As of the 1 July the authority for the operation of the Act was devolved from the Minister to the Department of Commerce, under the Director General and the Commissioner.

The current licensing and regulatory functions will be overseen by the Commissioner, while the employing authority and financial responsibilities, including administration of the fidelity guarantee account will be assumed by the Director General.

There will be no reduction in the requirement that those in the industry comply with relevant legislation.  Similarly, the requirement to complete Compulsory Professional Development points each year will remain unchanged.

For more information go to the boards and committees webpage at www.commerce.wa.gov.au

If the Contract is conditional, then duty will generally be paid one month after the contract becomes unconditional.

However, if there are no conditions on the contract then duty must be paid one month after the date that all parties have signed and accepted the contract.

Riverside settlements is registered for Revenue Online (ROL). This means that when you purchase your property and you nominate Riverside Settlements to act on your behalf in the settlement, you do not need to pay duty on the contract until settlement day.

This is especially helpful if you are borrowing the duty as part of your mortgage or loan. It means that you don’t have to find the extra funds for duty before the day of settlement and the new mortgage funds are released.

“Conveyancing” is a pretty scary word for many first-time home buyers who are in the midst of grappling with a host of other real estate jargon.

Unfortunately, it’s a necessary step in the purchasing process – and something that can’t be avoided. Regardless of whether you’re buying a poky inner-city apartment or a sprawling McMansion on the water you’ll need to get some conveyancing done.

What is conveyancing?

Conveyancing is the process of transferring the legal ownership of property from one person to another. It is made up of three essential steps – investigation, negotiation and paperwork.

This includes everything from checking the contract of sale and applying to the local council for a current survey and building certificate, to enquiring with relevant government departments and attending settlement.

While you are allowed to do this yourself, unless you have a legal background you have to wonder why anyone would take this route. You already have to deal with the to-ing and fro-ing of obtaining finance and then there’s the stress of the move itself!

It makes sense to leave the pile of confusing paperwork to the professionals. Not only will this ensure the process goes as smoothly as possible, it will take some of the pain out of the whole experience.

Conveyancing costs

Conveyancers on ServiceSeeking.com.au charge as little as $500 and go up to around $1000. This flat fee normally includes all the basics, and your conveyancer should provide you with a breakdown of all costs.

If you don’t think the purchase or sale is going to be straightforward you should consider hiring a solicitor. A conveyancer can only give you legal advice about the property, whereas a solicitor can advise you about the property and many other legal matters, such as tax matters and inheritance.

Whether you opt for a conveyancer or solicitor make sure they have a licence and professional indemnity insurance. Indemnity insurance is obtained in order to offer protection to a buyer (and a lender) where there is a defect in the title which cannot be resolved. While this should be used as a last resort, it’s absolutely crucial.

All care, no responsibility

While your conveyancer or solicitor will review the contract it will be up to you to double-check the details. There’s a good chance your conveyancer has never set foot in your property so they’ll be relying on you to pick up any oversights. The house contract should detail absolutely everything, from the number of parking spots on the title to any permanent window fixtures.

If you do decide to go it alone, do yourself a favour and purchase a DIY Conveyancing Kit. The kit can normally be found for around $80 and contains a step-by-step guide to all the necessary procedures, as well as all the documents required.

Regardless of which conveyancing method you choose it’s a good idea to have another set of eyes (preferably trained ones!) check over the contract.

Signing a contract that you don’t really understand is a big no-no – in fact it’s the fastest way to lose your dream home. Once you’ve signed on the dotted line the contract is binding and if something is awry even the most high-priced lawyer will have trouble rectifying the situation.

There’s no better reason to forgo the responsibility from the start and let your conveyancer work their magic!

At the same time, recent data suggest that the Chinese and Indian economies have continued to grow strongly and price pressures, particularly for food, have picked up in China as well as a number of other economies in Asia. Modest growth is continuing in the United States. For Australia, the terms of trade are at their highest level since the early 1950s, and national income is growing strongly as a result. Recent information indicates that, as had been expected, private investment is beginning to pick up in response to high levels of commodity prices. In the household sector thus far, there continues to be a degree of caution in spending and borrowing, which has led to a noticeable increase in the saving rate. Asset values have generally been little changed over recent months and overall credit growth remains quite subdued, notwithstanding evidence of some greater willingness to lend.

Employment growth has been very strong over the past year, though some leading indicators suggest a more moderate pace of expansion in the period ahead. After the significant decline last year, growth in wages has picked up somewhat, as had been expected. Some further increase is likely over the coming year. The exchange rate has risen significantly this year, reflecting the high level of commodity prices and the respective outlooks for monetary policy in Australia and the major countries. This will assist, at the margin, in containing pressure on inflation over the period ahead. Over the next few quarters, inflation is expected to be little changed, though it is likely to increRBA Leaves Official Cash Rate Unchanged At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent. Statement by Glenn Stevens, Governor Monetary Policy RBA Since the previous Board meeting, concerns about the creditworthiness of a number of European governments have again become the main focus of financial markets, with a marked rise in sovereign bond spreads for some euro-area countries and an increase in volatility. At the same time, recent data suggest that the Chinese and Indian economies have continued to grow strongly and price pressures, particularly for food, have picked up in China as well as a number of other economies in Asia. Modest growth is continuing in the United States.

For Australia, the terms of trade are at their highest level since the early 1950s, and national income is growing strongly as a result. Recent information indicates that, as had been expected, private investment is beginning to pick up in response to high levels of commodity prices. In the household sector thus far, there continues to be a degree of caution in spending and borrowing, which has led to a noticeable increase in the saving rate. Asset values have generally been little changed over recent months and overall credit growth remains quite subdued, notwithstanding evidence of some greater willingness to lend. Employment growth has been very strong over the past year, though some leading indicators suggest a more moderate pace of expansion in the period ahead. After the significant decline last year, growth in wages has picked up somewhat, as had been expected. Some further increase is likely over the coming year. The exchange rate has risen significantly this year, reflecting the high level of commodity prices and the respective outlooks for monetary policy in Australia and the major countries. This will assist, at the margin, in containing pressure on inflation over the period ahead. Over the next few quarters, inflation is expected to be little changed, though it is likely to increase somewhat over the medium term if the economy grows as expected. Following the Board’s decision last month to lift the cash rate, and the subsequent increases by financial institutions, lending rates in the economy are now a little above average.

The Board views this setting of monetary policy as appropriate for the economic outlook. ase somewhat over the medium term if the economy grows as expected. Following the Board’s decision last month to lift the cash rate, and the subsequent increases by financial institutions, lending rates in the economy are now a little above average. The Board views this setting of monetary policy as appropriate for the economic outlook.

As a comparison, just five years ago the total value of sales across the country equated to more than $165.5 billion – an increase of 30 per cent, according to RP Data’s Property Pulse.

Dalkeith topped the list for WA with 74 home sales at a median price of $2.7 million garnering $239.5 million in total.

The upmarket suburb was ranked number 12 in Australia in terms of the greatest total value of house sales.

Cannington, where 413 homes at an average price of $550,000 have changed hands in the year to July, came in at number 13 with $234.2 million.

Mosman Park ($208.2 million) and Cottesloe ($203.5 million) took out places 16 and 17 respectively with Nedlands rounding out the top 5 for Perth, coming in at number 20 nationally with more than $178 million worth of dwellings sold.

The Federal Budget | How will it affect the property market?

Probably the biggest single measure announced in this year’s federal budget that affects the property market, was the worst kept political secret.  The First Home Buyer Boost was always likely to be retained as the market evidence was that it had already had a marked affect on new building and renovation activity.

In summary the extension to the First Home Buyer Boost has been extended for a further 6 months (from 1 July).  For the 3 month period up to 30 September the payments to eligible applicants will remain unchanged.  From 1 October to 31 December the available benefit will halve.  This means that established home buyers will gain a benefit of $3,500, whilst those purchasing new homes will gain a benefit of $7,000.  (A number of States also announced concessions and benefit continuation in their own State budgets.)

The federal government announced a move to improve “building energy efficiencies” with a total of $50 million being announced in expenditure to create the Energy Efficiency Trust.

$22 billion in infrastructure projects were announced.  These include:

$2.6 billion for Education Infrastructure

$3.2 billion for Hospital infrastructure

Over $8 billion in infrastructure projects affecting major rail, road and ports around Australia

Other measures that will affect the property and construction markets include:

Changes to tax rates of non resident owners

Changes to the rules affecting Property Trusts

Changes to Capital Gains Tax provisions

• Transfers or agreements for the transfer of dutiable property
• Declarations of trust over dutiable property
• Trust acquisitions or surrenders
• Partnership acquisitions

Dutiable property is land in Western Australia or certain rights over Western Australian business assets or chattels.

Business Assets are:

• Goodwill
• A restraint of trade arrangement
• A business identity A business licence
• A right for an uncompleted agreement to supply goods or services
• Intellectual property
• Rent rolls, client lists and similar items

Duty is normally charged at the general rate on the dutiable value of business assets, plus any other dutiable property that is acquired. If the dutiable value of the business is less than $200,000 and the purchaser intends to continue the business indefinitely there is a concessional rate available.