Latest news with #housePrices
ABC News
a day ago
- Business
- ABC News
House prices surge but some homeowners face having to sell up
Falling interest rates are driving house prices higher, but the RBA isn't cutting fast enough for some homeowners, who are behind on their mortgage repayments and face losing their homes.
Daily Telegraph
17-06-2025
- Business
- Daily Telegraph
2025 Sydney house price record broken twice in a week
The 2025 Sydney house price record has been broken twice in a week, with two sales totalling more than $110m. First came news yesterday via sources that the Point Piper mansion of Retail Apparel Group co-founder Stephen Liebowitz and his wife, Pam had sold for $55m, via Ray White Double Bay's Adam Reichman and Elliott Placks in conjunction with Michael Pallier of Sotheby's. The sale occurred last week but was being kept under wraps. And then, last night, an Instagram post from Ray White Double Bay's Riki Tawhara confirmed the sale of 38 Vaucluse Rd, Vaucluse, owned by 98-year-old philanthropist Isaac Wakil, that's sold 'above our guide of $55m'. MORE: Billionaire chicken heiresses record-breaking sale MORE Lowe heirs Point Piper mansion sells Whereas the first sale equalled the previous 2025 record $55m house price sale in February, of 12 Dumaresq Rd, Rose Bay, this latest deal exceeds that. The big sales must be exciting news for Ray White Double Bay principal, Elliott Placks, who had a hand in both deals, as he prepares to move into his new five-storey Double Bay HQ next month. Placks was tight-lipped about the buyers of both properties, citing NDAs, though it's known he had multiple buyers on both which helped create urgency. Still, the vendors had to accept considerable discounts on their previous price guides, with the Liebowitzs original guide of February, 2024, $65m. And although the most recent guide for the Vaucluse property may have been $55m, when it hit the market last month it was reported at 'around $70m'. The Dumaresq Rd, Rose Bay property that sold in February, owned by recycled shopping bag tycoon Frank Qiang Gengh and his wife Juanjuan Zhao, took a $20m price cut. Dyson Austen prestige property valuer Simon Feilich had a simple explanation for the recent rush of sales as the end of financial year approaches. 'The main driver is the low Aussie dollar and lower interest rates driving increased asset prices.' Isaac Wakil had owned the Vaucluse Rd 1400sqm property, with its house set for the demolition ball but with panoramic Sydney Harbour views, for 65 years. Isaac and his late wife Susan were both immigrants from Romania and Iraq and had no children. They owned a range of commercial properties across Sydney, including the Terminus Hotel in Pyrmont and the landmark Griffiths Tea building in Surry Hills.
Telegraph
20-05-2025
- Business
- Telegraph
Average earners face £200k death tax bills under Labour
The Chancellor's inheritance tax raid will see even average earners hit with £200,000 bills, new calculations reveal. Inheritance tax used to be seen as a charge on the wealthy but families with modest estates are increasingly facing the 40pc levy thanks to soaring house prices and recent policy changes. In the October Budget, Rachel Reeves stripped pensions of inheritance tax relief which means unused retirement savings will now be considered part of the estate upon death. As a result, a middle-aged worker earning a typical income of £35,000 a year, owning a house valued at the national average and with £80,000 in their pension would store up a £194,529 bill by the time they turned 68, according to calculations by the stockbroker Interactive Investor. At the same time years of house price growth mean Britain is now paying more inheritance tax than ever before, with families forking out a record £8.2bn in 2024-25. More than 121,000 face higher inheritance tax bills by 2030 because of the Chancellor's pension proposals, data uncovered by the platform via a freedom of information request has shown. Meanwhile, more than 31,000 will pay inheritance tax who otherwise would have avoided the charge. Myron Jobson, of Interactive Investor, said: 'The stark reality is that the inheritance tax net is expanding, increasingly ensnaring people with modest assets.' A worker earning £50,000 would leave their family a £218,992 bill while someone on £80,000 would lose £267,914 of their estate to the taxman. The calculations assume the worker contributes 8pc of their salary to their pension and that their wages and the price of their property rise 2pc per annum. Inheritance tax is due on the portion of an estate worth more than the nil-rate band of £325,000, which has not been uprated with inflation since 2009. The figures assume the £325,000 nil-rate band remains unchanged and do not include the £175,000 residence nil-rate band which is available to homeowners leaving their main property to their children. There are growing concerns that the loss of tax relief on pensions, due to come into effect in 2027, has driven some taxpayers to take too much out of their retirement pots. Andy Butcher, of wealth manager Raymond James, said: 'In the past we would advise clients to spend their pension last because of the tax relief, but with the recent changes that's no longer the case.' Giving away money is one way to bring an estate below the tax-free allowances. However pensioners risk leaving themselves struggling later in life if they give away more than they can afford in order to avoid a tax bill. Mr Butcher continued: 'A lot of money is coming out of pensions and it does raise questions about people's later-life costs and their reliance on the state.' The Government was urged to rethink the proposals by stockbrokers and pension firms earlier this year following a technical consultation. The firms warned in response to the consultation that the tax raid could discourage workers from saving towards a pension while causing more delays and adding to the administration burden of bereaved families. HMRC has said it will publish a formal report and draft legislation later this year. The Treasury was contacted for comment.
