Okay, we have a new Federal government which brings with it a level of uncertainty, but we also have renewed rumblings about state government legislative changes that have the potential to change dynamics for the property market. Should we be worried or just roll with it?
Change is always a bit scary and oftentimes the prospect of change is even scarier. With that in mind, I understand that talk of potential changes to stamp duty, land tax and rental reforms are probably the last thing you want to hear about right now.
I get it and won’t go into any detail now, but I do think it’s important to recognise we’re going to have to come to terms with the idea that change is probably going to come.
Already we’re seeing changes to interest rates and changes to expectations around inflation which have taken many by surprise, not the least being the Reserve Bank of Australia! The economy is changing and with it market conditions. And I do think we can expect these changing circumstances will embolden politicians to look more seriously at legislative changes.
With that in mind, there are some things to remember.
I am a very active member of Real Estate Institute of NSW and through that representative body, my own long-established contacts, and the insights of my team of Morton professionals I can assure you Morton will be carefully watching as any new proposals are presented and debated. We are experts in negotiation and are ready to make representations on behalf of our client constituents in a way that will contribute to appropriate outcomes for our clients.
But every successful negotiation usually comes with a level of compromise. To quote the Rolling Stones ‘you can’t always get what you want, but if you try sometimes, you’ll get what you need’.
In the meantime, I maintain my position that the residential property market remains resilient so whatever changes are to come over the coming months there is still value to be secured by investing in property.