Knight Frank Launches Wealth Report 2017
Australia is increasingly well-positioned for the world’s wealthy as a good place to migrate and invest due to a number of factors, including lifestyle and relative security as HNWIs seek a safe haven from political upheaval. Since the global financial crisis, the world’s wealthiest people have shifted their focus from the size of their returns to the safety of their capital. Given the lower global economic growth environment, and the heavy reliance on more volatile emerging markets, the personal safety of people in positions of wealth is increasingly being targeted as inequality grows.
On a metro level, following growth of 12% during 2015-16, Sydney’s ultra-wealthy population is projected to increase by 70% over the next 10 years to 2,091 UHNWIs. This places Sydney at 18th on the global list, when ranked by forecast UHNWI population.
Although outside the top 20 global list, Melbourne UHNWI population are also rising, with an expected 70% growth over the next decade to an estimated 900 UHNWIs– similar growth as projected for Sydney.
Information from Knight Frank Director of Residential Research, Michelle Ciesielski.
WHAT ARE THE 6 FACTORS DRIVING RESIDENTIAL PROPERTY MARKETS IN AUSTRALIA?
Property markets are complex beasts that are impacted by many different factors. In light of this complexity, understanding and respecting the fundamentals of supply and demand that underlie any economic system is ever more important in complex property markets. In spite of all the complexities, investing for the long-term in the fundamentals of a property market is the best way to ensure success in property.
For more information, visit URBAN DEVELOPER. Infographic by Langulin.
NSW LAND TAX SURCHARGE - FOREIGN PERSONS
The 2016 NSW Budget introduced a surcharge land tax (surcharge) to be paid by foreign persons who own residential land in NSW.
A surcharge of 0.75 per cent is to be paid from the 2017 land tax year on residential land in NSW owned by foreign persons. Foreign persons must pay the surcharge on the value of all residential land they own, including their principal place of residence. The surcharge is assessed in relation to each parcel of land and is proportional to ownership. There are no joint assessments and secondary deductions do not apply. The surcharge is in addition to any land tax which may be payable, and the tax-free threshold does not apply. For further information, download the Office of State Revenue Guide or visit osr.nsw.gov.au/surcharge.
LANGULIN NSW STRATA REFORM - YOUR GUIDE
Over 90 changes to strata law commenced from 30 November 2016. To help guide you, Langulin has summarised this new legislation which impacts professionals, developers, owners and residents in strata titled properties: complimentary guide download.
According to NSW Fair Trading, the changes to the legislation aim to modernise the legislation, reduce red tape, avoid disputes and support the sector. The new legislation is the most significant overhaul of strata law that has occurred since 1973.
The reforms to strata laws have taken five years of public consultation, including over 3,000 submissions. This indicates the large number of members of the public and other major stakeholders who displayed a substantial level of engagement and interest in overhauling strata legislation.
The laws will be administered by NSW Fair Trading with NSW Land and Property Information (LPI). After the reforms start, strata schemes will have plenty of time to understand and adjust to the new requirements and previous appointments will be able to continue after the new laws.
NB: The building defect bond scheme reforms commence from 1 July 2017, as the new Australian Standard for group title building inspections must first be finalised.
WHERE TO LIVE WELL - GLOBAL LIFESTYLE REVIEW
Looking to live well and not pay exorbitant taxes? Hong Kong, Luxembourg, and Sydney were named the most tax-efficient locations for the quality of life they offer, according to Knight Frank’s Global Lifestyle Review 2016.
Luxembourg tops the ranking of the best tax-friendly cities to live for a family. The country is also #3 for retired couples.
SYDNEY'S MOST EXPENSIVE SUBURBS
FULL ARTICLE: Sydney's Top 10 2016 Most Expensive Suburbs list.
#1 With its tree-lined streets and proximity to some of the best beaches in the city, Bellevue Hill has plenty of historic homes and luxury villas and is 2016's Most Expensive Suburb.
LIVEABLE SYDNEY 2016
Index authored by Tract Consultants and Deloitte Access Economics.
SYDNEY'S URBAN LIVING INDEX
Sydney is increasing in densification, but are we maintaining our status as a world-class lifestyle city?
The Urban Living Index measures the urban lifestyle of your suburb. Check out how your suburb ranks in:
The McCrindle developed Urban Living Index is an ongoing measure of the liveability of suburbs in Sydney. This instrument considers the affordability, community, employability, amenity and accessibility of an area to determine how liveable it is.
The strong correlation between the Urban Living Index scores and densification highlights the use of this tool to assess the liveability of urban areas rather than the liveability offered by outer metropolitan areas.
The suburbs in Sydney are scored out of 100, each suburb given a maximum score of 5 for each of the twenty measurements. Each measure is a factor that contributes to the liveability of an urban environment. To find out more about the Urban Living Index and what Sydneysiders think on the issues of affordability, community, employability, amenity and accessibility in Sydney.
View the view the report.