Market Update - June 2023

Please join Chris Mason for our latest monthly update on what’s happening at Peter Fisher and in the Orange real estate market.

Here is what Chris has to say:

Hi, I’m Chris Mason from Peter Fisher Real Estate. We’re here today to bring you our June monthly update. Welcome to winter.

There’s a lot of talk in the market with first home buyers at the moment, and the first home buyers scheme changing from the 1st of July. What’s been happening previously is that first home buyers who have been purchasing a property up to $650,000 have been exempt, under most conditions, from paying stamp duty. From 650 to 800, there was a discount on stamp duty, which could be applied.

From the 1st of July, that’s all changing. What’s changing is there’ll be a new cap of up to $800,000 purchase price for eligible first home buyers to get a full stamp duty exemption. From 800 to $1,000,000, there’ll be some concessional rates available. So, this is going to drastically change the way in which first home buyers are purchasing, the amount they’re purchasing up to, and potentially some of the transactions in the market from July.

So, the other thing for first home buyers that are looking to build is the stamp duty exemption is also available on purchase of land up to $350,000. So, if you’re looking at building, this is a great opportunity to maybe get in the market and build your own home.

So, looking back on what happened in the budget recently, there’s going to be a massive push by the government to support new home build. One thing they’re looking at doing to support this initiative is increasing the depreciation rates from 2.5% to 4%. This will help the investors out there looking for a good return and tax offset.

That’s the next thing we want to touch on, is just the local property market and what’s happening. So, we’ve seen property prices pretty much stay steady for the last few months, but there is a lot more transactional movement within the market.

So, looking at today, there’s 404 properties currently for sale in Orange. That’s including land, homes, units. So, as a breakdown, 250 of those are freestanding single homes. Units, townhouses, and apartments, there’s only 18 properties, which shows why that part of the market has been so strong in the past few months. Very low stock, very low inventory.

As I said, winter is upon us. It’s cold, it’s wet, it’s already started, but it doesn’t mean it’s not a good time to sell. The great thing about winter is traditionally, over winter, there’s less stock available and less things coming on the market. So, it’s a bit easier to stand out with your property during winter, as opposed to holding off to spring, and everyone else wants to jump on the market at the same time.

In talking about standing out during winter and moving forward, we’ve got some great new signs, so you’ll be seeing around the place, Peter Fisher have now got some new signs and branding, including our QR code, so you’ve got instant access to the latest open homes, inspections, at your fingertips.

So, thanks for joining us today. If you do have any questions or you’re looking for a property, get in touch with the team. We’ve always got opportunities coming up, always happy to help. Enjoy winter.

We hope you’ve enjoyed our market update and found it informative.

If there’s any real estate question you would like our agents to answer, please don’t hesitate to contact us to let us know.

We would love to hear from you!