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 In Lifestyle

2019 Federal Election –
Property Policy Update

The Liberal Party has secured a majority government in a contest that significantly focussed on the importance of the property market to the Australian economy.

The Liberal Party has secured a majority government in a contest that significantly focussed on the importance of the property market to the Australian economy.

Over the past few weeks, Marshall White has seen more positive signs pointing to the market moving forward. Last week the number of off market transactions negotiated was the most we have seen for the year, and coupled with recently stabilising auction clearance rates, the market is looking to recover.

However the return of the Liberal government, and the elimination of fears around Negative Gearing changes and Capital Gains Tax reductions, will also make a positive impact.

Those earning healthy incomes have avoided the possibility of higher taxation under a Labor government, and can look forward to tax cuts in the years ahead.

In terms of housing policy, the Government will also roll out its new $500 million First Home Loan Deposit Scheme for first homebuyers. This gives 10,000 first home buyers the opportunity to buy a home with only a five per cent deposit, as opposed the usual 20 per cent.

Unchanged existing policy includes a program where Australians aged over 65 who wish to downsize, can now make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.

The First Home Super Scheme also remains in place which allows younger buyers the ability to access up to $30,000 per person from their superannuation funds for a home deposit. These people are also able to make extra salary sacrifice payments into their super funds to make the proceeds build quicker.

Marshall White looks forward to an improved property market for the remainder of 2019 and beyond.

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