ONCE IN A GENERATION ECONOMIC WINDFALL FOR NSW PROPERTY BUYERS

For decades, NSW stamp duty has been the bane of every property buyers’ existence, adding an unwelcome and excessive excess to the price of the property they are purchasing. This has especially affected would-be First Home Buyers, where stamp duty can be the factor that prevents them from getting on the property ladder. 

A new once-in-a-generation change to stamp duty and land tax laws mean people purchasing a home in NSW up to the value of $1,500,000 are able to opt for a radically smaller annual land tax payment instead of the crippling upfront lump-sum stamp duty. Although the legislation has not been completely signed off on, as of this weekend, if you purchase a property for $1,500,000 or less, you are eligible to get a stamp duty refund and pay the annual tax if you prefer. 

The NSW Treasury has projected that under the new program, if you purchase a property for $1,500,000, you would have a period of 63 years to reach the upfront stamp duty cost. The economic benefits are substantial when taking into consideration the average 7 years someone owns their property. It would take a further 58 years to reach the equivalent initial stamp duty figure of the existing payment system. 

Cramer Property have a number of outstanding properties for sale at $1,500,000 and under. And they have the additional benefit of being off-the plan, allowing you to better plan for your future. They are all impeccably designed by highly regarded developers with excellent track records and located within master planned developments in sought-after suburbs with great infrastructure and public transport systems.

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Spring fever – Time for giving your home a domestic detail!

There’s nothing like spring to motivate us to clean up our act on the domestic front. Depending on the state of your winter housekeeping, this will either seem like a very doable weekend activity or a task of monumental (and non-achievable) proportions. Either way, you can nail this. No matter how daunting, you can stay positive by thinking in baby steps.



However, if you feel like tackling this head on, get out your pen and paper and do a home-wide reconnaissance. Go from room to room, and take note of dusty shelves, desktops etc; grimy marks on walls, doors and cupboards; any mould on walls and ceilings; cluttered drawers, wardrobes and cupboards that need tidying; old dusty, fraying cushions and any sheets or towels that need replacing.



Don’t forget to look up high if you want to do an excellent job of this – think tops of doorframes and paintings, ceiling smears and don’t miss any wall and ceiling cobwebs or the upper areas of your kitchen. Seems like this is taking it just a tad too far? Well, wait until you get up there and see the build-up of grime on top of the cupboards and rangehood. You’ll want it gone, believe me. And don’t forget windows… clean windows make your house look so much better and have the added benefit of letting in more light.

Feeling a bit overwhelmed? Don’t panic, just do things methodically, in bite sized tasks to make it all more doable amid your busy schedule. And once you actually start to tick off this list, you will find that not only does your house begin to feel miraculously cleaner and clearer, but so does your head. So just tackle what you can, when you can.




If you don’t like to work alone, get help. Enlist the help of a friend by trading a yummy home cooked dinner for some elbow grease. Pump up the music and think of it as a workout. It’s amazing how much muscle you can build with hard labour around the house. Then if you can afford it, have your carpet steam cleaned and if you live high up, have professional cleaners come and clean the outside of your windows. You won’t believe the difference.



Finally have a reward in mind for the day you have your house spick and span again. Maybe an hour massage, movie and dinner, deluxe mani-pedi – or for those with higher expectations and a bigger budget – a day spa or weekend away. Whatever it is, after your hard work you’ll be able to look forward to some well-deserved R&R and then return to your pristine home to greet spring head on.

And if your home is looking so good that you think it may finally be time to sell, don’t hesitate to contact us for an obligation-free appraisal of your home’s worth. With our decade’s of experience and highly competitive sales outcomes, Cramer will market and sell your home with the utmost of creativity and professionalism.

Contact Emma Chappell today:

Emma Chappell

Head of Sales & Marketing

Tel 02 8302 1500
Mob: 0404 769 509

INVESTOR ALERT! There's no time like the present to invest in an apartment

Whether you are considering purchasing your first property, or increasing your existing property portfolio, now could be the perfect time to take action. Sydney’s apartment market is remaining strong and outperforming houses for the first time in three years. And return on investment is soaring with rental prices rising fast.

Putting your money into apartment projects is smart thinking according to many renowned commentators. Murray Katz of LogiX Financial Services reports “There are certainly opportunities in this market for apartment investors. Rental yields are slowly coming back after being depressed for quite a while, and the tax benefits are more advantageous. As an asset class, they’ll probably be more on the rise than before and, of course, they’ve always been more affordable than houses.”



Additionally, demand is vastly outweighing supply in the Sydney rental market. According to a recent article from ABC news, “Sydney has become a landlord’s market and renters are paying the price.” With demand being so high and supply being so low, it is not uncommon to have 30 applications for the same property. Interested renters who are able are regularly offering above the listing price to secure a property. And with a 1% vacancy rate, the only properties on the market are snapped up almost as fast as they hit the books, as we are experiencing firsthand in Cramer's Property Management division.

There is a housing crisis predicted for Australia in the very near future, with immigration resuming next year and more and more international students already coming onto our shores. Additionally, many people who made a regional move with the covid-induced rise in working from home, are finding that their workplaces want them back in situ or the regional lifestyle is not what they have hoped for. We predict these people will be returning to Sydney in droves. 

In terms of asset value, there is still a big gap between apartments and houses, so apartments still offer better value for investors with far less investment outlay on purchase. And if you look for the property fundamentals of great location, excellent project facilities, great access to transport and a developer with a stellar track record, you will have a blue chip property that will ensure continuing demand and great long term capital gain. 

Cramer have a number of outstanding apartments for sale that fit the bill. Call the Cramer team today to find out more.

Why Redfern is fast becoming Sydney’s place to be

 

With its chequered past, Redfern can easily be overlooked in terms of Sydney’s places to explore. But come for a day and you will quickly become a Redfern convert, won over by this eclectic suburb’s individuality, thriving culture, bespoke boutiques and outstanding bar, restaurant and café scene.



Feel like a delectable bite to eat? Try Three Williams, Scouts Honour, Little Evie, Henry Lees and Bean and Berry for the quintessential café experience; indigenous-owned Tin Humpy for house-made pastries and hearty breaky bowls; Flyover Fritterie - Sydney’s first vegan fritterie and chai bar; and vibrant Vietnamese at Yellow Fever.

 

  

Explore the globe at these unforgettable restaurants - remarkable ramen at RaRa, La Grillade and Bistro St Jacques for French, Ron’s Upstairs for cool Mediterranean, La Coppola for pizza, Kepos & Co for marvellous Middle Eastern and Juan Bowl and Tea for Japanese. Then wrap it up with a sensational sweet treat head to Ciccone And Sons, where you can step back into the 50s and enjoy exquisite homemade fresh gelato.



For the best bar scene outside of London, go on the ultimate pub crawl from Bart Jnr, Arcadia Liquors, the eccentrically names Bearded Tit, Atomic Beer Project Brewery, The Dock, Hustle and Flow Bar, Noble Hops Bar, Misfits and the super cool DD’s cocktail and dining room out the back of The Sunshine Inn. And if you have a taste for gin, don’t miss Moya’s Juniper Lounge.

Stock up on gorgeous homewares at the DEA store, where you will find Japanese influenced earthenware to beautify your table and ceramics from Tom Dixon.

 

And if you are a fan of mid-century furniture, head to Rudi Rocket for super cool vintage pieces, then make your way to the gargantuan Mitchell Road Antiques for the best antique store in Sydney. Or for something utterly different, head to Redfern Convenience Store – “The Greatest Convenience Store on Earth.”

 

For exemplary art, check out the Vandal Gallery, showcasing some of the best emerging contemporary artists in Australia. 

Then pop across to 107 Projects, a cool not-for-profit community art space that’s home to loads of events, exhibitions and workshops. Then be blown away at Carriageworks, a multi arts precinct that offers weekly farmers’ markets, festivals, fashion shows and global art exhibitions. Finally head to the Aboriginal and Pacific Art Gallery for glorious indigenous paintings and sculpture.

 

Want some quality threads at a fraction of the cost, pop over to nearby Assembly Label Surplus Store. Then for an old school barber experience, visit Tommy J Barber. For all things Zen, head to Humming Puppy, a New York loft-style yoga studio. For the place that was voted Best New Independent Gym, get fit at Lift Performance Centre. Follow up with a dip at the outdoor heated Prince Alfred Park Pool, where you’ll also find basketball and tennis courts and outdoor fitness equipment.

And if you are so impressed you’d like to make the move on a permanent basis, check out our exquisite apartments on the verge of Redfern at Surry Hills Village.

The realities of inflation, interest rates and how best to ride economic waves

As 2022 has unfolded, we have all seen the headlines regarding Australia’s inflation rate and many of us listen to the RBA’s periodic announcements with bated breath. Almost every Australian is feeling the pinch of the rising cost of living as the consumer price index soars. Accustomed as we were to the historically low interest rates, we’ve responded with everything from reservation to alarm as we’ve witnessed three consecutive rate hikes in the RBA’s efforts to curb inflationary pressure.

But what we are not remembering is that an official cash rate of 1.85% is still ridiculously low from a historical perspective. Some of us have been around long enough to remember the rates of the early 1990s, where we paid home loan interest in the high teens. And inflation and mortgage rates have continued to fluctuate all the years before and after this time.

Most of us have a decent idea of what has caused inflation to soar and much of the blame can be squarely laid on the Covid-19 pandemic. This, along with the Russian invasion of the Ukraine and the ongoing rain and flooding throughout Australia have conspired to wreak havoc with supply chain issues, and where there is heightened demand and under supply, inflation is sure to occur.

In response to the sudden inflationary pressures, the RBA has reacted quickly with its most aggressive tightening cycle in history. And whether we like it or not, lifting the cash rate to bring inflation down to its 2-3% target band is the most responsible course of action.

So what can we do to lighten the load of the increasing cost of living? Where home loans are concerned, your best bet is to shop around. Arm yourself with the knowledge of which lending house is offering the best rates out there and call your bank. Never be afraid to pick up the phone and negotiate as invariably your bank will come to the party and offer you a better deal if they think they are about to lose your business.

Be in it for the long game. As most mortgages are 25 to 30 years, much can happen to rates over this time frame. Future proof by locking in a rate that will prevent you from losing sleep every time the RBA is about to make an announcement. And remember that the flip side of inflation is that the economy is growing and people are spending. The trick is to keep any interest rate rises on the slow and steady path, which is exactly why the RBA is acting to curb any further rapid increases.

Toga Awarded Very High ICert Rating By Independent Government Backed Body

Cramer Property is excited to announce that TOGA, developers of Surry Hills Village and Wicks Place, has just been awarded an outstanding 4.5 star rating under the Independent Construction Industry Tool (iCIRT). This exceptional ranking is testament to TOGA’s reputation as one of Australia’s most experienced and trusted fully integrated property developers. 

iCIRT uses a five-star system to rate builders and developers on their capability to deliver apartment buildings, which must meet the minimum average of three out of five stars or above to be deemed "trustworthy".

TOGA’s 4.5 star rating is a testament to TOGA’s reputation as one of Australia’s most experienced and trusted fully integrated property developers.

 

Generally speaking, purchasing a home is likely the biggest single financial investment we will make in our lives. And when buying off-the-plan, we have previously only had a glamourous display suite and brochure to reflect the property we will be acquiring. But now with this new independent rating system, iCERT in place, we are able to far more accurately see the developer’s credentials. And this is doubly so, as since the system started a year ago and is at present voluntary, you can be sure that any developer who puts themselves forward for this type of rigorous independent assessment has great confidence in their ability to deliver exemplary properties with integrity. 

For many of us, these rating systems can seem unimportant but once we understand exactly what is being rated, by whom and why, we can see that an iCERT rating is an excellent reference for homebuyers when choosing an off-the-plan property. This rating helps purchasers identify developers who have outstanding credentials through an unbiased and independent assessment. Any developer who scores above 3 stars is deemed trustworthy and the higher the score, the more this adds to their credentials and abilities. And a high rating allows a purchaser to buy with full confidence and transparency. 

This independent construction industry ratings tool has been created by data analytics house, Equifax, backed by the NSW Government. Equifax meticulously analyse each developer’s full financial and development history prior to awarding the accreditation. 

The system works by drawing on thousands of rating points endorsed by NSW Fair Trading including the following:

• developer’s credit ratings

• the relationships between development counterparties

• the entity’s history in corporate dealings

• history of the nominated directors

• Additional objective evidence to reflect the developer’s capability to deliver good quality buildings

Given that TOGA has scored an enviable 4.5 star rating, purchasers can have full confidence that their developments reach a significantly high level of quality and integrity across the board.

Great News For First Home Buyers

New financial year brings even more federal government support for those buying their first home.

The Australian Federal Government has ushered in an unprecedented level of support for first home buyers this new financial year. On July 1, the Federal Government opened up 40,000 new places under its First Home Guarantee Scheme. The newly appointed labour government has also announced a Help to Buy shared equity scheme, where it will help eligible first home buyers by contributing up to 40 per cent towards the purchase of a new home.

Administered by the Federal Government’s National Housing Finance and Investment Corporation (NHFIC), the New Homes Guarantee Scheme is open to individuals earning up to $125,000 a year or couples earning up to $200,000 who are looking to purchase their first home. Under the scheme, first home buyers can apply for a loan through one of the scheme’s 32 lenders for the purchase of a property in Sydney worth up to $900,000.



Home buyers usually are required to pay lenders’ mortgage insurance (LMI) if they purchase a property with a deposit of less than 20 per cent. But under the scheme, the NHFIC guarantees up to 15 per cent of the value of the property, meaning approved buyers only need to pay a 5 per cent deposit and avoid paying costly LMI insurance.

The number of places under the scheme has now been expanded from 10,000 to 35,000 a year. An additional 5,000 places are open to single parents who will only be required to pay a 2 per cent deposit towards the purchase of a property.



The Federal Government says its new Help to Buy scheme will see eligible first home buyers in Sydney save up to $380,000 on the purchase of a newly built home or apartment. Open to 10,000 applicants a year, the scheme will see the Federal Government contribute 40 per cent to the purchase of a new home or 30 per cent to an existing home.

Successful applicants will only require a 2 per cent deposit towards the purchase of a property worth up to $950,000 in Sydney, again removing the need of costly LMI insurance. To be eligible for the scheme, applicants must earn less than $90,000 a year or $120,000 for couples. Homebuyers are not required to pay any costs related to Federal Government’s share in their property, significantly reducing the costs of their mortgage.



And don’t forget the First Home Super Saver Scheme - this enables first home buyers to build a home deposit inside their superannuation accounts by up to $15,000 a year or $30,000 in total. The First Home Super Saver Scheme effectively allows first home buyers to build a home deposit quicker given their extra super contributions are taxed at the concessional rate of 15 per cent. Buyers can then withdraw the savings when they are ready to buy their first property. The key requirement is that applicants must live in their home for at least 6 months in the first year after purchase or construction.



So if you are near being able to realise your first home dream, check out Cramer’s incredible properties below:

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How to prepare your home for sale

Staging your property, the new term for styling your home or investment to attract buyers, has become, quite literally, an art form. Companies now exist who will come into your property and style it to showcase it to its best effect, but this comes at a cost. If you can’t afford it, don’t despair as most of us are perfectly capable of staging our own property if we follow some simple guidelines.

 

Properties that look good are more alluring to buyers as they can more easily envisage themselves in aesthetically pleasing homes. Clean, uncluttered spaces present as the most attractive to buyers so let’s start with the obvious. Remove excess furniture and minimise personal items such as photos and unattractive gifts from loved ones. Remember, less is almost always more. Now is the time to remove all things sentimental unless they are of design significance - you might enjoy seeing your treasures but to a potential buyer it just looks like clutter.

 

If your furniture looks cheap or tired, either ditch it completely or invest in an attractive alternative. It doesn’t have to cost a fortune. Try affordable homeware stores such as Matt Blatt.

Small touches can make a big difference. Fresh flowers, stylish accessorising and comforting scents are always a hit, creating a feel-good vibe in your home. On-trend botanical print cushions, lush throws, beautiful framed prints, gorgeous candles and that divine smell of freshly brewed coffee will all appeal to the senses of your buyers.

 

Check out the paint finish and clear any evidence of mould – this weather is creating mould in places it has never previously appeared! Where there are marks on the paint, a pot of gumption will be your new best friend. Try a bit of spot cleaning and you will be surprised how your walls will spruce up. Ideally paint is white or a pale grey to create the greatest sense of space and light. Where there is a feature wall or signature colour in a room, check whether it is on trend and if it is not, paint over it.

Create the illusion of separate zones. Where you have an open plan living and dining area, make sure your styling creates a sense of separate purpose. If the area is small, just have one couch and get a smaller round dining table as these will allow for a greater sense of spaciousness. Whether your outdoor area be a balcony, courtyard or backyard, make it an extension of the living area. Even the smallest balcony can have a tiny round table and chair to offer a separate space for a morning coffee, evening cocktail or to read a book. With this in mind, set up the areas with props, eg books on side tables, laptop in study nook, champagne glasses and candle on outdoor setting.

If your property is a little on the dark side, make sure you have ample lighting. Where overhead lighting is deficient, invest in some floor and desk lamps to brighten up the spaces. Stick to a very light colour scheme, preferably bright white on the walls and ceilings and light coloured furniture. Place lovely bunches of flowers around and the odd bright coloured cushion.

If there are any glaringly urgent repairs needed, get them sorted as things like leaking taps, broken windowpanes and chipped plaster walls are off-putting to buyers. If your property needs a full renovation and you are not going to be the one to do it, there is hope when selling - work with its existing attributes. Always check under carpet to see if there are floorboards underneath as ideally you would expose these. Stripping your property back to its bare bones will allow buyers to see the potential that lies below. Style it in a rustic, shabby chic way, being careful to minimise furniture.

For all properties, the final non-negotiable is to make certain it is spotlessly clean and smells lovely. If you are time poor, hire a professional cleaner or if you live in the property you are about to sell, as soon as you know you will put it on the market get into spring cleaning mode. Take down curtains and wash them where possible, clean out and tidy cupboards as more buyers will open them than you would think. For the best tips on getting your home in ship shape, take a look at our home edit inspired piece in the link below and best of luck with the sale!