August 2018

Some BIG announcements from the past week in property...

In a busy week of selling and settlements, I still managed to find a few interesting property-ish related articles to share with you...

  • World largest shopping mall announced. Dubai Square, a new retail metropolis in Dubai will “push the boundaries of modern retail and leisure by drawing on next-generation technology”. The $3.5 billion project will boast a retail, entertainment and residential complex totalling 2.8 million sqm in size, dwarfing the 660,000sq m New South China Mall. It will be built at the base of Dubai Creek Tower a super-tall structure which, at 928 meters, will eclipse the Burj Khalifa. Full Story.
  • Not to be outdone, Australia's tallest tower was also announced - what a shame it's in Melbourne! It's a $2 billion Southbank project, developed by Beulah International. At 356.20m high, the building will be home to a vertical city of green spaces with a strong focus on culture, paying homage to Melbourne's diverse population. Full Story.
  • The ATO declared a crackdown on the short term rental market. They want to ensure that all income is declared and that properties are in fact available for rent 100% of the time if 100% of the expenses are being claimed. Full Story
  • In more ATO news, from 1 July 2018, purchasers of new residential premises will be required to remit the GST component of their purchase directly to the ATO. The contract will clearly spell out this obligation, and your solicitor will be required to administer it. Full Story.

I just noticed that the date tomorrow is 18.08.18. Lots of 8's so it must be a very lucky day to buy some real estate!