Szabo & Associates News & Updates

As Sydney’s residential real estate market continues to take a hit along with the rest of Australia, the city’s industrial sector has become an attractive alternative and remains the preferred destination for investment in Australia with a total of $12.5 billion in deals in 2018.

The NSW Department of Planning has recently issued a draft proposal to alter the Affordable Rental Housing State Environmental Planning Policy (SEPP) concerning the number of rooms allowed per boarding house in R2 low-density residential zones.

A property developer has recently been granted official ownership of a derelict property in Sydney he discovered two decades earlier. The three-bedroom, one-bathroom house which Bill Gertos renovated and rented out has been valued to be worth an estimated $1.6m.

The New South Wales Land Registry Services (NSW LRS) has recently announced it will be trialling blockchain technology for land registry contracts. By partnering with ChromaWay, a Stockholm-based firm which specialises in blockchain technology and pioneered a platform for the Swedish land registry, the new system is expected to be complete by early 2019.

On the 17^th October 2018, NSW Parliament passed a series of proposed recommendations to the Residential Tenancies Act 2010. According to the Minister for Innovation and Better Regulation, Matt Kean, the reforms in the Residential Tenancies Amendment (Review) Bill 2018 were “common-sense changes” and were designed to try and “get the balance right” between both landlord and tenant; to increase protection for renters while ensuring landlords can manage their properties effectively.