ASIC recently released an updated Investor Alert List , a useful resource for individuals considering investments, offering insights into the legitimacy of entities. This new list supersedes the former ‘companies you should not deal with’ and encompasses both national and international entities. ASIC flags concerns about these entities operating in Australia without proper authorisation or engaging in fraudulent activities, including ‘impostor’ entities, also known as impersonation scams. Additionally, ASIC has revised its investor checklist , offering guidance on pre-investment measures. However, it’s essential to note that the list is not exhaustive, the list may not cover all dubious sites/entities, as ASIC might not have detected them yet. ASIC urges industry participants to contribute to identifying suspicious investment platforms by reporting them to Scamwatch for further investigation and action. For further assistance in making informed investment choices, ASIC’s website provides several articles, starting with the check before you invest page .

Houses are taking longer to sell, with the average number of days on market (sale by private treaty) now stretching to 29 days plus. Days on market often depends on vendors' expectations and, with price growth softening, some vendors are taking longer to adjust to the current market. The market has shifted to one for 'buyers', where purchasing decisions are no longer driven by FOMO (fear of missing out). In June this year the average days on market were at its lowest (31 days), compared to 41 days in August 2022. Other capital cities have also seen a rise - Sydney now 48 days, Melbourne 58 days, Perth 54 days, Hobart 46 days, and Canberra 49 days. Darwin has the highest days on market at 102 days, whilst Adelaide has remained relatively stable averaging 60 days since June. Yet, the rapid rise in interest rates, coupled with high inflation, has unsettled many buyers. Feeling uncertain and apprehensive, consumer confidence has dropped, with many waiting to see what's next before making purchasing decisions. Those that are still willing are finding adjusted lending criteria is making it more difficult to get a loan or more contribution is required in the deposit. On a brighter note, according to Domain, the fastest-selling suburbs in Australia in August 2022 were in Queensland (i.e. 9/10 houses and 7/10 units were Queensland suburbs). What are your thoughts on the property market leading up to Christmas?

In welcome news for property owners and investors across Australia, the Queensland government has today announced it will shelve the proposed changes to land tax. The planned changes were to come into effect from 1st July 2023, land tax would have been calculated using a formula taking into account the value of other land owned across states. Currently in Queensland, an individual who owns land is not taxed until the land value exceeds $600k, with exemptions for principal place of residence. The new rules would have calculated the amount of land tax based on the Queensland proportion of all total land value across Australia, which lead to many investors expressing concerns for annual land tax bills at an additional $15k-$30k. The complexity of the tax requirements and reliance on the self-disclosure of individuals and data-sharing across states, reinforces the plan should be completely scrapped, not just shelved. Thankfully common sense has prevailed! Investors can hold on to property, the rental market won't see an exodus of properties, we should see confidence restored in the Queensland investment market, which ultimately should help the housing crisis. This is great news for all Queensland property owners, and with current vacancy rates in Queensland at an all time low (~0.07 per cent), should be positive news for renters.

Sydney and Melbourne are losing some value as property prices continue to slide however, Dr. Andrew Wilson from My Housing Market is forecasting only a 6% drop over 2022. He also predicts that Brisbane, Adelaide and Perth should finish the year with 11%, 12% and 9% growth respectively.

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According to Terry Ryder, Director of Hotspotting.com.au, The Garden City has one of Australia's strongest property markets, so what makes it so? Toowoomba region has a population of over 173k and growing and ABS statistics show an unemployment rate as low as 1.6%. Homes in Toowoomba are still affordable, offering a very attractive life style, and with rental yields at 5-6%, low vacancy rates, and billions of dollars being injected into the region for major projects including rail, hospital, airport and various energy projects, it ticks all boxes for property investors and potential for capital growth. What are your thoughts? Is Toowoomba one of the regional hotspots to invest and why? Place your comment below...