Daily Buzz: Friday, 3 May
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PropertyBuzz, your daily dose of property news.
A Melbourne builder has come to a halt following accusations of insurance failures, foreign investment will be revamped to attract build-to-rent backers, and residential building approvals have recorded a slight lift.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Friday, the 3rd of May, and Melbourne-based business Aycon Constructions & Building Services has had its building registrations suspended by the Victorian Building Authority for allegedly working without Domestic Building Insurance.
– The VBA’s investigation suggests Aycon may have conducted over 200 building projects between 2018 and 2024 without the required insurance.
– The VBA also alleges that Aycon forged insurance certificates in some instances. As a result, all work on Aycon building projects must immediately cease.
Turning to Canberra, the federal government is federal government is incentivizing investment in build-to-rent projects by reducing application fees for foreign investors and allowing them to buy established developments.
– The reforms aim to increase housing supply and cut down processing times in low-risk sectors, according to Treasurer Jim Chalmers.
– The government will also conduct a robust examination of proposals related to critical infrastructure, minerals, technology, sensitive data sets, and defense site proximity for national interest and security.
– The Property Council of Australia supports the reforms, stating they could help meet housing needs and create 150,000 rentals and 10,000 affordable rentals by 2033 if executed well.
And dwelling approvals in Australia increased by 1.9% over the month of March, but fell by 2.2% over the year, according to the Australian Bureau of Statistics.
– House approvals rose by over 3% in the month and more than 7% over the year, while multi-dwelling builds increased by over 3% in the month but fell by almost 17% over the year.
– Master Builders Australia’s CEO, Denita Wawn, expressed concern over the country’s ability to meet the National Housing Accord’s target of 240,000 new homes, given the current approval rate.
That’s all for today.
See you again tomorrow, the 4th of May, for your daily dose of Property Buzz.
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