Daily Buzz: Friday, 15 March
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PropertyBuzz, your daily dose of property news.
February Rental Figures Roll In, Industrial and Logistics ups the ante, and free asbestos courses aim to improve awareness
Welcome to Property Buzz! I’m Grace Ormsby.
Today is Friday, 15 March.
And Australia’s national rental vacancy rate fell to a record low of 1.07 per cent in February, according to PropTrack, making the rental landscape more challenging for prospective tenants.
– The decline in availability affected both capital cities and regional areas, with capital cities experiencing a more significant drop.
– Perth and Adelaide remain the most constrained rental markets in the country, with vacancy rates below 1 per cent, while regional markets also show limited availability.
– PropTrack senior economist Paul Ryan warns that the lack of supply is putting pressure on rents and straining rental affordability, which is at its worst level in at least 17 years.
Looking to commercial property and the industrial and logistics investment sector in Australia is now worth nearly $300 billion.
Matching the office sector for the first time, CBRE predicts that the industrial and logistics sector will become the largest commercial real estate segment in Australia.
The firm expects industrial and logistics could reach $410 billion in value over the next 10 years, with growth largely attributed to e-commerce.
And in New South Wales, the state government is offering a free asbestos awareness course to educate Australians about the risks, identification, and safe handling of asbestos.
– The course was developed by SafeWork NSW, Building Commission NSW, and TAFE NSW and covers topics such as the long-term impacts of asbestos exposure and how to safely handle asbestos.
– The course is available for free to anyone in Australia until June 12, but it is noted that further training is needed to carry out licensed asbestos removal work.
That’s Property Buzz for today.
See you again tomorrow, 16 March, for your daily dose.
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