Daily Buzz: Thursday, 21 March
By
PropertyBuzz, your daily dose of property news.
A Sydney agency has been slapped with over $800,000 in damages following a devastating 2019 house fire, Victoria makes a move in abolishing stamp duty for businesses, and an alarm has been sounded over unethical buyers’ agent practices.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Thursday the 21st of March, and
A Northern Beaches real estate agency was found liable for negligence after a house burnt down while an agent was preparing for an open home.
– The Supreme Court of New South Wales ordered the agency to pay the property owner $740,000 for restoration costs, and over $120,000 to the tenants for lost personal property.
– The court found the agent had caused the fire by placing damp laundry near a light fitting, while readying the home for sale, an action that ultimately started the blaze.
Down in Victoria, the state government has introduced legislation to parliament to scrap stamp duty for businesses.
– From 1 July 2024, commercial and industrial properties in Victoria will instead pay a Commercial and Industrial Property Tax.
– The new tax is intended to stimulate commercial property investment, making it easier for businesses to invest in new land and buildings, and is expected to add thousands of jobs to Victoria’s economy.
– From July, when a property is sold it will transition to the new system. Stamp duty will be paid one last time, and then after 10 years owners will pay tax at a flat rate of 1% of the property’s unimproved land value.
And Melinda Jennison, president of the Real Estate Buyers Agents Association of Australia, has delivered a warning about unethical buyers’ agents who prioritise quantity of sales over quality.
– Jennison identified six red flags to watch out for when choosing a buyer’s agent, including: servicing a large number of clients, having clients with identical briefs, sourcing all properties off-market and promising unrealistic time frames.
– She also warned against buyers’ agents who use pressure sales tactics, noting that this is a sign of poor service.
That’s all for today.
See you again tomorrow, the 22nd of March, for your daily dose of Property Buzz.
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