Daily Buzz: Friday, 30 August
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PropertyBuzz, your daily dose of property news.
Strata firm convicted in a worker fatality; CPI drops as housing expenses rise; and Queensland introduces new minimum rental standards
Welcome to Property Buzz! I’m Sebastian Holloman. Today is Friday, 30 August.
A strata corporation and owners’ corporation have been convicted over the death of a 64-year-old Wollongong worker who tragically lost his life after a damaged industrial gate fell on him at a Berkeley complex in June 2020.
The strata company and owners’ corporation were fined $375,000 and $225,000 respectively for failing to urgently repair the gate.
The worker’s employer was additionally fined $375,000 for failing to ensure the health and safety of its workers.
In response to the incident, SafeWork NSW said that strata management companies and owners corporations of commercial premises should consider themselves “on notice,” stressing that workplace safety is everybody’s responsibility.
Looking at inflation, the Consumer Price Index (CPI) in Australia rose 3.5 per cent in the year to July 2024, marking a decrease from previous months, and the lowest outcome since June 2022.
The Real Estate Institute of Australia (REIV) relayed this downward trend is expected to continue due to federal and state governments’ cost of living measures, which could potentially lead to interest rate cuts.
Despite the drop in CPI, housing costs have continued to rise, with rents increasing by 6.9 per cent over the year to July and new home purchase costs up 5 per cent from a year ago.
The Master Builders Association of Australia has cautioned that these rising housing costs may add to future inflationary pressure.
And in Queensland, new guidelines for rental properties in the state have included requirements for structural soundness, safety, and adequate facilities.
These regulations already applied to tenancies entered into starting on 1 September 2023, but now take effect on all rentals from 1 September 2024.
The Real Estate Institute of Queensland (REIQ) was instrumental in pushing for the implementation of standards, emphasising they are crucial for “ensuring tenant safety, security, and privacy”.
The institute has also provided education to property managers to ensure compliance and expressed their belief that the standards will strengthen tenant-owner relationships.
That’s Property Buzz for today. See you again tomorrow, 31 August, for your daily dose of Property Buzz.
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