Home Buyers are finding it a little tough at the moment as there is a lack of homes on the market on Brisbane’s northside.
With the Federal Government rule changes being blamed for making the situation worse.
Principal of Madeleine Hicks Real Estate at Everton Park, Madeleine Hicks said that the Federal Governments, Downsizing Contributions legislation means that many homes have been kept back from the market.
“We are expecting a lot of properties to come onto the market after 30 June this year, so that people will be able to take advantage of the new rules,” she said.
“The new rules will allow people over the age of 65 and selling their home to be able to contribute some of the proceeds into their superannuation. This is a really welcome change”
“Unfortunately that has meant that many properties that may have come onto the market this year are being held back until the new financial year.”
“This is having a big impact in some suburbs like McDowall and Everton Park where there are a lot of older residents”, Mrs Hicks said.
Houses in many Brisbane Northside suburbs are selling quickly, around 20 days, as home buyers are clamoring for the reduced listings available.
The contributing the proceeds of downsizing into superannuation measure, was one of several announced in the 2017-18 Budget as part of the Government’s package of reforms to reduce pressure on housing affordability in Australia.
From 1 July 2018, if you are 65 years old or older and meet the eligibility requirements, you may be able to make a downsizer contribution into your superannuation fund of up to $300,000 each, from the proceeds of selling your home.
If you sign a contract before 1 July 2018 you will not be eligible.
Mrs Hicks said “hopefully there will be more houses on the market for sale soon so that first home buyers are able to buy the home that they want”
This is an exciting opportunity for people approaching retirement, you can read more about this at Read More….