EOFY Real Estate Myths: Fact and Fiction in Perth Property Settlements

The End of Financial Year (EOFY) can feel like a whirlwind, especially in the world of real estate. It’s a time packed with last-minute transactions, tax strategies, and sometimes, a few misconceptions. Let’s break down some common EOFY myths with a Perth property twist and uncover the truths behind them.

Myth 1: “You Can’t Settle a Property Quickly Before EOFY”

Fact: While the clock is ticking, a swift property settlement is entirely possible if you have the right team and preparation. Adaptive Settlements are well-versed in navigating tight deadlines, ensuring everything from financial approvals to document lodgements runs smoothly. The key? Being organised and proactive. If you’re looking to settle before June 30, talk to your settlement agent early to set realistic timelines and avoid unnecessary delays.

Myth 2: “EOFY Is Only for Property Investors”

Fact: Think again! While investors often take advantage of tax deductions and EOFY planning, buyers and sellers of all kinds can benefit from this time of year. For buyers, EOFY might align with eligibility for government incentives or grants, such as the First Home Owner Grant in Western Australia. Sellers, on the other hand, might find this an opportune time to finalise deals, especially in Perth’s competitive property market.

Myth 3: “Properties Go for a Bargain During EOFY”

Fact: Bargains aren’t guaranteed just because it’s EOFY. While some sellers may be motivated to close deals before June 30, Perth’s market dynamics often depend on demand, location, and property type. Rather than relying on the “EOFY bargain” myth, focus on understanding market trends and working with experts who can guide you to the right property at the right price.

Myth 4: “Stamp Duty Must Be Paid Before EOFY”

Fact: Not necessarily. In WA, stamp duty is usually due within 30 days of the settlement date. EOFY doesn’t change this timeline. However, being aware of when payments are due and planning accordingly can still make a big difference, especially if you’re aligning financial decisions with the new financial year.

Myth 5: “The Settlement Process Is Always Stressful”

Fact: It doesn’t have to be! With a reliable Perth-based settlement agent like Adaptive Settlements on your side, the process can be smooth and even enjoyable. Clear communication, expert advice, and local market knowledge are the ingredients for a hassle-free experience.

So, What’s the Takeaway?

EOFY doesn’t have to be a time of panic or confusion. Whether you’re buying, selling, or simply curious about property settlements, understanding the facts can help you make the most of this time of year.

If you have questions about settling before EOFY or want to know more about Perth’s property market, our expert team is here to help. Let’s bust myths, achieve your goals, and make the EOFY work for you!

Got a myth we haven’t covered? Drop us a line or share it in the comments – we’d love to hear from you!