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Government’s “First Home Saver ” Rules Changed

Long-awaited amendments to the First Home Saver Account Act were made last week, with changes to the scheme applying to houses purchased after 25th May 2011.

First home buyers qualify for concessional tax treatment and government contributions if they contribute to their FHSA over four financial years.

A drawback with the original scheme was that if an account holder bought a house before the four-year eligibility period was up, the money in the FHSA would have to go into the person’s superannuation account.

In last year’s Budget, the Government said it would make the system more flexible, allowing money saved in an FHSA over four years to go into a mortgage if a house had been purchased prior to meeting the release condition. That change is now law – a year after it was announced.

For more information on the First Home Saver Account, go to http://www.ato.gov.au/individuals/pathway.aspx?pc=001/002/066

For additional infomation and infomation on Depreciation Schedules please contact our office on cityresidential@harcourts.com.au

Harcourts Foundation Reaches $1m!

Congratulations to the Harcourts Foundation, launching only 2 years ago its a fantastic effort to reach the $1,000,000 mark!

For more infomation please click here http://tiny.cc/n5nx3

Quality over quantity?

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You get what you pay for… http://tiny.cc/qnh19

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Success Story

Elizabeth Street, 1704/250, Melbourne

The property was advertised through Harcourts City at $520K-$530K and was set to auction. A week before the auction date, an offer was made on the apartment for $540K, vendor had then requested that if the offer were be readjusted to $560K , they would sell. Harcourts City then requested that all buyers interested in the property put in their best and highest offers forward, as an offer had been submitted, and this was their chance to grab this beautiful apartment. The first initial offer then increased to $600,100K setting a new building record, the vendors were immensely pleased with the result.

Success Story

Collins Street, 2006/620, Melbourne

Vendors at 2006/620 Collins Street, had their property advertised as “price by negotiations” and wanted $350,000 for their apartment, as another agent had a similar apartment also listed in the building at $350,000. The other agent worked on a commission on 2.2%, whilst Harcourts City worked on 2.5%, Harcourts City advised a potential buyer o forward his highest and best offer at $375,000 which the vendor happily accepted. The $1120 in extra fees from Harcourts City awarded the vendor with an extra $25,000 extra in his pocket.

Success Story

Hotham Street, 2, 110, 114, 202, 212/25, East Melbourne

 7 great units in a block of 40 all on the market for sale at the same time, some of the apartments were listed with other agents. Some of the properties were on the market for over 180 days, getting quite stale.  Poor quality photography, open times not on the internet and all on the market at the same time – selling them was proving extremely hard. Harcourts City picked up 4 of those apartments for sale and decided it was best to sell them one at a time. Harcourts City sold 5 units over a span of 60 days exceeding price expectations, a great result for the vendors.

Success Story

Flinders Street, 401/166, Melbourne

An existing client of Harcourts City was strongly thinking about selling his apartment at 166 Flinders Street, considering selling to friend who had shown great interest in the property. Harcourts City advised an auction would gain him the best price for what he wanted. A neighbour in the building the first offer prior to the auction at $598,000 alongside the 4 other submitted offers. The neighbour reviewed their offer to $655,500 allowing him to take possession of the property.

Success Story

 Spencer Street, 1604/200, Melbourne

Harcourts City were referred by a previous client to the vendors of 1604/200 Spencer who were having some difficulty selling their property with their agent. With no offers or feedback, the vendors were beginning to get concerned. After a record sale was achieved in the building by Harcourts City, the vendors of 1604 happily appointed Harcourts City to sell their apartment. The vendors felt they had missed out on $30,000 by unfortunately selecting the wrong agent. Harcourts City in conjunction with Harcourts Carlton took over the listing, with professional photography and marketing, finally gaining the vendors their long anticipated sale.

Success Story

Spencer Street, 3608/200, Melbourne

Harcourts City appraised the property, however lost the listing to another agent with a lower commission and no advertising. With no interest on the property coming in, the authority then expired. Meanwhile Harcourts City scoring two fantastic sales within the building, the vendors at 3608/200 Spencer then appointed Harcourts City to market their property. With paid advertising the property sold in the first week of marketing it for $440K.