Daily Buzz: Friday, 31 May

PropertyBuzz, your daily dose of property news.

An agency is sued for open home negligence, the NSW government updates its housing targets, and the real estate industry reacts to the latest CPI data. Welcome to Property Buzz!

Welcome to Property Buzz! I’m Sebastian Holloman. Today is Friday, 31 May.

• A Newcastle real estate agency was ordered to pay $1,5 million in damages after a visitor slipped on a dangerously slippery driveway during an open house in January 2020.
• The woman, who suffered injuries to her neck, shoulders, hip, and knee, was found to have a bulging disk in her neck and experienced a seizure upon hospital admission. She continues to experience severe pain.
• The court ruled that the homeowners and agency were negligent for failing to warn the woman of the risk, conduct a risk assessment of the driveway, or place non-slip control measures.
• The defendants’ appeal of the decision was dismissed in March 2024, reinforcing that sales agents have a duty of care to prevent harm during open home inspections.

• The NSW government has updated its housing target with the aim of building 377,000 new homes over the next five years, an increase from the previous target of 375,000 homes.
• Local government areas (LGAs) that meet or exceed their individual targets will have access to a $200 million funding pool for local infrastructure such as hospitals and sporting facilities, the state announced.
• The housing targets focus on Sydney’s eastern and northern suburbs, aiming to rebalance housing development away from the western suburbs and closer to transport and work.
• The Property Council of Australia’s NSW executive director, Katie Stevenson, welcomed the new targets and the inclusion of rural LGAs, emphasizing the need for all councils to contribute to meeting the targets.

• And The Real Estate Institute of Australia has sought to calm fears of a potential interest rate rise, despite a 3.6 per cent increase in the latest Consumer Price Index (CPI).
• REIA president Leanne Pilkington noted that the CPI increase should not signal an interest rate rise, but rather a delay in a drop. The annual movement for the monthly CPI rose 4.1 per cent in April.
• Housing was one of the most significant sectors to see a price rise over the past four months, with a total increase of 4.9 per cent. Rental prices also increased, but at a slower rate.
• Pilkington attributed the slower rental rate rises to the government’s decision to increase Commonwealth Rent Assistance in March 2024, which reduced rents for eligible tenants.

That’s Property Buzz for today.  See you again tomorrow, 01 June, for your daily dose of Property Buzz.

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