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Blackshaw Bulletin | July 2024

Blackshaw Bulletin | July 2024

Help for those in need

In a heartfelt display of solidarity, community leaders, including our very own sales agent Christine Shaw, braved freezing temperatures to sleep rough at Parliament House's car park on 20 June for the annual Vinnies CEO Sleepout raising nearly $850,000.

Christine personally raised over $30,000 this year, and more than $100,000 in the four years she has been participating, “Each year we have the opportunity to hear stories directly from different people benefiting from our fundraising and it’s always so emotional,” she said.

“Everyone wakes up the next morning with a deeper connection to doing more in future.”

Lucy Hohnen, CEO of Vinnies Canberra/Goulburn, said there has been a surge in demand for emergency assistance from first-time aid seekers due to the escalating cost-of-living crisis which is impacting individuals from all backgrounds.

Stamp duty savings on the way

On 25 June, the ACT government announced significant reforms to the territory’s home buyer stamp duty concession scheme as part of the 2024-25 budget.

The scheme currently provides a full stamp duty concession on the first $1 million and reduced duty for property purchased between $1-$1.455 million.

Effective 1 July 2024:

  • Household income eligibility threshold: has been raised to $250,000 annually (from $170,000) for buyers who have not owned a property for five years (up from two).
  • Off-the-plan apartments/townhouses threshold: has been raised from $800,000 to $1 million.
  • First transfer of unit-titled dwellings on suburban residential RZ1 blocks: threshold also lifted from $800,000 to $1 million.
  • The Rent Relief Fund has been bolstered: providing up to $2,500 for eligible renters facing financial strain.
  • Affordable Housing Fund: $80 million has been promised to grow the number of affordable rental properties.
  • Public housing: $108 million will be invested in new and existing public housing.

General market conditions

For those considering buying – especially first home buyers and upgraders – now is a favourable time with a rising number of listings and lower clearance rates offering a less volatile environment.

According to the latest Domain House and Unit Price Forecast, property markets in Canberra and regional NSW are poised for a gradual recovery in the 2025 financial year, following a restrained trajectory.

Despite challenges in achieving full recovery, in Canberra, median house prices are forecasted to hover between $1.05 million and $1.09 million, remaining $85,000 below the mid-2022 peak. Unit prices are expected to rise modestly to $571,000 to $588,000, positioning the city around one-third into its recovery phase.

We’re here to help

Whether you are looking to buy, sell or invest, our team are here to help.

Reach out to your Blackshaw Sales Consultant, or local Blackshaw office, and let our experience create your experience.

For any further information or queries please contact your local Blackshaw Real Estate professional.

Blackshaw Corporate

27 Bougainville Street
Manuka ACT 2603