New Financial Year Plans? | July 2023 Market Update

Welcome to your new 2023/24 financial year! It was a relief to see the Reserve Bank of Australia (RBA) leave the cash rate unchanged at its monetary policy meeting earlier this month. Following that announcement, July has been a great selling month with buyers having confidence in moving ahead to secure a new property whether it be for a home or investment. It’s great to see investors getting back into the market. The RBA did note however, that “further tightening of monetary policy may be required”, so, unfortunately, there may be more rate rises ahead. 

This month we saw some new changes come into play for 1st home buyers around stamp duty concessions; First Home Buyers Assistance Scheme (FHBAS) – From 1 July 2023 a full exemption on Transfer Duty for homes valued at less than $800,000 and a concessional rate up to $1,000,000. Shared Equity Home Buyer Helper – Assists single parents (with dependent children), single people (50 years and over) and first home buyers who are employed as nurses, midwives, paramedics, teachers, early childhood educators and police officers are key workers with buying a home. The NSW Government will pay up to 40% of the purchase price of an eligible property, retaining it as equity for as long as you are eligible for Shared Equity or until you sell the property. You must be able to contribute 2% to a deposit. 

The economy is in an interesting place right now, as we wait to see how things will play out with interest rates, inflation and property prices. If you’re curious about how any of this may impact the value of your home, investment property or property purchasing plans, don’t hesitate to reach out.

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