Property Buzz

PropertyBuzz, your daily dose of property news.

House prices break records in 4 Aussie cities, a Brisbane construction director has copped a 5-year ban, and does renting impact quality of life?

Welcome to Property Buzz! I’m Orana Durney-Benson.

Today is Friday, the 26th of April, and house prices in four Australian capital cities have hit record highs.
– Ten historic records were broken in the first three months of 2024, including record high house prices in Sydney, Brisbane, Adelaide, and Perth.
– The average house in Sydney now costs $1.6 million, a massive 26 times the national median income.
– Domain’s chief of research attributes the upward trend to factors such as a shortage of new homes, strong population growth, high building costs, and a tight rental market.
– She predicts that challenging rental conditions may push prospective first-home buyers towards homeownership, with increased demand expected at the more affordable end of the market.

Up in Queensland, construction director Miroslav Jack Samardzija has been disqualified for managing corporations for 5 years.
– His three companies — Caboolture Developments, Sinopacific Constructions, and Land Invest — went into liquidation between September 2019 and May 2021.
– ASIC found that Samardzija had acted dishonestly, failed to lodge tax returns, and provided false invoices and bank statements.
– At the time of disqualification, the three companies owed over $2.3 million to unsecured creditors, including over $1 million to the ATO.

And a report by Zero Deposit has revealed a strong link between housing and mental health, with renters reporting lower quality of life and higher stress levels than homeowners.
– The study found that 64% of renters rated their quality of life as average or poor due to their housing situation, compared to just 35% of homeowners.
– Renters also reported higher levels of anxiety and stress, with 18% stating their living situation caused them significant stress, compared to 7% of homeowners.

That’s all for today.

See you again tomorrow, the 27th of April, for your daily dose of Property Buzz.

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