Shadow Federal Minister for financial services, Bernie Ripoll, is worried ‘sprukers’ providing advice on investing in property via Self Managed Superannuation Funds, could lead to instability in the industry. Self Managed Superannuation Funds are able to borrow money under limited recourse arrangements for investment in real estate, but this is not always suitable for every fund.
A spokesperson for ASIC says they’re closely watching to ensure any business making recommendations to Fund trustees on property investment, is complying with the law.
Now to Tasmania where in a move targeted at downsizers, aged pensioners in the Apple Isle are now able to qualify for thousands of dollars in stamp duty savings. Tasmanian Premier Lara Giddings says aged pensioners will now get a rebate of $10,000 if they choose to buy a smaller, cheaper home. She says as Tasmania’s population ages, many people on low incomes are finding themselves in family homes that are now too big and too costly for them to maintain.
The policy is designed to encourage downsizing, which can help free up retirement income, reduce utility bills and stimulate activity in the real estate sector. And finally – Canberra topped a 2013 livability survey by the Property Council of Australia. The survey of 5400 respondents across 10 cities showed residents rated housing affordability alongside the cost of living and job opportunities as the most important issues for our cities. Adelaide and Hobart took out second and third spot while Darwin came in with the wooden spoon.
Property Council executive director Nick Proud says their 2013 study showed the livability of Australian cities is being suppressed by a lack of quality, affordable housing and government on all levels need to step up.