This week we continue our series looking at suburbs with the most affordable median prices in 2010, with a focus on two suburbs in New South Wales. We speak with Executive Director of the Residential Development Council Caryn Kakas about environmentally sustainable residential developments. And in our tax tip we look at inherited real estate.
News:
The Valuer-General has revealed that Victoria’s overall prices for houses and units eased 2 per cent over the September quarter, with some of the largest falls from Melbourne’s wealthy eastern suburbs including South Yarra, Hawthorn and Toorak. The gains were led by the state’s western suburbs, with homes in Williams Landing recording a 47 per cent increase over the quarter, rising to over $558,000. In other news, the Australian Bureau of Statistics reported nationwide building approvals dropped 7.4 per cent to a little over 12,000 in February. And the Reserve Bank of Australia has kept rates on hold at it April board meeting. the Housing Industry Association labelled the decision, “A positive tonic for an ailing new home building sector”.
Suburbs in Focus
This week we continue our series looking at suburbs with the most affordable median prices in 2010, with a focus on two suburbs in New South Wales.
First let’s look at Willmot, a suburb located 52 kilometres north-west of Sydney’s central business district. With a population of 2,404 in the 2006 census it is part of the Greater Western Sydney region. The suburb extends to Palmyra Avenue in the west, Shanes Park in the north and Peter Van Hasselt Park in the east. The area has many three and four bedroom fibro and brick veneer family homes on 600 square metre blocks. The suburb has a local primary school, Willmot Public School. Turning to the figures, houses in Willmot recorded the capital’s most affordable median price in 2010 of $220,000. 31 properties were sold in the year.
Our next suburb is Tregear, just two kilometres from Willmot. Tregear is located 51 kilometres north-west of Sydney’s CBD. With a population of 3,809 in the last census, the suburb is bordered by Forrester Road in the north, Debrincat Avenue in the south, Luxford Road in the east and Tregear Reserve to the west. The suburb is also part of the Greater Western Sydney region. Tregear has department of housing homes as well as privately owned properties. Similar in style to its neighbouring suburbs, there are many three and four bedroom brick veneer and fibro houses. There is a small shopping centre in the suburb, a local primary school and preschool. Turning to the figures, houses in Tregear recorded the capital’s second most affordable median price in 2010 of $225,000. 53 properties were sold in the year.
Interview
We speak with Executive Director of the Residential Development Council Caryn Kakas about environmentally sustainable residential developments.
Tax Tip
And now to the Tax Tip of the week from Depreciator - the Tax Depreciation Schedule specialists.
This week we take a look at inherited real estate. If you inherit a deceased person’s property you may be entitled to a full or partial exemption from capital gains tax. Factors that determine whether you are entitled to an exemption include when the property was bought by the deceased person, whether it was their main residence, and if you used the property as your main residence or as an investment to generate income. The same exemptions apply if you are a trustee. However, different rules apply to land or a structure you sell separately from the dwelling, they are subject to capital gains tax. And different rules apply to a share of a property you acquire on the death of a joint tenant. For more information please visit the ATO website, details can be found in the “Inherited Real Estate” section.
As always, do remember to consult with a tax accountant or tax professional before making any tax related decisions.
