PropertyBuzz, your daily dose of property news.
Conviction and fine for agent who mislead a property buyer, Loss-Making Sales are on the up, and Is commercial property the way to go in 2024?
Welcome to Property Buzz! I’m Grace Ormsby
Today is Friday, 22 December.
– A former Albany real estate agent has been fined $4,000 and ordered to pay costs of $1,200 for misleading a buyer about the habitability of a property.
– The agent pleaded guilty to making false or misleading representations, violating Australian Consumer Law, after telling a buyer they could live in a structure not approved for habitation by the City of Albany.
– Consumer Protection WA said the case, which involved a mudbrick “unit”, stressed the importance of agents being truthful about property conditions during sales.
– The watchdog has warned of action against any agents found to be misleading buyers, advising purchasers to verify property approvals with local authorities.
– CoreLogic’s Pain & Gain Report shows an increase in loss-making resales for properties held under three years, rising to 6.6 per cent from 3.6 per cent a year ago,
– Around 86,000 properties were resold in the third quarter of 2023, with 93.5 per cent making a nominal gain and an average gross profit of just shy of $300,000.
– Short-term resales, particularly those within a three-year hold period, have reached a decade high, with Melbourne – Inner, Melbourne – West, and Sydney’s Central Coast experiencing the highest proportions of loss-making sales.
The trend of short-term loss-making resales may persist due to rising unemployment and interest costs, although the overall impact may be mitigated by ongoing national home value increases.
– Colliers Australia CEO, Malcolm Tyson, predicts that adaptable investors will continue to benefit from market conditions in 2024, particularly those diversifying portfolios with alternative assets.
– Tyson believes well-informed investors will gain from asset acquisitions when the pricing gap between vendors and purchasers closes.
– Tyson predicts continued growth in the industrial, office, and retail markets, with the industrial market showing resilience, premium office rents rising, and demand for Australian retail centres outpacing supply.
That’s Property Buzz for today.
See you again tomorrow, 23 December, for your daily dose of Property Buzz.