Daily Buzz: Friday, 5 April

PropertyBuzz, your daily dose of property news.

An unlicensed agent is convicted in Western Australia, Melbourne asks for community comment on a planning shakeup, and 10 regional hotspots attracting investors

Welcome to Property Buzz! I’m Juliet Helmke. Today is Friday, 05 April.

– A Perth agent was convicted and fined $2,800 for managing a property without a real estate and business agent’s licence, while also being ordered to pay costs of over $3,000.

– The woman, who had almost two decades of experience in the real estate industry, was accused of breaching the Real Estate and Business Agents Act by representing herself as a an agent and managing a property in Butler, receiving $24,000 for bond and rent, not all of which made it into the landlord’s hands.

– A few months after tenants moved into the property, the property manager stopped paying rental income to the property owner and then failed to repay the bond to either the tenants or the landlord at the end of the tenancy.

– A complaint to the consumer protection agency uncovered the misconduct, with the state’s commissioner stating the agent should have known better, given her experience in real estate.

And Melbourne has opened consultation from the community as it moves to update the planning rules in 10 suburbs in order to accommodate 60,000 new homes in medium or high density developments.

– The new rules aim to increase the height limit of buildings in these areas, with the government’s housing statement indicating a focus on building “up, not just out”.

The areas in question include suburbs such as Broadmeadows, Camberwell Junction, Chadstone, Epping, and Frankston, which have been designated as “activity zones” that offer community amenities and transit options, making them an appealing place to build.

– Community feedback is being sought across the 10 areas, with the government assuring residents it will work with locals to preserve the existing community features. 

And a new report from real estate network PRD highlights 10 regional areas that are both affordable, yet stable investment locations. 

– The brand’s analysis capped the maximum median dwelling price at $600,000, and adjusted for factors like rental yield and vacancy rates that at least match that of the nearest capital city.

– It ruled out any LGAs with fewer than 20 sales in the last 12 months, as well as those that did not achieve positive median house price growth within the time period.

– The regions that were ultimately identified include Mackay, Toowoomba, and Townsville in Queensland, Dubbo, Tamworth, and Griffith in NSW, Ballarat, Greater Shepparton, and Wodonga in Victoria, and Burnie in Tasmania.

That’s Property Buzz for today. 

See you again tomorrow, 06 April, for your daily dose of Property Buzz.”

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