PropertyBuzz, your daily dose of property news.
Perth agency under fire for lodging Tenancy Bonds late, Trump’s election campaign leads US buyers to consider Aussie move, and the Gold Coast becomes Australia’s Second Most Expensive house market
Welcome to Property Buzz! I’m Grace Ormsby
Today is Friday, 23 August.
A Perth agency and its director Simon Backhouse have been fined $10,000 for lodging 14 tenancy bonds late.
– In Western Australia, tenancy bonds must be lodged within 14 days of receipt.
– This is the third prosecution this year for late bond lodgments in the state, leading the Commissioner for Consumer Protection, Trish Blake, to stress the importance of agency heads ensuring legal compliance.
– International searches for Australian properties surged in July 2024, with a 9 per cent month-on-month increase, largely driven by US residents due to their political climate.
– The UK, Singapore, and India also increased their activity, according to REA Group’s Proptrack, while rental property searches rose by 8 per cent compared to the previous month.
– US and UK property hunters favored capital cities and beachside hotspots, while Chinese and Hong Kong buyers preferred suburbs with high Chinese populations.
– Indian buyers targeted new development suburbs, while renters focused on CBD areas and locations near Monash University, suggesting many prospective tenants are students.
And finally, the Gold Coast’s median house price of $1.17 million now makes the market Australia’s second most expensive for property.
Experts now predict it will match Sydney’s $1.7 million median by 2027.
– Over the past year, house prices in the city have grown 9 per ceny, outperforming the national average of 8.5 per cent., with luxury housing also significantly outperforming the market.
– The gains come as the city’s population growth is expected to reach one million by 2037.
That’s Property Buzz for today.
See you again tomorrow, 24 August, for your daily dose.
If you like this episode, show your support by rating us or leaving a review on Apple Podcasts and by following Property Buzz on social media: YouTube, Instagram and TikTok.
