Daily Buzz: Saturday, 31 August
By
PropertyBuzz, your daily dose of property news.
NSW wins back $9 million from first home buyers âgaming the systemâ; Property transaction scams are on the rise this spring, and the ACT finalises its Territory Plan for housing reform.
Welcome to Property Buzz! Iâm Orana Durney-Benson.
Today is Saturday, the 31st of August, and the New South Wales government has recovered $9 million from first home buyers who claimed stamp duty exemptions.
– Under the first home buyer scheme, first-home buyers purchasing properties under $800,000 are exempt from paying stamp duty â but the property must be used as their principal place of residence.
– Over 400 recipients of the scheme violated this rule by using their first home as an investment property.
– The government has stressed that first home buyers who use the scheme must abide by the rules to maintain integrity and fairness.
Meanwhile, property-related scams have increased in the leadup to spring.
– InfoTrack’s head of Securexchange has urged buyers to remain vigilant, especially in a high-pressure market where purchasing decisions are made quickly.
– InfoTrack suggests safeguarding funds by ensuring secure communication channels, using trusted platforms for transactions, and not sending account details via email.
– If scammed, victims should report the incident and immediately update all banking details and passwords to limit the potential for further fraudulent transactions.
And the ACT government has finalised its Territory Plan, with a focus on well-designed and sustainable housing. The plan has now been approved and will be effective from the 27th of September 2024.
– Specific changes include updates to the Housing Design Guide, additions to the Territory Plan Map, amendments to zoning, and a new assessment requirement to restrict new gas connections.
– The plan will be evaluated over the next five years to ensure it delivers the better community outcomes it has promised.
Thatâs all for today.
See you again on Tuesday, the 3rd of September, for your daily dose of Property Buzz.
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