Rent Rises Are Set To Soar
SMH reports renters in the Northern Beaches may face increasing pressure this year as land valuations push land taxes up, causing landlords to increase their rental prices. New valuations figures form the basis for tax assessments sent out by the Office of State Revenue which will occur next month. The ATO states there are about 500,000 property investors in NSW, of which 150,000 of those pay land tax. These rise in valuations coincides with the forecasts of strong growth in the property market after a very flat 2009. Northern Beaches renters may find themselves being impacted by these movements. Oasis Home Loans Northern Beaches broker Simon Reibelt saw this as a sign for current renters to considering looking at obtaining mortgage instead of possibly facing increased renting costs.