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Property investment looking up
Author: John Kavanagh
Date: September 18, 2009
Publication: The Age (subscribe)
Investors are back in the property market and shopping for finance.
Australian Bureau of Statistics figures show finance commitments taken up by property investors hit a low in January but there has since been a strong recovery, with monthly finance commitments for investors in recent months running at more than 40 per cent above that low.
There has been plenty of encouragement for potential property investors. House-price data from groups such as RP Data-Rismark shows gains in all capital cities, while forecasters such as BIS Shrapnel are predicting prices will continue to rise over the next couple of years.
According to RP Data-Rismark, the average price of a home rose by 5.9 per cent across the country in the seven months to the end of July.
The researcher says the growth in the market is widespread, taking in expensive suburbs as well as first-home buyer territory.
BIS Shrapnel expects prices to keep going up but to move slowly until unemployment peaks early in the 2010/11 financial year. It forecasts a return to double-digit growth in residential property prices in the 2011/12 financial year.
The group is forecasting Sydney house prices will increase by a total of 19 per cent over the three years to June 2012. Melbourne and Adelaide house prices will increase at the same rate over that period.
Canberra will grow by 17 per cent, Brisbane by 16 per cent, Gold Coast 14 per cent, Perth by 12 per cent and Darwin by 11 per cent.
In a market review published earlier this month, McGrath Real Estate chief executive John McGrath says: "I believe this is the beginning of a long housing growth period to match the economic recovery.
Property as an asset class has been less impacted by the global financial crisis compared to equities and the safety of bricks and mortar has definitely proven a winner in the minds of property investors.
"The likelihood of rate rises in the short term, along with the upcoming expiry of the first home owners boost, will take some of the sting out of the sub-$600,000 market but this should be balanced by an increase in investor interest.
"The upper-end recovery is well under way and will continue as the economy stabilises. "Rental yields remain high at an average of 5.3 per cent for apartments and 4.4 per cent for houses. I expect rents to increase by around 5 per cent during calendar 2010."
With current borrowing rates close to rental yields, borrowers have the option of using a positive or negative gearing strategy to finance property investment.
However, all expectations are that rates will start to rise early next year, if not before. A popular option with investors is a line of credit, which allows them to draw on an agreed limit and use the funds for a variety of purposes.
Some line-of-credit loans allow borrowers to create a sub-account for easier management of their investments. The accompanying InfoChoice table shows there are competitive offerings in that segment of the market.
While there has not been much product development during the global financial crisis, ANZ has added a new investor finance option called Portfolio, which is a facility that allows property investors to manage a number of sub-accounts under one umbrella.
The facility provides access to the bank's Equity Manager line of credit and other loans. It also allows borrowers to open as many as 12 sub-accounts under a global limit, with different payment conditions (fixed, variable, interest only) and in different borrower names (such as a spouse or business partner).
According to ANZ's market research, more than half of people who invest in residential property have two or more properties.
The tax position
Negative gearing comes about when the interest paid on funds borrowed to finance an investment exceeds the income from the investment.
The excess of interest over income produces a tax loss, which can be offset against other income. The interest cost reduces taxable income.
If the investor has a negatively geared rental property, the tax position is calculated as taxable salary plus rental income less the interest deduction.
According to Taxpayers Australia's Taxpayers' Guide, there is no limit to deductions allowed on interest on borrowings as long as the investment is classified as a passive investment, a category that includes property, shares and financial instruments.
In theory, investors can go for broke and use gearing to create large tax losses.
In practice, the decision whether to use negative or positive gearing depends on investors' cash flow position — whether they have plenty of income from other sources and can make use of the tax losses or they need the income from the investment property to live on.
A principal of Hudson Gore Financial Services in Sydney, Paul Hudson, says he always insists investors going into a negative-gearing strategy have some spare cash flow.
If cash is tight, negative gearing is not for them. The availability of redraw and line-of-credit facilities has complicated the deductibility issue a little.
If the borrower uses the redraw facility to finance the purchase of an asset that is not income-producing (such as a car), that part of the interest cannot be claimed.
Taxpayers Australia says a common mistake is to overstate claims for interest on loans when part of the loan has been used for non-income producing purposes.
If the purpose of the redraw was to fund repairs to a rental property, then the extra interest could be claimed as a deduction.
Some rental property deductions, not related to the borrowing, that investors sometimes fail to claim are travel expenses involved in inspecting the property (one you own, not one you are considering), and costs involved in collecting rent, showing prospective tenants through the property and dealing with the agent.
Taxpayers Australia says investors often make the mistake of claiming the full cost incurred in travelling to inspect rental property when part of the purpose of the travel is to have a holiday.
Another common mistake is claiming deductions for a rental property during periods when friends are using the property free of charge. Ded6uctions are not allowed during periods of free occupation.
中间一段说了,预测墨尔本和悉尼的房价到2012年会上涨19% |
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