Land Tax increases hurt land owners
Monday, November 9th, 2015On 24 September 2015 The Land Tax Amendment Bill 2015 was passed by the Parliament and received the Royal Assent as the Land Tax Amendment Act 2015. Changes from the old Land Tax Act 2002 to the new Land Tax Amendment Act 2015 that affect the assessment of land tax as of the 2015-16 assessment year include: the introduction of a flat minimum land tax rate of $300 for taxpayers who hold land with a taxable value between $300,000 and $420,000; changes to the thresholds at which rates change; and increases of all rates except the top marginal rate of land tax. Based on our review of ...
Read moreResidential property market declines
Thursday, October 8th, 2015The Perth residential property market is in a decline phase with the median house price falling from $550,000 in March 2015 to $540,000 in June 2015 according to Real Estate Institute of Western Australia (REIWA). Our enquiries to residential real estate agents within the Perth metropolitan area are indicating reduced interest in properties listed on the market for sale, properties are taking longer to sell and there are is increased number of property listed on the market. The latest REIWA Statistics for the first week in October 2015 are indicating there are 15,198 properties listed on the market for sale ...
Read moreProud to support the WA Volunteer Fire & Rescue Association Inc.
Wednesday, August 19th, 2015The licensed valuers at Garmony Property Consultants are proud to support the WA Volunteer Fire & Rescue Association Inc. who’s mission is to protect the welfare and interests of Volunteer Fire & Rescue Services, Brigades and their Members. These members give up their time to protect the community and the public’s property assets and we would like to support them for their support. We encourage other business to support WA Volunteer Fire & Rescue Association Inc by donating to them. Contact the Association via their website to see how you can help. http://frsvols.asn.au/
Read morePerth office rental market overview – First half of 2015
Wednesday, July 1st, 2015The Perth office rental market market along with the suburban office market is experiencing its highest vacancy in almost 20 years with a report from the Property Council of Australia in February 2015 indicating that the Perth’s CBD office vacancy is 14.8% in January 2015, up from 11.8% in July 2014 and 9.0% in January 2014. The Property Council of Australia report also indicated that “The office market in Perth is the barometer for the State’s economy. The lack of demand is a reflection of WA’s economic performance.” With a further 149,000m² of new supply to be added to the CBD ...
Read moreValuing Strata lots and difficulties encountered
Wednesday, July 1st, 2015Below is a summary of a presentation that Matt Garmony, Licensed Valuer and Managing Director of Garmony Property Consultants, gave to the Bachelor of Commerce – Property students at Curtin University in March 2015. The presentation provided the property students with an overview of Strata titled properties, Unit Entitlements, valuing strata lots and issues we have identified for strata titled properties into the future. Should you have any questions in relation to strata titled properties and the valuation process, our licensed valuers will be more than willing to assist. VALUING STRATA LOTS AND DIFFICULTIES ENCOUNTERED 2015.PDF
Read moreRBA LOWERS RATES TO IN AN ATTEMPT TO FOSTER SUSTAINABLE ECONOMIC GROWTH
Friday, February 6th, 2015With recent falls in the commodity, oil and gas prices, the Western Australian economy appears to be contracting as the viability of some mining projects appears to be compromised with sharp falls in these markets. We are of the opinion that this has reduced both business and consumer confidence and has caused subdued property market conditions. The Reserve Bank of Australia (RBA) board decided to lower the cash rate by 25 basis points to 2.25% at its 3 February 2015 meeting, which is the lowest cash rate in Australia’s history. Reasons for the Board’s cash rate reduction included; the continued decline ...
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