Daily Buzz: Friday, 16 August
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PropertyBuzz, your daily dose of property news.
A NSW inquiry into protections for residents building their own homes; the outlook on this yearâs Spring selling season; and Sydney ranks high in the worldâs top âworkcationâ cities
Welcome to Property Buzz! Iâm Sebastian Holloman. Today is Friday, 16 August.
A review has begun in NSW to improve the Home Building Compensation Fund (HBCF), which protects homeowners if their builder goes bankrupt or disappears.
The NSW government has acknowledged the fund’s maximum coverage of $340,000 is outdated, as building costs have increased by 60 per cent over the past decade.
Bronwyn Weir will conduct the review, which will examine issues such as insolvency rates, consumer awareness, builder compliance, and the adequacy of existing insurance coverage.
The Stateâs insurance authority said the study marks a âsignificant stepâ for NSW families investing in their homes, and will ensure that the fund remains a ârobust safeguard.â
While long seen as a good time to sell, Corelogic says Spring has become an even more busy time of the year for sales over the last decade.
Itâs especially the case for cities with colder winter temperatures like Melbourne, Sydney, and Hobart.
While current market conditions are varied, and high interest rates prevail, the 2024 spring market is expected to be more stable with demand outpacing supply, indicating more active buyers than sellers.
And research from International Workplace Group has ranked Sydney 26th globally as a ‘workcation’ destination.
This ranking looks at factors like climate, costs, broadband speed, culture, and availability of flexible workspaces.
Sydney scored well on climate and sustainability but poorly on transport costs, food costs, and broadband speed – the latter of which saw the city score a 2.5 out of 10.
Speaking on Sydneyâs âworkcationâ prospects, International Workplace Group stated the result was a âtestament to the unique blend of professional opportunities and lifestyleâ that the city offers.
Thatâs Property Buzz for today. See you again tomorrow, 17 August, for your daily dose of Property Buzz.
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