In this edition of Gig Scoop: Are you ready to ride the Real Estate 'rollercoaster'?

Hey Gigster 👋🏻

Can’t believe we are already a month into 2024 😬

Lots of new things are emerging in the financial landscape of Australia, several key factors that directly or indirectly influence the freelance and sole trade businesses, one of which is the rapidly evolving real estate situation. Tighten your seat-belts because we are about to take you through the top 6 real estate trends that can change the course of your business (for good) if you’re mindful enough!

1. A new phase of positive inflection in housing values: For those of you who incur regular home-office expenses, this can mean a lot of things, including the change in general maintenance costs, changes in BAS, and overall restructuring of calculating your business expenses. If your side gig is renting out your property, it’s time to be mindful of tax implications on that income and accommodate the rent you charge accordingly.

2. Gradually risen mortgage rates: The mortgage trend has up scaled, although many housing loans were fixed in the period between 2022 and 2023, mortgage has steadily risen. Borrowers are yet not facing too many difficulties in repaying, however, being a small business owner, sole trader or freelancer you may be eligible for certain financial relief and support resources from the Government. It’s always smart to keep an eye out for news on websites like https://australiangrants.org/grants-for-sole-traders/ 

3. Rental Vacancy is still tight: The supply for rental properties is still very tight compared to the increase in its demand. If you are thinking about shifting your business base or home-office, now might not be a good time.

4. Immigration supercharge: In the last couple years immigration has increased over 4X the usual record. This has caused a lot of supply and demand inequality in real estate as well as other sectors. Now is a good time to advertise your home-grown business and bag more profit!

5. A change of mind in Real Estate investors: Even though the rental market is strong, many real estate investors are selling off property shares due to a fear of uncertain market conditions. If you are keen on making a high risk, high return investment best is to get in touch with an expert accountant as soon as possible and act on their advice!

6. Development supply chain: is unable to keep up: Despite large interest in rental market, developers are facing a shortage of supply and maintenance materials and services. If you are a sole trader offering skilled work and maintenance work services now might be a good time to expand and come up with an innovative business plan that can bag good deals!

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Would you like to tickle some more thoughts and innovations on these trends? We are sure you will like this short read:

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See you in the next edition - Go Gigsters!

Benjemen
CEO & Founder of MyGigsters