Real Estate
Trends and updates on property markets, including residential and commercial sectors.
The Australian Taxation Office (ATO) will use bond data to identify rental property owners who fail to lodge tax returns or misreport income and capital gains. The ATO said it would collect the rental bond details of about 2.2 million people from state and territory regulators to expand its program of matching external data with its own to identify tax evasion. The objectives of the program are to: identify and educate people and businesses who fail to lodge tax returns, correctly report assessable income and allowable deductions from a property, and comply with capital gains tax obligations develop and implement strategies including educational or compliance activities, and promote voluntary compliance and increase community confidence in the integrity of the tax and super systems. The Australian Taxation Office (ATO) will acquire rental bond data from state and territory rental bond regulators bi-annually for the 2023–24 through to the 2025–26 financial years. “The rental bond data-matching program will allow us to identify and address tax risks,” the ATO said. “Taxpayers with a rental property may fail to lodge a tax return and their rental property schedule on or before the relevant due date”. The ATO
Australia has passed the peak of its rental boom with its smallest Q4 change in rent since 2018, according to CoreLogic. Rent values rose only 0.4% in the December 2024 quarter. Australia also experienced its lowest annual rental growth in 2024 (4.8%) since 2021, when rents rose 3.6%. This is low compared to 2023’s 8.3% growth. CoreLogic economist, Kaytlin Ezzy said the main driver of the slowing growth is affordability. According to Ezzy, rents have increased by 36.1% nationally since the onset of COVID, the equivalent of A$171 per week or $8,884 per year at a median level. As of September 2024, renters were spending around 33% of annual pre-tax to pay for median rent, which is the highest since CoreLogic started tracking affordability in 2006. "The net result has potentially seen some prospective renters delay their decision to leave the family home, while others have looked to form larger share households as a way of distributing the additional rental burden, unwinding the previous shrinking in the average household size that was apparent through the early stages of COVID," Ezzy said. Ezzy also pointed to a change in supply in demand for the easing rental market, as COVID meant there was less overseas migratio
Perth’s run-down Carillon City has taken a step closer to being redeveloped after Fiveight submitted its $400 million plus proposal. Forrest-owned investment group Tattarang’s property division purchased the site two years ago from Dexus. Dexus purchased the property in 2016 for $140 million but later scrapped a $200 million plan to demolish and redevelop the space. The redevelopment of the 5723 square metre site will be one of the largest landholdings in the CBD and will be led by Fiveight chief executive, Paige Walker. Walker said the proposed redevelopment has been created with the City of Perth’s Strategic Community Plan 2022-2032 in mind. “Our team are looking forward to progressing the development application in collaboration with the City of Perth, state government, cultural advisors, partners and investors,” she told WAToday. “We look forward to providing further information following the approval of the development application.” The revamp is set to include a 17-storey tower with a hotel, a four-story retail and food precinct and a 30-storey student accommodation building. The arcade had direct pedestrian connections between the Perth train station and St George’s Terrace. Azzet has contacted
Australia’s largest superannuation fund AustralianSuper has taken a 50% shareholding in Oxford Properties Group’s A$1.4 billion European industrial and logistics portfolio and its European investment and asset management business M7 Real Estate. AustralianSuper said it aimed to build a significant industrial and logistics venture across Europe to be managed by M7 Real Estate, under its new strategic partnership with Oxford, a leading global real estate investor, developer and manager. The A$341 billion retirement fund said the partnership would provide more capital to fund the growth of the portfolio with a target of up to A$7.5 billion gross asset value of high-quality ‘last mile’ and mid-box warehouses over the next three to five years. Head of European Real Assets Paul Clark said AustralianSuper believed urban logistics and distribution represented one the most compelling sector opportunities in European real estate. He said the fund had been tracking the sector for several years to find the right portfolio that met its ambitions, with strong fundamentals and significant growth potential. “We are delighted to partner with the Oxford and M7 teams, investors with proven track records operating and growing h
Spain's Prime Minister Pedro Sanchez has announced a new package of 12 measures in a bid to improve access to housing and reverse soaring property prices. The plan announced on Monday (Tuesday AEDT) will see a 100% tax imposed on real estate purchases for non-European Union (EU) countries in a bid to improve local housing affordability. Foreign home buyers are a significant part of the Spanish real estate market. In the second quarter of 2024, they accounted for 14.84% of purchase transactions, 0.63% more than in the previous quarter. This comes as Spain’s popular Golden Visa programme, which was introduced in 2013 to grant residency to non-EU citizens by investing in real estate worth more than €500,000, will end in April 2025. The programme has driven significant foreign investment in the country but has also been criticised for spurring property price hikes and speculation in the housing sector. In 2023 alone, non-residents from outside of the EU bought 27,000 houses and apartments in Spain, "not to live in them, but mainly to speculate and make money, said Sanchez. The country’s Spanish Socialist Workers' Party (Spanish: Partido Socialista Obrero Español) also plans to reform the
