27th September 2023
APOLLO BAY- HERE AND THERE
This long weekend is set to be a bumper here on coast with temperatures expected to reach up to 27 degrees, perfect time to hit the beach with the family before the school holidays come to an end!
If you are looking to catch the Grand Final game head to the Apollo Bay Bowls Club, Apollo Bay Hotel or The Great Ocean Road Brewhouse, may the best team win!
APOLLO BAY- MARKET ROUND UP
After months of speculation, Victorian Premier Daniel Andrews confirmed on Wednesday a short stay accommodation levy will be implemented – the first in the country – as part of its much-anticipated ‘Housing Statement’ package of housing reforms.
Government estimates show there are currently more than 36,000 short-stay accommodation places across the state on platforms like Airbnb and Stayz, with almost half in regional areas, arguing that homes on short-term accommodation platforms couldn’t be rented out on longer-term leases amid the country’s rental crisis.
Proptrack senior economist Paul Ryan said the levy was designed to reduce the competitiveness of short-term stay accommodation, and will likely push a marginal number of property owners to either rent their homes out on longer-term leases, or sell up.
Revenue raised from the 7.5% levy will go to Homes Victoria to build and maintain social and affordable housing across the state, including 25% for regional areas.
Under the plan, the government will make it easier for homeowners to build a granny flat on their property, removing the need for a planning permit if the property is less than 60 square metres.
A dedicated team will work to clear a backlog of 1,400 housing permit applications that have been stuck with councils for more than six months. The government will also streamline the permit and planning assessment pathways to give builders, buyers and renovators more certainty about how long approvals will take.
The recent state government announcements are understandably concerning many property owners, coupled with the announcements made earlier this year in relation to land tax changes. Though this is also welcome news for some as it it will likely mean an increase in listings coming to the market either for sale or longer term rental.
Real Estate Institute of Victoria chief executive Quentin Kilian said the government’s plans were contributing to investors leaving the property markets. PropTrack figures for June showed that 29 per cent of sales across the state were landlords getting out. “I don’t think it has any merit,” Mr Kilian said. “When new land taxes come through next year, you will see an even greater exodus of property owners.
That’s where we step in. Our agents have years of experience and are in a position to have the clearest understanding of what is going on in the sales and rental markets. It really is invaluable knowing the up-to-date trends, and more importantly, what lies ahead over the next three to six months before deciding to stay or move. So if you are thinking of selling or interested in long term rental, why not take advantage of our specialised advice, accurately tailored to your specific property.
If the most relevant, up-to-date property data would assist with your future planning give us a call to arrange a personal update and appraisal of your property, it will be our pleasure to help.
For and on behalf of the entire Great Ocean Road Real Estate team
APOLLO BAY- QUOTE OF THE WEEK
“Great things happen to those who don’t stop believing, trying, learning, and being grateful.”
Click HERE to view our current listings