Ryder pointed out...

“You should go ahead with plans to buy.”

As Terry said, “I hear people who say they will buy when the market hits the bottom, but this strategy seldom works because no one rings a bell when the bottom of the market is reached.

The data that identifies the bottom of a real estate market doesn't become evident until six to nine months after the event. The best strategy is to get out there and look for suitable properties knowing that you're likely to have a strong hand in negotiations because buyers will be relatively scarce. There is stock available and there'll always be people who want to sell and need to sell.”

Plus, in that same article, the question was asked, What happened to property in the GFC? Is that likely to happen again?

Terry Ryder reminded potential buyers that, “In 2008 when the GFC struck and sharemarkets were dropping, there were a lot of forecasts that real estate would crash.

What actually happened in 2009, according to Australian Bureau of Statistics data, was a rise of 13% and there are other instances where we've had economic crises and stockmarket crashes (such as 1987) when real estate went into a boom stage, with values rising.

There's history of real estate not only being resilient but defying what other markets are doing; it becomes a bit of a safe haven for money when sharemarkets are crashing. In the early 1990s, the last time Australia had a recession, real estate rose - not much but it still did rise on average.”

Also, this week CoreLogic reported that, “Despite the fall, house values this year are still up by 4.2 per cent in Sydney and 1.6 per cent in Melbourne. Over the past 12 months, Sydney values have climbed 15.6 per cent while in Melbourne they are still 12.2 per cent in front. CoreLogic’s head of research, Tim Lawless, said given the headwinds from the pandemic shutdown, the national drop of 0.5 per cent showed the overall property market had performed relatively well.”

Tim Lawless from CoreLogic, also posted on Twitter that “New ‘for sale’ listings are up 22% since bottoming in early May. Total advertised listings are down 3% over the same period, implying a healthy rate of absorption as buyer activity rises in line with improved sentiment. Low inventory is another factor insulating housing values.”

Also this week, there was an “Overwhelming positive response to the Federal Government's HouseBuilder stimulus package across the building industry bodies.”

“Master Builders Australia believes that the Federal Government’s announcement of the HomeBuilder scheme earlier this week will be a massive relief to the 1000s of home builders and tradies around the country.

Key statements from industry bodies were...

* Master Builders Australia said that “It will mean more new homes, more small businesses and jobs are protected"

* "The industry needed a circuit breaker and this HomeBuilder program is very welcome" - reported the Property Council of Australia

* "Stimulating home building activity has been an effective recovery catalyst in past economic shocks" - Housing Industry Association

* "This alleviates the concerns that the REIA had with a scheme that was only assisting new dwellings" - Real Estate Institute of Australia

How the the Federal Government's $25,000 HouseBuilder stimulus package will work at a glance is...

* House owners will need to provide $150,000 of their own money to be eligible for the $25,000 stimulus towards building and renovations

* The HomeBuilder package is expected to cost the tax-payer $688 million

* The plan will be restricted to people on middle incomes and to new homes and major renovations valued between $150,000 to $750,000.

Here’s a link to more information about the $25,000 HouseBuilder stimulus package.

With the HomeBuilder package and the NSW State Government now looking to allocate their funding into “Shovel ready projects” to help stimulate the economy, it’s no surprise that the NSW Government pulled out of upgrading ANZ Stadium (especially with the current uncertainty surrounding holding large events) and they’ve quickly turned their attention to joining with the Federal Government in announcing that construction will begin this year on a metro line linking the new Western Sydney airport and St Marys railway station, after a $3.5 billion injection into the $11 billion project.

This rail link will eventually connect the airport with the existing Sydney Metro and will run through Marsden Park, along Schofields Road and integrate with the existing end of the metro line at Tallawong Station.

In the coming weeks or months, I predict that the State Government are going to have to come out and announce the rezoning of some of the remaining precincts within the North West Growth Centre like Marsden Park North precinct and West Schofields precinct if they want to have land available to build the new homes to cater for Sydney’s population growth along with the increased injection into new home construction off the back of the HomeBuilder stimulus.

The good news for those who have been waiting for the rezoning is that the shortage of ‘shovel ready’ land available to develop may mean better prices for vacant land which could also mean that developers can afford to offer more per acre for englobo land.

With the NSW Government postponing their budget until December, over the coming months I think we'll also hear a lot more announcements about other local projects like the construction of Rouse Hill hospital, the location of the proposed M9 corridor as well as the proposed 2nd river crossing at North Richmond. One thing's for sure, it will be very interesting to see how this next six months is going to play out.

How’s The Acreage Market?

Currently there are 431 acreage properties For Sale across the region (that’s 6 fewer than last week and 19 less than there were at the start of May). The total number of acreages available includes 244 acreage properties For Sale throughout The Hawkesbury, 128 in The Hills area and another 59 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

There were a total of 19 new acreage listings hit the market this week, and there was another 8 acreage properties Sold this week. Plus, currently there are 19 acreage properties ‘Under Contract’ across the region.

Out in the field, I’ve seen an increase in acreage buyers looking to invest in developable land or land bank opportunities. Plus, there’s been an increase in buyers travelling out from the city suburbs who have reassessed their urban lifestyle and are now looking for a tree-change.

Despite it being a long weekend, there were a good number of buyers out looking today. One of the homes in Windsor Downs had more people through it than I’d seen in the past 5 weeks.

Plus, this week I listed another couple of properties which are both scheduled to go to auction early next month.

One of them is an outstanding acreage property in an elite part of Londonderry and it’s perfectly suited for horses, trucks, land bank investment or just simply enjoying a quality home in a great location.

The other place, isn’t on acres, but rather it has an uninterrupted outlook over acreage and is conveniently located in a highly sought after part of Windsor (in the top end of town) and overlooks Tebbuts Observatory. If you’re used to living on acres and want to downsize and move closer into town (within walking distance of Windsor shops & cafes), and still have the feeling of an acreage lifestyle without all the maintenance then make sure you keep an eye out for this place.

We’ve already had some strong interest in the ‘Off-Market Acres’ listing at 114 Fisher Road, Maraylya that we launched last week. It’s currently still available but if you’re after a nice ranch-style homestead on 5 ridgetop acres with no flooding or power line easements then make sure to get in touch to book an inspection. It’s excellent value for money with a price guide of $1.65m - $1.75m.

Plus, I’ve had several buyers through a couple of the acreage properties that are currently available ‘Off-Market’ in Windsor Downs this week. Behind-the-scenes there’s a lot more buyer activity going on than the Fake News headlines may lead many to believe.

If you want to see what’s really going on in the market make sure to follow the #OZpropertyAlive hashtag.

Also, if you’d like to know more about the ‘Off-Market Acres’ properties I mentioned or get early access to all of my ‘Off-Market Acres’ properties, simply register at www.OffMarketAcres.com.au

Lastly, I’m currently waiting on the final proof to come back on The Acreage Report 2020 (Winter edition) which includes a special Post-COVID-19 report about how the acreage market is likely to be impacted moving forward.

If you’d like to be amongst the first to get your hands on this special Post-COVID-19 acreage report, then simply register at www.TheAcreageReport.com.au or alternatively, when you register for ‘Off-Market Acres’ you’ll also immediately receive access to the previous edition of The Acreage Report 2020 (Autumn edition) which features an insight into The Future For Acreage This Decade.

It’s definitely worth checking out, because what’s happening Post-COVID-19 ties in with where acreage is headed during this next decade.

The Acreage Report features statistics about what's happening in the Hawkesbury, Hills & Sydney’s North West acreage market. Plus you also get instant access to a copy of The McGrath Report 2020 which features exclusive insights from one of Australia’s leading property experts, John McGrath.

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe, enjoy the rest of your long weekend and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 30th May 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

It’s been such a beautiful day for the last Saturday of the Autumn selling season and it’s been great to see lots of people back out in the market this week.

As I mentioned last week, there’s been some very irresponsible reporting in the media during this Coronavirus pandemic, for example, the Sydney Morning Herald predicted that there would be between 50,000 - 150,000 deaths in Australia due to Covid-19 and now we’re constantly seeing doomsday articles via this same media company and other media outlets reporting that the property market could drop by over 30% and yet when you read deeper into the article they’re saying the correction will be more likely around 10%, which would just put the market back to where it was towards the middle of last year.

Bad News has always sold newspapers and in attempt to get attention the focus of the media is to come up with the most Sensational Headline which they use as a hook to get people in, and with the internet and Social Media so crowded with information, nowadays a lot of the media headlines are simply ‘Click Bait’.

It’s important to read behind the headline and seek out the real data when making such a crucial lifestyle decision as buying or selling a home.

In an exclusive article this week, Leanne Pilkington, president, REINSW puts some facts in the way of predictions around a property market collapse based upon Real data vs what the doomsdayers are saying.

Here’s a link to her article…

Also, the real estate industry has joined forces this week with a positive initiative to help get the message out about what’s really happening out in the front line to help fight back against the Fake News that’s currently being reported in the media about the property market.

Real estate agents have been asked to use the hashtag #OZpropertyAlive to show the real activity that’s currently taking place across Australia.

For example, here at McGrath one of the properties that Phil Nicholas and Tayla Hutt had Open for Inspection had 36 groups through it last Saturday, and Team Nicholas sold 10 properties on their own this month out of our Rouse Hill office.

I anticipate that we will start to see many of those home owners selling up from The Hills area making the move out into the acreage market.

Many home buyers appear to be ignoring the media and are taking advantage of the record low interest rates, embracing the record government stimulus, appreciate that low stock levels will provide market stability and reshaping of the economy plus workplace arrangements with many now able to work from home is already encouraging people to make lifestyle choices.

With so much activity going on in the housing market it’s hard to fathom why the media is pumping out so much Fake News about real estate at the moment.

If you’re interested in getting the real data, check out the #OZpropertyAlive hashtag. You can search the #OZpropertyAlive hashtag across the web and on any of your social media platforms.

Also, something else I mentioned last week was that there could be a push for the Federal Government and the Foreign Investment Review Board to lift some of the current restrictions on foreign ownership, which previously had a major impact on property price growth.

We also need the government to look at continuing with immigration, you see, as Chairman of the Property Investors Council of Australia, Ben Kingsley tweeted earlier this week,

“We're looking at net overseas migration falling to 34-odd thousand next year. It was the great Professor McDonald who set a figure of between 160,000 & 210,000 per year as being what you need in this country to maintain GDP p/capita growth–Mr Morrison said. Let them in Scott! They can ISO first.”

This week we also saw the media carry on about the $60 billion blunder, rather than reporting that the country has just saved $60 billion which means that we don’t need to borrow as much money now to support Australians through the JobKeeper program, which is positive news, but then again positive news doesn’t sell newspapers.

Speaking of newspapers a lot of local newspaper publications were axed this week, which is a real sign of the times and is another reason why real estate agents need to become much more tech savvy nowadays and they need to have a greater understanding of multi-media marketing if they want to remain relevant and engage with today’s more educated consumers and property seekers.

How’s The Acreage Market?

Currently there are 437 acreage properties For Sale across the region. This total includes 251 acreage properties For Sale throughout The Hawkesbury, 126 in The Hills area and another 60 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

There were 12 new acreage listings come onto the market this week, and the total number of listings For Sale has now only dropped by 13 overall from the peak of 450 properties For Sale that we reached at the start of May.

There were another 5 acreage properties Sold this week. Plus, there’s currently 18 acreage properties ‘Under Contract’ across the region.

Out in the field, acreage enquiries continued to increased again this week plus the ‘Off-Market Acres’ listing at 309 Fairey Road, South Windsor went ‘Under Contract’.

Plus this week I launched another ‘Off-Market Acres’ listing at 114 Fisher Road, Maraylya. It’s a terrific ranch-style homestead on 5 ridgetop acres with no flooding or power line easements. It’s excellent value with a price guide of $1.65m - $1.75m.

If you’d like to know more about the property or get already early access to all of my ‘Off-Market Acres’ properties, simply register at www.OffMarketAcres.com.au

As the end of Autumn is almost upon us for another year, I’ve put together a special Post-COVID-19 report about how the acreage market is being impacted and it will feature in the soon to be released copy of The Acreage Report 2020 (Winter edition) which will be available to download early June.

I’m looking forward to sharing this upcoming edition of The Acreage Report with you. If you’d like to be amongst the first to get your hands on this special Post-COVID-19 acreage report, then simply register at www.TheAcreageReport.com.au or alternatively, when you register for ‘Off-Market Acres’ you’ll also immediately receive access to the current edition of The Acreage Report 2020 (Autumn edition)

The Acreage Report features statistics about what's happening in the Hawkesbury, Hills & Sydney’s North West acreage market. Plus you also get instant access to a copy of The McGrath Report 2020 which features exclusive insights from one of Australia’s leading property experts, John McGrath.

So, that’s it for this week’s Acreage Market Wrap. If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 23rd May 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market? 

With kids going back to school as normal next week and after enjoying a chicken schnitzel pub meal with the family earlier this week plus sitting down for Sunday brunch in a cafe at the top end of Windsor the Coronavirus restrictions have certainly given a lot of us a new appreciation for the little things in life.

As John McGrath said earlier this week, we’ve got to this first stage of the Post-Covid-19 period after only 2 months of restrictions which is about 4 months ahead of what was anticipated. There are lots of positives that need to be taken into consideration when you start trying to assess what the real impact the Coronavirus will have on the property market in the coming months.

One thing that’s for sure is that there’s been some very irresponsible reporting in the media during this Coronavirus pandemic, for example, one of the Fairfax publications predicted that there would be between 50,000 - 150,000 deaths in Australia due to Covid-19.

Sadly this week the Coronavirus death toll in Australia reached over 100 people, which is over 100 more than we would ever wish for, and we would much prefer that there were zero deaths from this pandemic, but, thankfully the figures predicted in the newspaper weren’t even close, and now we’re seeing articles via this same media company and others about the property market dropping by over 30%.

Over the past 3 decades I’ve seen a lot of ‘chicken little’ reporting in the newspapers about the real estate market. A couple of years ago there was the ‘bricks and slaughter’ report on 60mins, before that there was a guy from the USA called Harry Dent who apparently predicted the GFC. Harry Dent held sold out events as he toured Australia spruiking that the Australian property market was about to crash (which by the way didn’t happen) and back in the late ‘90’s there was a real estate trainer, Neil Jenman who put out a Boom & Bust report which predicted that the market would Bust... which didn’t even come close to happening.

Throughout all of these periods of predicted slumps the property market performed so much better than any of these sensationalised claims had predicted, in fact, in some cases the opposite happened and we went through a Boom period instead.

In fact, this week the President of the Real Estate Institute of Australia, Adrian Kelly came forward and said...

“Forecasts saying that house prices will drop up to 30 per cent, are highly questionable. He said, “We are in unprecedented times and anyone that suggests they can forecast with any acceptable degree of probability is being highly fanciful,” 

“We can only look at what is happening in the market place at the moment as well as in previous times of high unemployment to provide pointers to likely outcomes. 

“Currently we have a situation where listings are decreasing yet the enquiry level from prospective buyers is increasing.

"It is simple economics that when supply decreases and demand remains that prices edge upwards, they certainly don’t drop.” 

I agree. We are in unprecedented times and it’s going to be an interesting, uncertain road ahead but every market, whether you invest in shares, bonds or property, the market always has a level of uncertainty to it....and real estate has always been seen as a long term investment.

When buying an acreage property you shouldn’t look to buy your family home based purely on the market, but instead you should make your decision based on your life.

You’ll be very lucky to ever be able to pick exactly where the top or the bottom of any market is.

You see, who knows what incentives we are going to see the government come up with in the future to boost the economy and keep the property market moving. For example, we’re already hearing reports that Stamp Duty may be abolished in the future which will help to make moving cheaper, and the building sector came out this week with several recommendations and called for urgent reforms. 

Ken Morrison, Chief Executive of the Property Council of Australia said

“Some big and bold thinking is required to get the Australian economy going again after the impact of the COVID-19 pandemic.”

“As Australia’s biggest employer which contributes over 13 per cent of GDP, the property industry can be a powerhouse behind economic recovery and growth with the right policy settings and market incentives from the federal, state and territory governments,” Mr Morrison said. 

The Property Council have put forward a 7 Point Plan for Economic Recovery which includes a Housing Construction Economic Kickstart including a $50,000 ‘New Home Boost’ scheme to startup construction for new housing, generate jobs and boost consumer confidence with the potential to stimulate construction of 50,000 new dwellings.

You can see more details about the Property Council’s proposed 7 Point Plan here...

It’s also likely that in an effort to stimulate the economy there could be a push for the Federal Government and the Foreign Investment Review Board to lift some of the current restrictions on foreign ownership, which previously had a major impact on property price growth.

Speaking of foreign ownership, Juwai IQI also announced the launch of Juwai.asia this week which is likely to open up opportunities to promote acreage property not just to Chinese buyers but also to buyers throughout the rest of Asia, which could help boost activity in the acreage sector.

How’s The Acreage Market?

Currently there are 431 acreage properties For Sale across the region. This total includes 246 acreage properties For Sale throughout The Hawkesbury, 128 in The Hills area and another 57 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown. 

Even after 21 new acreage listings entered the market this week, the total number of listings For Sale has dropped from the high of 450 properties For Sale at the start of May and now there’s currently 19 fewer acreages available For Sale across the entire region.

Sales activity was up on last week as there were 9 acreage properties Sold this week. Plus, there’s currently 19 acreage properties ‘Under Contract’ across the region.

Out in the field this week, acreage enquiries increased again plus there were more people out looking for acreage at today’s Open Homes than we’ve seen for months. 

This week, I’ll be launching another amazing ‘Off-Market Acres’ listing on 5 acres in Marayla. If you’ve already registered for early access to www.OffMarketAcres.com.au keep an eye on your inbox so that you can be amongst the first to get all the details when we launch this ‘Off-Market Acres’ property in the Maraylya later this week.

As Autumn comes to an end for another year, I’m currently putting the finishes touches on a special Post-Covid 19 copy of The Acreage Report 2020 (Winter edition) which will be published early next month.

The Acreage Report 2020 (Winter edition) will be covering important insights into the 4 types of acreage buyers that are currently out there in the market, along with the 3 pricing fundamentals of acreage properties, as well as the 2 types of economists that you need be aware of, especially if you’re trying to pick the trends in the property market - plus I’ll be sharing the #1 thing that your acreage agent must put all of their energy and focus on over the coming weeks and months if they’re going to help you achieve the best outcome possible during this post Covid-19 period.

I’m looking forward to sharing this upcoming edition of The Acreage Report with you. If you’d like to be amongst the first to get your hands on this special edition, then simply register at www.TheAcreageReport.com.au or alternatively, when you register for ‘Off-Market Acres’ you’ll also immediately receive access to the current edition of The Acreage Report 2020 (Autumn edition)

The Acreage Report features statistics about what's happening in the Hawkesbury, Hills & Sydney’s North West acreage market.

Plus you also get instant access to a copy of The McGrath Report 2020 which features exclusive insights from one of Australia’s leading property experts, John McGrath.

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 16th May 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

With the Coronavirus restrictions starting to be lifted, it’s so good to see people back out & about again today. Not feeling trapped at home in lockdown like we were only a few weeks ago is such a positive feeling and already there’s a real sense of Australians getting back to more of a normal life again.

Now speaking about this opening up, not only are we seeing the opening up of cafe’s, restaurants and pubs as the Coronavirus restrictions start to be lifted, but also locally, after a long wait for thousands of residents living on the other side of the Hawkesbury River, the new Windsor Bridge is scheduled to be open to traffic this coming Monday.

Fingers crossed that once the new bridge opens hopefully traffic getting across the river will flow a lot better, especially during the morning and afternoon peak congestion periods.

Whilst a WIndsor By-Pass definitely would’ve been the preferred option, only time will tell if the new Windsor bridge improves the traffic flow or not.

If it does improve traffic congestion significantly, it’s likely we’ll see an increase in buyer interest for acreage properties in Wilberforce, Freeman’s Reach, Ebenezer, East Kurrajong, Glossodia, Lower Portland, Blaxlands Ridge and surrounding suburbs that rely on access over the river via the Wilberforce flats.

Also just yesterday, Nassim Khadem from the ABC shared an article which confirmed that enquiries have increased from Australians looking to move out of the cities into more rural areas. Two of the Key points in his article were:-

- The option of living further away from big cities has become more appealing for some Australians after the pandemic

- Whatever happens to the housing market, COVID-19 has shifted the way people think about where they live and work

So as I’ve predicted previously, it looks like there are going to be some positive outcomes for the acreage market during the Post-COVID-19 period.

Last week I mentioned that the State Government urgently need to announce more specific details about any proposed changes to Stamp Duty in NSW and they need to do it fast to remove the uncertainty their announcement has made, but, unfortunately Premier Gladys Berejiklian came out this week and only added more fuel to the fire by confirming that the State Government are considering changes to Stamp Duty.

I’m sorry Gladys & The Treasurer Dominic, but with the upmost respect, you’ve gone about this the wrong way. Right now isn’t the time to play politics and start speculating about possible changes to the current Stamp Duty policy that I’m lead to believe still have as yet to be passed by the cabinet.

Pleeeaaassseee, the people of NSW have gone through enough pain & uncertainty over the past few months and there’s still so much uncertainty that they have to deal with. What they need now is clarity about major decisions like this.

People are now confused and don’t know “do I buy now or do I wait just in case I don’t have to pay Stamp Duty”.

People need certainty about what you’re going to do with Stamp Duty and they deserve to know now!

We need to know is this just an idea that was sketched out on a paper napkin that may take 12 months or several years to pass through parliament or is there an actual policy, an implementation plan and is there a timeframe in place that you can release right now? If not, why would you ever consider making such a rash announcement in the middle of this Coronavirus turmoil.

Personally I think you should come out and tell us that the changes will be retrospective and that people will have the choice to either pay the Stamp Duty upfront now or pay an ongoing Land Tax and if they purchase a property today that they can claim a refund of the Stamp Duty if they decide to select the option of paying an ongoing Land Tax. You need to give people the opportunity to decide and let them get on with their lives. Anyway rant over!

How’s The Acreage Market?

Currently there are 433 acreage properties For Sale across the region. This total includes 244 acreage properties For Sale throughout The Hawkesbury, 130 in The Hills area and another 59 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

Even though, this week there were 9 new acreage listings enter the market, a positive indicator for the acreage sector is that the total number of listings For Sale has dropped from the high of 450 properties For Sale at the start of May (only a couple of weeks ago) and now there’s currently 17 fewer listings available For Sale across the entire region.

Sales activity was similar to last week and there were another 7 acreage properties Sold this week. Plus, another positive sign is that there’s currently 17 acreage properties ‘Under Contract’ across the region.

Out in the field this week, there’s definitely been an increase in acreage enquiries plus there were more people attending today’s Open Homes as well I experienced a much higher volume of private inspections being conducted during this week compared to previous weeks.

It’s going to be very interesting to see what the media reports about the auction clearance rates after this week’s further relaxing of COVID-19 restrictions.

Also this week, I officially launched another amazing ‘Off-Market Acres’ listing at 22 Kimberley Lane, Windsor Downs and we’ve already had several inspections on the property and there’s some very strong interest at present from a couple of buyers.

The owner is really happy because there’s already been lots of buyer activity and they haven’t had to pay a single cent on marketing.

At this rate, I don’t think this one is going to be around for long. If you haven’t seen the property as yet, I did an extensive Facebook Live video walkthrough of this classic Australian Colonial Homestead on just over 2.3 acres with spectacular views over the valley earlier this week. Here’s a link to that video and more information about this secret gem.

Also, if you’re in the market for a great acreage property around the Maraylya area then definitely make sure you get in touch with me or register for updates at www.OffMarketAcres.com.au so that you can be amongst the first to get all the details when we launch another ‘Off-Market Acres’ property in the Maraylya area later this week.

Over the past few weeks I’ve had a lot of questions come in from acreage owners about…

How does the $Zero marketing dollars ‘Off-Market Acres’ strategy actually work?

So if you’re thinking of buying or selling an acreage property and you’d like to know more about ‘Off-Market Acres’ where Secret Places are Revealed I’ll put a link to an article underneath this video which should help provide some great answers for you.

Now, lastly, behind-the-scenes there’s a lot happening. In fact, I’m currently in the process of putting together a special Post-Covid 19 copy of The Acreage Report 2020 (Winter edition) which I’ll be launching over the next couple of weeks.

The Acreage Report will be covering important insights into the 4 types of acreage buyers that are currently out there in the market, along with the 3 pricing fundamentals of acreage properties, as well as the 2 types of economists that you need be aware of, especially if you’re trying to pick the trends in the property market - plus I’ll be sharing the #1 thing that your acreage agent must put all of their energy and focus on over the coming weeks and months if they’re going to help you achieve the best outcome possible during this post Covid-19 period.

I’m looking forward to sharing this upcoming edition of The Acreage Report with you. If you’d like to be amongst the first to get your hands on this special edition, then simply register at www.TheAcreageReport.com.au or alternatively, when you register for ‘Off-Market Acres’ you’ll also immediately receive access to the current edition of The Acreage Report 2020 (Autumn edition)

The Acreage Report features statistics about what's happening in the Hawkesbury, Hills & Sydney’s North West acreage market. Plus you also get instant access to a copy of The McGrath Report 2020 which features exclusive insights from one of Australia’s leading property experts, John McGrath.

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent

Acreage Market Wrap - 9th May 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

Firstly I just want to take this opportunity to wish all of the Mum’s out there a Very Happy Mother’s Day for tomorrow. I hope your day is extra special and that you get spoilt and have the opportunity to catch up with your family during this unusual Covid-19 period.

This week, the NSW Treasurer, Dominic Perrottet announced via the media that the state government are considering abolishing Stamp Duty. It looks like they’re going to replace the one-off payment with a recurring revenue model.

This decision reminds me of something Robert Kyosaki shared in his book Rich Dad Poor Dad about the difference between the cattle farmer and the dairy farmer.

The cattle farmer raises his stock and sends them off to the cattle sales and he only makes his money once from each head of cattle that’s sold, whereas, the dairy farmer raises his calves up to produce milk and then the dairy farmer makes their money continuously by milking them everyday for the rest of their lives.

Personally I think abolishing Stamp Duty in its current form is a positive move by the State Government because communities will become more transient and property owners will have more flexibility to move around, plus, the annual revenue stream will be more predictable for the government which will help when budgeting for projects & services.

I see that abolishing Stamp Duty would be a welcome change as so many people are currently up for an extra $50 - $70,000 and in some cases hundreds of 1,000’s of dollars in upfront stamp duty which adds an enormous sting in the tail to the change-over costs which can make moving prohibitive.

In particular, I see that it would assist people who are currently stuck in dilemmas like having to put up with living next to bad neighbours or some people who are undecided about whether to take on that new job role or others who simply want to make that tree-change but they’re worried that if their move doesn’t work out then under our current Stamp Duty system they’re facing having to give another huge chunk of money to the state government if they end up having to move back to their original neighbourhood.

The only problem that I do have with the proposed abolishment of Stamp Duty is the timing of the announcement and the fact that there wasn’t enough detail provided about how it will actually work, plus I strongly believe that a change like this needs to be rolled out retrospectively from when the Treasurer, Dominic Perrottet made the original announcement.

In fact, I’ve already sent a couple of messages to The Treasurer this week saying that he needs to sort out the timing of the roll-out of these changes very quickly or otherwise his media announcement will create extra uncertainty and could only serve to ‘Stall The Market’ across all property sectors before the property market even gets a chance to move forward as the Covid-19 restrictions are now becoming relaxed.

If you’d like to know more details about Why The NSW Government Should Roll-Out Changes To Stamp Duty Retrospectively here’s a link to the article I wrote earlier this week.

Speaking about the Coronavirus, something that I’ve been talking to my clients about recently is...

“now that the lockdowns measures are starting to become more relaxed and the infection rate in Australian has been so low compared to other nations, Australia is going to become seen as an even safer place and I believe we should start to see a significant increase in foreign investment off the back of how our country has pulled together during the Coronavirus crisis”

... and in fact, my prediction looks like it’s already starting to happen.

In an article from Asia’s biggest proptech group, “Juwai IQI, Chief Executive Georg Chmiel delivered his verdict on the Foreign Investment Review Board's latest report, and he revealed that the Australia’s handling of the coronavirus pandemic may increase foreign real estate investment from Asia.

According to Juwai IQI, Chinese buyers made twice the number of enquiries on Australian real estate in April as in any other month so far this year and 50 per cent more than in any month in the second half of 2019.

Apparently marketers in China are already using Australia’s good performance to persuade parents of children who have been studying in the US and the UK to look at Australia instead.

Plus, when you consider the exchange rate and the fact that our Aussie dollar dropped significantly during the stock market downturn, property is now even more affordable for foreign investors.

It’s going to be very interesting to see how this all plays out and where the market resurgence will start to come, especially for the acreage market, as we now start to navigate our way through this post-Coronavirus period.

How’s The Acreage Market?

There are currently 438 acreage properties For Sale across the region. This total includes 244 acreage properties For Sale throughout The Hawkesbury, 132 in The Hills area and another 62 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

This week, there were only 5 new acreage listings enter the market and there were a total of 7 acreage properties Sold this week. Which is a positive sign for the acreage market because it’s the first time so far this year that we’ve actually seen more acreage sales than we’ve had New Listings coming onto the market... and on top of that there are currently 14 acreage properties ‘Under Contract’ throughout the region.

Out in the field, it was great to be able to do Open Homes and On-site Auctions again in NSW this weekend. I anticipate that we’ll start to see the auction clearance rates start to increase and activity has already started to increase as the Covid-19 restrictions start to become more relaxed. As I mentioned last week, I could sense an underlying groundswell of acreage activity starting to build up a head of steam, especially from buyers looking to escape away from the crowded suburbs and embrace a more spacious, peaceful acreage lifestyle.

This week I’ve just listed another ‘Off-Market Acres’ property which is a classic Australian Colonial style homestead complete with the bull-nose verandahs, an open-plan Conservatorium-style living area with spectacular uninterrupted views overlooking hundreds of acres of grazing paddocks.

The property is set on 2.3 creek front acres and features 5 bedrooms + a study, spacious living, high ceilings, an excellent entertainment area, swimming pool, large brick workshop complete with a separate 1BR studio. Located in a quiet culdesac at 22 Kimberley Lane, Windsor Downs, it’s been priced to sell with a Price Guide of $1.65m - $1.7m.

If you’d like to know more or want to arrange an inspection make sure you get in touch with me as there’s already been a number of ‘Off-Market Acres’ buyers who’ve expressed strong interest in this one.

You’re going to absolutely love the privacy out the back and you’ll get to enjoy some of the most spectacular sunrises looking out over the valley in the mornings.

Also, speaking of ‘Off-Market Acres’, we are about to expand our service to allow even More Secret Places To Be Revealed because we’re extending our audience and market reach out into the acreage areas of the Central Tablelands. Over the coming weeks you’ll start to see our Facebook page showcasing a number of ‘Off-Market Acres’ in the rural parts of NSW around Mudgee/Gulgong, etc. which will be shared exclusively via our McGrath Central Tablelands team.

If you’re thinking about selling your acreage property you may like to consider trying this extremely popular, new ‘Off-Market’ approach. To find out more or alternatively if you’re looking to buy acres and want to be amongst the first to know about any of our ‘Off-Market Acres’ properties, make sure to check out www.OffMarketAcres.com.au or Like our Facebook page at Facebook.com/OffMarketAcres.

When you register at www.OffMarketAcres.com.au you’ll also receive a Free copy of The Acreage Report 2020 (Autumn edition) which includes important insights into ‘The Future For Acreage This Decade' as well as the Two Biggest Factors Set To Impact Acreage Over The Next 10 Years.

The Acreage Report features statistics about what's happening in the Hawkesbury, Hills & Sydney’s North West acreage market. Plus you also get instant access to a copy of The McGrath Report 2020 which features exclusive insights from property expert, John McGrath.

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe, Happy Mother’s Day and bye for now.

Regards

Greg Vincent

Why NSW Govt Proposed Changes To Stamp Duty Need To Be Rolled-Out Retrospectively

Historically whenever the state government makes decisions around new initiatives for the property market, they typically adopt a specific launch date for when the changes take place, but this time around I believe the government really need to roll-out the changes to Stamp Duty retrospectively.

In fact, Treasurer Dominic Perrottet MP posted on his Facebook page a link to an article in Saturday’s SMH regarding a five-point strategy for NSW which includes abolishing Stamp Duty

I reached out to the NSW Treasurer today in the hope that he would look at rolling this initiative out retrospectively…

Dominic, this is a welcomed initiative, but, you need to specify timing before announcing changes like this. I believe that your timing of this announcement is actually going to further stall the market if it remains as open-ended as it currently stands.

The property market is going through enough uncertainty during Covid-19, now it’s likely buyers may hold off from purchasing unless the Government comes out with a follow up briefing to the media that axing stamp duty will be retrospective to your media announcement on Saturday.

With the potential that such an enormous, unnecessary expense is likely to be removed from the property transaction equation, it is a very welcome decision for people looking to move, but, by not announcing a timeline and alerting the media of the abolishment of Stamp Duty is a poorly timed release, if it turns out that the proposed changes are only in the concept phase at this stage.

I believe the best approach from here would be to make an announcement that the changes to Stamp Duty are retrospective which will allow the property market to move forward on its own merits, or withdraw your statement altogether so people can get on with their lives.

Stamp Duty is such a prohibitive expense, and as John McGrath said in his article earlier today titled STAMP DUTY IMPACTS OUR ABILITY TO MOVE HOUSE,

Stamp duty is easily the worst of the taxes that residential owners have to pay every time they buy a new house. It’s calculated based on the purchase price and there’s been little change to it despite prices rising significantly over the past three decades. 

The median house price in Sydney in 1990 was less than $200,000, on which you’d pay about $5,500 in stamp duty. Today, it’s above $1 million and the duty is more than $40,000. 

As a result, many families are living in cramped environments or far away from their work or their kids’ schools because moving is simply too expensive. 

Data shows that people are staying put longer in their current homes and this has implications for society.  

To read more about this, check out John’s article here and the announcement in the SMH here

It’s going to be interesting to see how quickly the NSW Government moves on this announcement and how they roll it out.

Let’s hope they provide some certainty sooner rather than later, because leaving it up in the air won’t benefit anyone and it will only serve to build a level of resentment, especially amongst property owners who are wanting to sell and buy in the current market.

Regards

Greg Vincent

Acreage Market Wrap - 2nd May 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

I received a notification earlier this week that Hawkesbury City Council is exhibiting a planning proposal to make amendments to their Local Environmental Plan.

The proposed amendments generally relate to matters such as updating general wording and referencing; amending the LEP due to provisions of State Planning Policies; changes to minimum lot size provisions; site specific rezoning and land classifications; and correcting some minor drafting and mapping errors.

The proposed amendments also include the addition of certain land uses as permissible development. The exhibition of the planning proposal is available to view up until the 22nd of May. You can see the proposed amendments to the LEP and have your say via this link.

There was also an eye-opening report released this week by CBRE Research which delves into lessons learnt from the most recent economic shocks and impacts on the property market which could provide some good indicators as we navigate our way forward during the Coronvirus-impacted economy.

One of the most compelling predictions was that a 10% correction was more likely outcome in some sectors, which is a much more positive outlook than the 30% price drop hype that the media was previously reported.

The report also highlighted the importance of understanding that each of the different property market sectors will behave differently during economic cycles. For example, the apartment market looks like being impacted significantly by some of the international restrictions. For more detail, here’s a link to the CBRE report.

The CBRE report also showed that…

SALES VOLUMES REBOUND QUICKLY WHEN ECONOMIC CONDITIONS TURN

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RESIDENTIAL MARKETS TYPICALLY RECOVER WELL AFTER SHOCKS

As lockdowns measures start to become relaxed it looks like we could start to see a significant increase in activity in the housing sector, especially within certain segments of the acreage market.

Especially after Prime Minister Scott Morrison announced yesterday that Australians have earned an early mark and most importantly when they start to reduce some of the restrictions the Government are determined to keep Australia’s economy moving forward.

As radio host Kate Langbroek said, “we’ve got to be like the emblems on our coat of arms, the kangaroo and the emu, they only go forward and as a country we only want to move forward from here.”

This has been a difficult period for our nation and hopefully with relaxed measures being announced this Friday by the PM our economy can start moving forward again and I’m sure Aussies will rally together as we always do in times of crisis and continue to stop the spread. Keep up the great work team Australia.

In other news, this week, Australia’s leading property data provider CoreLogic recently rolled out a brand new weekly report titled the ‘Early Market Indicators’ and the data could provide an insightful forecast into what’s ahead for the property market. It’s definitely going to be very interesting to see how these early indicators start to play out during the Post-COVID19 period.

You see, in the housing sector there’s been a shortage of listings over the past year with many people holding off from selling during last year’s elections and lots of people currently putting their plans on hold off the back of the Coronavirus pandemic due to the uncertainty in the market.

Interestingly, the acreage market hasn’t experienced the same shortage of listings during this same period, yet there are fewer acreage properties currently on the market than there were around the same time last year.

In fact, as reported in last year’s publication of The Acreage Report 2019 (Autumn edition) there were a total of 479 acreage properties For Sale and there were only 56 acreages sold during that Summer period, whereas, in this years copy of The Acreage Report 2020 (Autumn edition) there were 386 acreages For Sale and a total of 104 acreage properties Sold during this corresponding quarter.

These acreage sales results looked set to continue to increase dramatically throughout the Autumn months, however, they were dramatically impacted by the COVID-19 and so far, we’ve seen available listings increase back up to 450 acreages For Sale and there’s been a total of 36 acreage properties Sold during these first two months of Autumn 2020.

How’s The Acreage Market?

Currently there are 450 acreage properties For Sale across the region. This total includes 245 acreage properties For Sale throughout The Hawkesbury, 139 throughout in The Hills area and another 66 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

This week, there were another 15 new acreage listings enter the market and similar to last week there were another 6 acreage properties Sold this week. Also, there’s currently 14 acreage properties ‘Under Contract’ across the region.

Out in the field, I can sense an underlying groundswell of acreage activity starting to build up a head of steam as I’ve being experiencing a steady flow of initial enquiries coming from buyers looking to escape the city life and embrace working from home amongst a quieter acreage lifestyle.

Also, looking closer into the CoreLogic Early Market Indicators Report, there was a 23.94% increase in the number of market appraisal reports generated within their system in this past week (which is a Pre-Listing Activity) and that indicates that there could be quite a few new listings coming onto the market in these coming weeks as property owners get ready to make a move.

CoreLogic also reported that there was an increase in mortgage activity which was up by 9.83% from last week and up by a massive 79% compared to the same time last year. There also appears to be a huge increase to the number of people refinancing as homeowners are taking this opportunity to lock in their mortgage at record low rates with 73% of loan applications currently being for refinancing which was up by 13.4% from last week.

The CoreLogic report also showed that 17.4% of loan applications were for property purchases which also increased by 14.24% this week and was up by 44.11% compared to this time last year which goes to prove that property transactions are still occurring throughout the COVID-19 period and actually many of the agents within our McGrath network have experienced some outstanding sales results throughout April, which is a fantastic outcome for our clients.

When you weigh up all the facts and take into consideration the current low interest rates, the highly anticipated ‘U’-shaped acreage recovery which was postponed back in March due to the Coronavirus, plus the extensive selection of acreage stock currently available to choose from along with the affordable pricing of acreage properties at the moment, purchasing acreage now before the market bounces back looks like not only being a great chance to secure a quality acreage lifestyle property, but, also at the same time lock-in your mortgage at the lowest interest rate ever seen in Australia’s history.

Also, the insights I shared about ‘The Future For Acreage This Decade' as well The Two Biggest Factors Set To Impact Acreage Over The Next 10 Years that I featured in The Acreage Report 2020 (Autumn edition) are some other great reasons why right now looks like being an excellent time to be buying acreage.

You can get a FREE copy of The Acreage Report 2020 (Autumn edition) at www.TheAcreageReport.com.au

The Acreage Report features statistics about what's happening in the Hawkesbury, Hills & Sydney’s North West acreage market. Plus you also get instant access to a copy of The McGrath Report 2020 which features exclusive insights from one of Australia’s leading property experts, John McGrath.

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe, keep up the great work and bye for now.

Regards

Greg Vincent