Daily Buzz: Friday, 23 February
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PropertyBuzz, your daily dose of property news.
New South Wales makes a deal with the Mascot Towers residents, the Western Australian government tightens its grip on short-term rentals, and who is shouldering the costs of office fit-outs?
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Friday the 23rd of February, and the New South Wales government has made a deal with the residents of Mascot Towers.
– The majority of owners in the ill-fated apartment complex have approved a payout offered by the state government, with several banks agreeing to offer a discount on owners’ mortgages by up to 40 per cent.
– The deal provides closure to a saga that has lasted nearly five years.
– A third party will pay approximately $30 million for the apartments, averaging just over $200,000 per lot. The NSW government will pay the rest of the loan on any remaining debt after the units have been sold.
– Investors and owner-occupiers without mortgages are being offered means-tested support payments of up to $120,000 on top of the proceeds of the sale of their unit, with additional support for those aged over 65.
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Over on the West Coast, the Western Australian government has introduced a bill to increase regulations on short-term rental properties like Airbnbs.
– The new legislation would require property owners to register their properties before advertising or accepting bookings.
– Additional reforms include changes to planning requirements, with unhosted properties in Perth being subject to development approval if rented out for more than 90 days a year.
– The Australian and New Zealand Short Term Rental Association has supported the proposed regulations, stating they balance the needs of the visitor economy and the state’s rental supply shortage.
And high-end offices in Australia’s capitals are increasingly facing a so-called “fight to quality” as companies seek higher and higher levels of luxury in a bid to counteract the work-from-home tide.
– But with companies often holding greater negotiating power than tenants, Ray White commercial expert Peter Vines revealed that costs of these fit-outs are increasingly passing into the hands of the landlord.
– As competition mounts, landlords are adding luxury amenities like yoga rooms and high-quality food and beverage facilities in order to stand out from the crowd.
– Mr Vines predicts that this the trend of luxury offices will continue into the foreseeable future.
That’s it for today.
See you again tomorrow, the 24th of February, for your daily dose of Property Buzz.
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