End of Financial Year Tips
As we approach the end of the financial year, many Australians are reviewing their finances, setting new goals and planning ahead. For those involved in property - whether buying, selling, investing or renting - EOFY can also present a valuable opportunity to get organised and make informed decisions.
At Explore Property, we understand that property decisions are often closely linked to financial planning. With the market continuing to evolve, now is the perfect time to review your position and prepare for a strong start to the new financial year.
Here are some practical EOFY tips to consider.
For Property Investors
1. Organise Your Financial Records
Now is the time to gather and review all property-related expenses including:
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Loan interest statements
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Council rates
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Insurance
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Repairs and maintenance
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Property management fees
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Depreciation schedules
Keeping accurate records can help streamline tax time and ensure you maximise any eligible deductions.
2. Review Your Rental Return
Take a look at your current rental income and compare it with the local market. In many areas, strong tenant demand continues to place upward pressure on rental prices. A professional rental appraisal can help ensure your investment remains competitive and aligned with market conditions.
3. Speak With Your Accountant or Financial Adviser
EOFY is an ideal time to seek professional advice around:
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Tax planning opportunities
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Ownership structures
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Capital gains tax
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Future investment strategies
Every investor’s situation is different, so tailored advice is essential.
For Homeowners Considering Selling
1. Understand Current Market Conditions
Buyer activity can fluctuate leading into the new financial year. Understanding what is happening in your local market - including buyer demand, average days on market and recent sales can help you make informed timing decisions.
2. Prepare Your Property Early
If selling is on your radar for the second half of the year, now is a great time to:
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Complete any outstanding maintenance
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Discuss a marketing strategy with your local agent
Preparation can make a significant difference to buyer appeal and campaign results.
3. Review Your Financial Position
With interest rates and lending conditions continuing to influence the market, it’s important to understand your borrowing capacity and future plans before making a move.
For Buyers
1. Reassess Your Budget
EOFY often prompts lenders, businesses and individuals to review their finances. Before entering the market, ensure you:
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Understand your borrowing capacity
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Review your savings and deposit position
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Factor in additional costs such as stamp duty, legal fees and moving expenses
2. Get Pre-Approval Organised
Having finance pre-approval in place can provide confidence and place you in a stronger position when the right property becomes available.
3. Stay Informed
Property markets can vary significantly between suburbs and regions. Working with a trusted local agent can help you stay informed about opportunities and emerging trends.
For Landlords
1. Conduct an Investment Health Check
EOFY is a good opportunity to review:
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Rental returns
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Maintenance budgets
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Insurance coverage
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Property performance
A proactive review can help identify opportunities to improve returns and protect your investment.
2. Plan ahead for Maintenance
Addressing maintenance issues early can help avoid larger expenses down the track and contribute to a better tenant experience.
3. Understand Legislative Changes
Property legislation and compliance requirements continue to evolve across many states. Staying informed and working with an experienced property management team can help ensure your investment remains compliant.
Looking Ahead
The end of financial year is more than just tax time - it’s an opportunity to reflect, reset and plan for the future. Whether your goals involve growing your portfolio, selling your home, entering the market or simply reviewing your current position, having the right advice and support can make all the difference.
If you would like to learn more about your local market or discuss your property goals for the new financial year, contact your local Explore Property office.