Daily Buzz: Friday, 1 March
By
PropertyBuzz, your daily dose of property news.
Private Investors Dominate Commercial Scene, a Victorian Building company under fire for underpayment, and Queensland readies for a Surge in Modular Building
Welcome to Property Buzz! I’m Grace Ormsby.
Today is Friday, the 1st of March.
and Private investors are the largest group of buyers in Australian commercial property for the first time,
They accounted for more than 40 per cent of total investment in 2023, according to Knight Frank’s Wealth Report.
– Private investors favored living sector investments, such as build-to-rent and student accommodation, followed by industrial and logistics, and office investments.
– It’s a trend Knight Frank expects to continue in 2024.
Looking to construction, the Fair Work Ombudsman has secured almost $20 grand in penalties against a residential building company and its director, for failing to pay an apprentice bricklayer.
– JACZ Holdings is liable for $16,500 in penalties, while the director must pay $3,300. The company also needs to rectify the underpayment to its employee.
– The company reportedly ignored a compliance notice issued by the Fair Work Ombudsman, which found that the firm had not reimbursed the worker for training fees and underpaid his minimum apprentice rates.
– The Ombudsman warned businesses that ignoring compliance notices could lead to court action, substantial penalties, and back-pay orders.
Up in Queensland, and the state government has announced the nearing completion of a new modular building centre as part of the “Homes for Queenslanders” plan.
– The Cairns Rapid Accommodation and Apprenticeship Centre will assemble complete homes and components for social and government housing.
– Manufacturing is expected to start by the end of March, following the model of the Eagle Farm centre.
– The facility is particularly important in Cairns due to frequent heavy rainfall and natural disasters, allowing construction to continue regardless of weather conditions.
That’s Property Buzz for today.
See you again tomorrow, 02 March, for your daily dose of Property Buzz.
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