NewsNew figures show that demand for home loans fell for the third month in a row in December - in line with three monthly increases in the official cash rate at the end of 2009.According to the Australian Bureau of Statistics just over 55,500 loans were granted to owner-occupiers in December, representing a 5.5 per cent fall after a 6.1 per cent fall in November. First-home buyers were also less active in December, making up 21 per cent of all home loans granted in the month against 22 per cent in November.LAING and Simmons general manager Leanne Pil-kington has warned of an exodus of landlords from the rental market in New South Wales, due to the proposed Residential Tenancies Bill 2009. The bill, released by the Office of Fair Trading, is expected to be introduced to the NSW parliament this year.Ms Pilkington says the Bill would effectively remove the concept of a fixed-term lease, limit a landlord's right to decide who occupies their property, and allow tenants to make cosmetic changes without consent.
Suburb in FocusIn our suburb in focus section we begin a series looking at properties under $200k that are located within 250 kilometres from the CBD that may be of interest as a possible holiday house investment, starting with NSW. First up we look at Crookwell a small town 240 km south of Sydney.
The town’s population was close to 2,500 in the last census. Crookwell is a small town nestled in the Southern Tablelands of NSW which is known for its rolling countryside, heritage, cool climate wines and vast open spaces. The town is a half hour drive to the city of Goulburn and 1 and ½ hours from Bowral which is well-known as a rural retreat for Sydneysiders and hosts an annual Tulip Time Festival in September.
Looking at the figures and the median house price in Crookwell is $197,500. There were 44 homes sold in the area in the 12 months to December. Currently there are in excess of 20 properties listed for sale, starting from $170,000.
And now let’s take a look at the town of Portland located 166 km northwest of Sydney. The town’s population in the 2006 census was close to 2,800. A historic mining town, Portland is part of the gateway to the Central West and is located between Oberon, Mudgee, Bathurst, Lithgow and the Blue Mountains. The town is surrounded by countryside and has many areas to enjoy bushwalking. The town is close to the Wollemi National Park and the Gardens of Stone National Park.
Turning to the figures, the median house price in Portland is $168,500 dollars, with 42 homes sold in the 12 months to December 2009. Currently there are 27 properties listed for sale starting from $119,000.
Tax TipAnd now to the investment property Tax Tip of the week from Depreciator, Tax Depreciation Schedule specialists. Today we’re looking at swimming pools in investment properties. Firstly, most property investors avoid pools - while they may be more attractive to a percentage of potential tenants, they can also be expensive to maintain. However, if you own an investment property that has a pool, there is depreciation you can claim on it.In-ground pools, are considered ‘capital works’ and can be depreciated at 2.5% for 40 years if they were constructed after 18th July 1985. Above ground pools have a shorter effective life and you will need to check with your accountant about what depreciation rate to apply because it can depend on when you bought the property and the type of pool. Swimming pool assets like filters, cleaners, pumps, and covers have varying depreciation rates. Of course, this is general information only and you should always speak to your accountant or tax depreciation expert for specific details.