Property Buzz

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A crackdown on ‘Dodgy’ Victorian Rentals, Queensland Takes Step Towards Banning Rental Bidding, Sydney Soars to 4th Place in Global luxury Sales

Welcome to Property Buzz! I’m Grace Ormsby. Today is Friday, 22 March.

And Victoria is investing $4 million into a team to enforce tenancy laws and target rental providers who violate these regulations.
– The team will consist of intelligence analysts, inspectors, investigators, and lawyers, and will focus on offenses like false advertising, renting substandard properties, and not lodging bonds.
– The taskforce will initially focus on inspections of reported breaches to ensure properties meet minimum standards, such as a functional kitchen, lockable doors, and structural soundness, before the state forges ahead with strengthening tenant rights.

Up in Queensland, the government has introduced a bill banning rental bidding, establishing a portable bond scheme, and protecting tenant privacy.
– The bill follows the enactment of similar legislation across South Australia, Victoria, Tasmania, and the ACT.
The reform will also place a 12-month limit on rent increases attached to the property, not the tenancy, and require renters to be given at least 48 hours notice before property entry.

Back in Sydney and the city has ranked fourth for super-prime residential sales above $15 million (Australian).
Knight Frank said 42 super-prime transactions took place in the last quarter of 2023 in the city.
– Dubai led the quarter with 108 super-prime sales, followed by London and New York with more than 50 each.
It’s the first time Hong Kong didn’t make the top five.
– Knight Frank attributes Australia’s success in high-worth real estate to global factors and its status as a safe haven for living and investing, with a rise in cash transactions.

That’s Property Buzz for today.

See you again tomorrow, 23 March, for your daily dose.

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