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Regional & Rural Market Review

Victorian Regional & Rural Market Review

New Off Market Options And Buyers Seeking Properties In Hot Start To Winter

And just like that, we’re almost halfway through 2022!

Winter well and truly arrived over the last two weeks, with cold snaps sweeping across most of the state. Thankfully, we’ve got some quality new off market opportunities to keep your property search hot!

The seasons may change, but there’s always interest in high quality country lifestyle and agricultural property. For example, from our recent properties for sale, ‘Deloraine Farm’ was under offer in 30 days, with ‘Glenhope’ and ‘Ballina’ both under offer in 38 days.

As a result, we’ve also got buyers seeking property right now. In the Macedon Ranges region, a client seeking lifestyle acreage to $2,000,000 is ready to buy now. In the Goulburn River region, a client is seeking lifestyle acreage along the Goulburn River up to $5,000,000, is also ready to buy now.

If I can help you on your real estate journey in any way, please feel free to contact me or our experienced Ray White Rural – Victoria team at any time.

Buying Versus Building In 2022

The latest data coming out of the construction industry shows ongoing challenges in the sector. Construction costs are up 9% – the highest rate recorded (excluding the year the GST was introduced) – and construction industry insolvencies are also up 30 per cent over a 12 month period.

Rising construction costs mean that fewer homes will be built. This is partly because of the difficulty in accessing both materials and labour. Homes that are in the pipeline to be built will be delayed, in some cases, indefinitely.
This makes a new home more expensive. The slow-down in getting a new home, as well as rising construction costs, will also mean that people who would have otherwise looked at buying a new home will now look to the existing market.

Three Property Priorities The ATO Will Be Focussing On This Year

The Australian Taxation Office (ATO) has announced three key focus areas for owners of property this Tax Time 2022.

These focus areas will be:

  1. Record-keeping
  2. Rental property income and deductions, and
  3. Capital gains from property assets

Record-keeping
Excerpt from the ATO website; “We know there is still some weeks left until tax time, but if you start organising the income and deductions records you’ve kept throughout the year, this will guarantee you a smoother tax time and ensure you claim the deductions you are entitled to.”

For those people who deliberately try to increase their refund, falsify records or cannot substantiate their claims the ATO will be taking firm action to deal with these taxpayers who are gaining an unfair advantage over the rest of the Australian community who are doing the right thing.

Rental income and deductions
If you are a rental property owner, make sure you include all the income you’ve received from your rental in your tax return, including short-term rental arrangements, insurance payouts and rental bond money you retain.

Excerpt from the ATO website; “We know a lot of rental property owners use a registered tax agent to help with their tax affairs. I encourage you to keep good records, as all rental income and deductions need to be entered manually, you can ask your registered tax agent for assistance. If we do notice a discrepancy it may delay the processing of your refund as we may contact you or your registered tax agent to correct your return. We can also ask for supporting documentation for any claim that you make after your notice of assessment issues” Mr Loh said.

Capital gains from property assets (plus crypto assets and shares)
If you dispose of an asset such as property, shares, or a crypto asset, including non-fungible tokens (NFTs) this financial year, you will need to calculate a capital gain or capital loss and record it in your tax return. Generally, a capital gain or capital loss is the difference between what an asset cost you and what you receive when you dispose of it.

Excerpt from the ATO website; “Crypto is a popular type of asset and we expect to see more capital gains or capital losses reported in tax returns this year. Remember you can’t offset your crypto losses against your salary and wages” Mr Loh said. “Through our data collection processes, we know that many Aussies are buying, selling or exchanging digital coins and assets so it’s important people understand what this means for their tax obligations” said Mr Loh.

For further details please visit the ATO website >> click here.

Tax Time Market Appraisals Within 24 Hours

Taxpayers may need a market appraisal or valuation of their property assets for many purposes, including:

  1. Individual taxpayers transferring property or shares between related parties, such as family members
  2. Employees receiving shares or options under an employee share scheme
  3. Small businesses meeting the asset threshold tests for capital gains tax concessions
  4. Property developers applying the GST margin scheme
  5. Businesses that consolidate for income tax purposes

To receive a property appraisal within 24 hours of a request please >> click here.

If you require a more formal property valuation please contact us to arrange a time to discuss your property valuation requirements >> clicking here.

For further details please visit the ATO website >> click here.

Victorian Farm Values 2021

Gippsland

  • Median price per hectare $13,463^
  • Median price growth YOY 28%^

Northern Victoria

  • Median price per hectare $9,275^
  • Median price growth YOY 25%^

North West Victoria

  • Median price per hectare $4,024^
  • Median price growth YOY 16%^

South West Victoria

  • Median price per hectare $13,363^
  • Median price growth YOY 35%^

^Source – Australian Farm Values 2022, Rural Bank

Get your profile up to date!

In addition to following our social media channels, it’s important to keep your Ray White Rural Victoria profile up-to-date. Buyer demand is still far outweighing supply, and many rural and regional properties are currently being sold off market and without advertising. So it’s critical that your contact details are as current as possible so we can keep you fully informed. Those details should include:

• Your first and surname;
• Your address;
• Your mobile and/or work phone numbers; and
• Your email address.

To update your profile please >> click here.

Jason Hellyer
Managing Director
Ray White Rural Victoria

‘Off Market’ property available right now

We have a selection of quality Country & Coastal Lifestyle ‘Off Market’ property property to choose from, most within close proximity to Melbourne. To view these properties please >> click here.

Transaction case studies

To view a selection of Victorian transaction case studies please >> click here.

Request a discreet property appraisal

We be delighted to provide you with a current property market appraisal. Please make contact with us by >> clicking here.