NRAS News
NRAS News Updates
Brisbane potential double digit growth. The Brisbane property market has been the worst performer of the capital cities in the nation with the median house price taking a tumble of 7 per cent.
Australian Property Monitors released its annual 'State of the Market' December 2011, which took stock of the performance of property markets in capital cities across the nation.
The report found Brisbane house prices took the biggest fall, though 2012 is looking very rosy with the potential of double digit growth.
Brisbane Times
Great News for NRAS property investors - the Queensland Building Boost Grant has just been extended by three months, from January 31st 2012 to April 30 2012.
ABC NewsThe NRAS program (National Rental Affordability Scheme) is designed to stimulate the building of new rental homes in growth areas to satisfy a high demand for reasonably priced rental property.
The aim is to:
Increase the supply of new affordable rental housing.
Reduce rental costs for low and moderate, income households.
Encourage large-scale investment and innovative management of affordable housing.
NRAS is short for National Rental Affordability Scheme. The NRAS scheme is a Federal and State Government backed incentive scheme creating a new investment asset class. Stage Four of the NRAS certification has been released. NRAS is designed to:
- encourage investors to develop additional new houses for the rental market.
- provide an affordable rent program for average Australian wage earners as individuals, couples and families. The NRAS tenants are intended to include key and essential service workers, for example, childcare workers, nurses, police officers and fire-fighters.
- yield higher than usual returns for investors in the residential property market.
- increase the number of rental dwellings built through the stimulation of demand and investment, while supporting the building industry and related jobs and the Australian economy.
The government aims to achieve this by providing a tax incentive for investors in NRAS properties in return for the properties being rented at a discounted rate.
NRAS Updates.
Examples of the rental property shortage was recently highlighted (18th October 2011)on the ABC (
Australian Broadcasting Corporation) reporting fifty-three new rental properties are to be built in Moranbah under the National Rental Affordability Scheme - but with families paying upwards of $1500 a week for a three bedroom home, there is probably pent up demand for more to be released.
Saul Eslake, economist of the Grattan Institute identifies the cause of the challenge for rental affordability by highlighting a staggering "Ninety-two per cent of investors in rental property buy established property, so it does nothing to increase the supply of housing or keep rents down..."
The NRAS program is designed as a social impact investment opportunity providing a method and incentive for Australian investors to not only buy new property and build their wealth with tangible real property assetsbut to stimulate the economy and building industry nationally whilst significantly improving the rental affordability in high growth areas.
The NRAS scheme is not housing commission or social housing. NRAS properties are rented to private individuals and families with incomes of up to $104,913 pa. Approximately 1.5 million Australians are eligible to be NRAS tenants.
There are strict guidelines for properties to qualify under the NRAS scheme. NRAS properties must be close to transport, schools, shops etc making NRAS properties desirable for tenants and property investors.
There are also specified guidelines for the management of NRAS properties. The manager is reponsible for ensuring that tenants meet the income criteria and that they are reviewed against the criteria every two years.
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