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Australia Soars to 18th Spot in Global property Price Growth Rankings, Sydney CBD Set for Major housing overhaul, and a landmark ban on engineered stone products gets the go ahead.
Welcome to Property Buzz! I’m Grace Ormsby
Today is Friday, the 15th of December and
Australia ranks 18th out of fifty six countries for price growth, off the back of a 4.9 per cent increase in house prices in 2023, according to Knight Frank.
– Despite global mortgage costs rising, property ownership remains desirable, with thirty five markets experiencing annual price growth. Turkey topped the ranking with a nearly 90 per cent annual rise, while Sweden saw the greatest decline.
– Knight Frank said limited housing stock, strong employment, and robust wage growth have contributed to price strength, with declines in Sales volumes also contributing.
– Closer to home, and the City of Sydney council has endorsed amendments to the Local Environment Plan to increase availability and sustainability of housing across the CBD.
– The proposed changes include new incentives for build-to-rent housing, increased floor space for co-living accommodation, and a higher proportion of three-bedroom apartments in new developments.
– The council has looked overseas for inspiration as it aims to balance additional housing needs with city character and sustainability.
– The changes also encourage use of urban rooftops as green spaces, with incentives for developers to install facilities for communal and social use on top of residential buildings.
-And big news for home builders, with Australia implementing a landmark national ban on engineered stone products, effective from the first of July 2024.
– Retailers Bunnings, IKEA, and Mitre 10, along with construction and property companies, have already supported the ban and will phase out engineered stone product sales.
– The CFMEU and the Public Health Association of Australia have applauded the ban, stating it will make Australia a safer place and prevent further cases of silicosis.
That’s all for today.
See you again tomorrow, 16 December, for your daily dose of Property Buzz.