A Property blog by DEPPRO - The Depreciation Specialists.
RP Data have released their monthly snapshot of the median values and property growth within Australia. As expected the growth in house prices has continued throughout February with 29,552 new houses up for sale.
With the housing market looking to only strengthen over the next few years supported by the rise in infrastructure and fall in interest rates, home ware giants such as Harvey Norman are seeing an increase in sales.
The reserve bank’s announcements of rates cuts to an all time low of 2.25% is set to have an impact on Australia’s housing market. The drop is the first announced by the Reserve bank with the last rate of 2.5% set 18 months ago in August 2013. This drop saw a massive increase in housing purchases however; with house prices at a high this might not have the same impact this time around.
The importance of claiming legitimate tax deductions such as depreciation has been highlighted by new ABS figures which show that Governments throughout Australia collected more than $1 billion in taxes every day during the June 2014 quarter.