Our industry regulators like to keep us on our toes, and what better time to implement new workflows than the new financial year? This time last year, the rollout of the new Form 2 process overhauled the way property contracts are formed. This year, we’ve been promoted to entry-level intelligence officers — never thought I’d tick that one off the childhood list. In reality, it’s simply another administrative item added to our process, but lucky for us, the ladies in the office are experts in that department.
New Anti-Money Laundering (AML) laws come into effect on 1 July, and what sounds like the Spanish Inquisition on paper is hardly more than the 100-point ID check you’d do at the bank — just in a property context. We’ve always verified a seller’s identity against the name on title, so that part’s nothing new.
From next week, both buyers and sellers will need to complete a formal identity check before we can proceed with a transaction, and it’s not optional — it applies to every real estate agency in the country, alongside conveyancers, accountants, and believe it or not, jewellers. The reasoning is straightforward: property has long been a vehicle for financial crime, and these laws bring agents in line with the same standards banks have operated under for years.
To make it concrete — if you were the lucky bidder at tonight’s auction for 62/110 Macquarie Street, we’d only need a copy of your ID to register you on-site. Because settlement falls after July 1, we’d walk you through the new Verification of Identity (VOI) process in the lead-up. For most people it’s a small amount of extra paperwork, completed online in a few clicks, and we’ll guide you through exactly what’s needed when the time comes.
Speaking of Macquarie Street — we’ve also brought a new Woolstore to market this week. Positioned at the rear of the Ansonia Woolstore, Unit 209 is a light-filled, quietly considered apartment that captures everything these heritage conversions do best. Original timber floors, exposed beams, high ceilings, and floor-to-ceiling glass doors opening to a Juliet balcony — the bones are exceptional. The outlook is leafy and private, framing the neighbouring gardens and pool in a way that’s rare in the inner city. Whether you move straight in or put your own stamp on it over time, the foundations are there.
We’re also thrilled to share that 6/44 Brisbane Street has just sold off-market. An oversized two-bedroom apartment with the bones to become a three-bedder, on a direct riverfront landholding with a north-east aspect toward Orleigh Park. This is the kind of buy people spend the next decade wishing they’d made. If you’re looking for something similar, let me know.
Australian politics is the talk of the town right now, and the constant stream of updates is hard to ignore. Our Q2 market update will be in your inbox next week recapping everything relevant to property. You, me and the next reader won’t always see eye to eye on what the right approach looks like — but as the changes come into effect, one thing is consistent: the rules around how everyday Australians leverage property to shape their future are shifting, and understanding what that means for your circumstances has never been more important.
Finally — if you’ve been waiting for a Percival Press filled with fun anecdotes and restaurant reviews, consider this your heads-up: next week’s edition has both. The team is hitting the town with our plus ones in tow to mark the end of the financial year (5pm start, asleep by 10 — I’m not getting any younger). We’ve got a few rounds of darts at Oche lined up and a long-overdue first visit to Aunty on Wandoo. We’ll report back.
Talk soon,
Ben
