Property news 30th edition OBrien Real Estate

Weekly Property News 30th Edition 2021

“JB You’ve Done it Again”

Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 30th edition of the Property News for 2021 where real estate information is on the house.

During the last week, JB HI-FI reported its 8th consecutive year of record-breaking net profit, not bad for a company that originated from doing car radio installations from the garage of John Barbuto and then opening the first store at the East Keilor Centreway. During Covid of 2020, most people went bought a new TV with their Tax Returns, I suspect 2021 is likely to be a little bit different as Aussies will be a little more sophisticated investing their returns this time again.

The good news is the House of Representatives Standing Committee on Tax and Revenue has indicated its commencement of an inquiry into the affordability and supply of housing across Australia. The chair of the committee, Jason Falinski stated that the committee “will investigate the impact of tax and regulatory regimes on price, affordability, and supply of housing in Australia today as well as into the future”.

This is good news because from my opinion and experience in the real estate industry and in our dealings with property developers the regulatory costs associated with developing and building has placed more pressure and strain on developers and this will ultimately affect supply which will be detrimental to housing affordability.

This week, reported Melbourne’s auction clearance rate at 56%. There was 1140 scheduled auctions, with 683 reported results of which 382 sold with a withdrawal rate of 275 properties. OBrien online auctions again performed strongly selling 6 of our 7 auctions producing at 86% clearance rate of our auctions online.

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That’s all for this week, I’m Dean OBrien, and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.