Property Buzz

PropertyBuzz, your daily dose of property news.

Luna Park in Sydney is up for sale, retirement villages are offering Australians an affordable housing haven, and what strategies should property investors keep in mind this tax time?

Welcome to Property Buzz! I’m Orana Durney-Benson.

Today is Friday, the 5th of July, and Sydney’s heritage-listed Luna Park is up for sale by property giant Brookfield.
– The beloved childhood icon is expected to sell for around $70 million, with real estate firm CBRE handling the sales campaign.
– Australian and international theme park operators are among the potential buyers CBRE plans to target, with the sales campaign angled to capitalise on the park’s recent $40 million upgrade.

Meanwhile, new data has found that homes in retirement villages are a massive 43 per cent cheaper than equivalent homes in wider market.  
– The median price of a unit in a retirement village is $559,000, compared to a median house price of $986,000 for a property in the same area.
– With just a 5 per cent vacancy in retirement villages across the country, commentators are calling for more housing supply in retirement villages to ease pressures on younger Australian buyers.  

And as the 2024 financial year comes to a close, tax consultants are urging property investors and home buyers to start thinking about tax early.
–  Claiming all eligible deductions will help keep your taxable income down – and don’t forget about depreciation deductions.
– To avoid unexpected costs, make sure you’re integrating GST into your cash flow projections before you sign the contract.
– And when selling an investment property, remember to check if you’re eligible for any capital gains tax exemptions or discounts.

That’s all for today.

See you again tomorrow, the 6th of July, for your daily dose of Property Buzz.

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