Property Buzz

Daily Buzz: Friday, 12 April

PropertyBuzz, your daily dose of property news.

Property Industry Confidence is on the up, Round-the-clock business precinct breaks Ground at brand-new airport, and building a granny flat is now easier in Western Australia

Welcome to Property Buzz! I’m Grace Ormsby

Today is Friday, 12 April.

– The Property Council of Australia and Procore’s industry survey shows increased positivity among property professionals, with the Confidence Index rising six points to 120.
– Victoria experienced a decline in confidence levels, falling below the national average at 104 points, due to additional regulatory and tax impositions and frequent changes in the state’s property framework.
– The survey suggests that the stable interest rate environment and easier access to debt finance are driving positivity, but price rises are being driven by challenges in housing supply.

In Sydney, businesses are being invited to join the new business precinct at Western Sydney International (Nancy-Bird Walton) Airport, thanks to a joint venture with Charter Hall.
– The first stage of the precinct is expected to generate 400 construction jobs and 2,000 permanent jobs once fully operational.
– The first phase of works, including roads and landscaping, is due for completion by the end of 2025, before the airport opens to passengers in late 2026.
– The 20-hectare mixed-use development will include warehouse space, offices, a hotel, a service station, food and beverage outlets, retail, a gym, and conference facilities.

And across the country, homeowners in Western Australia no longer need planning approval for code-compliant ancillary dwellings.
– The Residential Design Codes have been relaxed for new granny flats, allowing them to be built on properties of any size, including grouped dwellings and strata lots.
– Aesthetic requirements have also been eased, as well as parking requirements.  
– The changes align with the National Planning Reform Blueprint and are part of a $2.6 billion investment in housing and homelessness measures.

That’s all for today.

See you again tomorrow, 13 April, for your daily dose of Property Buzz.

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