Here's this week’s issue of the Eagle Eye Property Insights from our senior accountant Graeme Eagle
Most property investors are aware the “No cause eviction” 90 days notice is coming back in for tenants. This is one of several tenancy law changes which are going to be enacted early in the 2025 calendar year. There are other changes around notice periods. Tenants will only need to give a landlord 21 days notice to end the tenancy (currently 28 days) and landlords will only need to give 42 days’ notice to sell, move back in, develop or renovate.
Deadline sale, By Negotiation. One of my biggest bugbears as a property investor, as I’m sure it is for first home buyers, is not seeing a price on a property for sale. I know as a property investor I’m more likely to pursue a property that has a fixed price or a price range. For property investors its all about running the numbers.
The change in the Brightline Test back to 2 years from 1 July 2024 is creating some interesting conversations. What’s all the fuss about? Previously the focus has been on the purchase date and projecting that date forward 2, 5 and 10 years. However, properties sold from 1 July 2024 that have been held for more than 2 years fall outside of the Bright Line Test. The sale date becomes the initial focus because the 2 years is retrospective as well as being the new time frame going forward.