Daily Buzz: Friday, 3 November
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PropertyBuzz, your daily dose of property news.
High Court’s unsafe housing decision could trigger further tenant claims, SA announces massive rental reforms, and 4 Aussie cities report world-leading luxury price gains
Welcome to Property Buzz! I’m Kyle Robbins
Today is Friday, 03 November. A high court decision could potential wide reaching ramifications.
The High Court in Australia has ruled that landlords can be held accountable for unsafe and unhealthy housing, potentially leading to a class action over poor rental homes.
The Northern Territory government was found liable for compensation to tenants in a remote Indigenous community for distress caused by uninhabitable rental properties, with issues including leaking sewage and unstable electricity.
A potential class action to improve public housing and compensate affected Aboriginal tenants is being pursued, which could have ramifications for all Australian renters.
The proposed claim would seek damages for contract breaches, including rent repayment, tenant inconveniences, expenses to fix problems, and distress caused by housing issues.
Down in South Australia, unprecedented rental reforms have been unveiled
The state government has introduced a bill to amend the Residential Tenancies Act 1995, banning no-cause evictions, permitting pets, and extending minimum notice periods to 60 days.
These changes aim to provide more security for tenants amid a housing crisis, with a record low vacancy rate of below 1%, while still protecting landlords’ rights.
Landlords will need to provide a valid reason to end a tenancy agreement and cannot refuse a tenant’s request to keep a pet, provided certain conditions are met.
The bill follows the government’s $965 million plan for better housing, introduced earlier this year, which includes constructing public and affordable homes, abolishing stamp duty for first home buyers, and fast-tracking land release.
Finally
Four Australian cities, Sydney, the Gold Coast, Perth, and Brisbane, ranked in the global top 15 for luxury residential price growth in Knight Frank’s Prime Global Cities Index for Q3 2023.
 Sydney’s luxury residential property market climbed 4.2%, Gold Coast and Perth’s increased almost 4%, and Brisbane’s climbed by 2.5% in the 12 months to September 2023.
Despite these increases, they were outpaced by Manila, Dubai, and Shanghai, which recorded respective increases of 21.2%, 15.9%, and 10.4%.
Knight Frank predicts prime luxury home prices in Australia to rise by 3% at the end of 2023, 4% in 2024, and 5% in 2025.
That’s Property Buzz for today.
See you again tomorrow, 04 November, for your daily dose of Property Buzz.
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