Source: Courier Mail
The new financial year has been greeted with an exodus investors from the housing market.
The start of the new financial year has prompted a quick spurt in sales by investors, with their post July 1 timing ensuring any capital gains tax will sit in the 2024-2025 tax year.
Ray White calculated 35.8 per cent of its sellers across Australia last week were investors, which was a higher investor exodus than June when it averaged 30.2 per cent.
It was the highest weekly percentage since March.
Investor buyer numbers sat at 25.8 per cent in the first week of the financial year, and 21.7 per cent, so an overall big dip in investor properties.
Recent NSW sales by Ray White include the $485,000 sale to an owner-occupier of a two bedroom, one bathroom 108 sqm Merrylands apartment, currently tenanted at $500 per week reflecting a healthy 5.36 per cent gross yield.
But there was no profit for the Newman St vendor as it had last sold for $510,000 in 2015.
Its rent had picked up following the pandemic-induced rental boom since it was offered at $440 a week in early 2020.
Its outgoings included strata fees at $769 per quarter and council at $346 per quarter. There was a nice price gain when the two bedroom, two bathroom apartment at Mt Druitt, fetched $420,000 through Laing & Simmons.
The 112 sqm space is currently rented at $450 a week, reflecting a 5.57 per cent gross yield. It was up from $330 in early 2021 having been bought in mid-2020 for $340,000.
At Lalor Park, a three-bedroom one-bathroom fibro on a 651 sqm Northcott Rd holding fetched $1,001,000 through McGrath, currently tenanted at $600 per week reflecting a 3.12 per cent gross yield. Last sold in 2016 at $635,000, its selling agent Monique Layoun said it had the potential for a granny flat.
