Overall, the Richmond market is performing extremely well with a steady supply of properties coming to the market and plenty of willing purchasers still looking to buy.
We are getting plenty of comments and questions around the proposed changes to the tax system, and a lot of speculation on how that may, or may not, affect the current market trends.
Interesting to note; in recent years we have already had two major property tax changes as outlined herewith. Despite this, we have seen no reduction in trading in our local property market.
The changes that have already come into effect are that individuals need to pay tax on any profit on the property value when they sell, depending on when the property was bought;
But you won’t need to pay this tax if;
As accountants often quote, ‘you only pay tax if you’re making money’ - we pay tax on our personal incomes but it doesn’t stop us from getting up and going to work. If we have to pay tax on our investment property, I don’t believe it will stop people from being involved. I believe property has always been, and will always remain, a great investment for anyone who wants to take the time to understand it properly.
We look forward to a strong and active market, so if you are thinking of buying or selling, don’t hesitate to contact any one of our Summit team.