Daily Buzz: Friday, 8 December
By
PropertyBuzz, your daily dose of property news.
House-hunters are willing to pay higher mortgage rates to buy a home sooner, Rezoning will unlock thousands of new homes in Sydney, and Why healthcare is becoming Australia’s favourite commercial asset.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Friday the 8th of December,
And new research reveals that 1 in 2 Australians would accept higher interest rates to own their home faster.
– Despite rising property prices and sky-high cash rates, 53 per cent of respondents said they would accept a higher rate, as securing a home loan appears increasingly unattainable.
– Many respondents struggle with saving for a deposit, with 70% unsure when they will have enough savings, and only 1 in 5 confident they would know when they had saved an adequate deposit.
– Despite this, the dream of homeownership remains strong, with over 70 per cent of Australians saying they believed they would own their own home one day.
The New South Wales government has confirmed that massive rezoning will take place in key transit areas, following on from a leaked document that revealed some of the plans earlier in the week.
– The state government has confirmed that it will increase housing supply by rezoning areas around almost 40 train stations, to allow higher density construction.
– Eight Sydney transport hubs will be rezoned by November 2024, to support the construction of over 45,000 new homes over 15 years.
– Moreover, 1380,000 new homes are expected to be created by the snap rezoning of 31 locations across the state to make residential flat building permissible, which is defined by three or more dwellings contained within one structure.
– And the Metro West is going ahead, which includes a proposal to completely relocate Rosehill Racecourse and build up to 25,000 new homes on the site.
Looking further afield, healthcare is fast becoming Australia’s favourite commercial asset.
– New research shows that the healthcare sector is continuing to grow in popularity for investors globally, and Australia is no exception. Recent data from Knight Frank reveals that healthcare assets in Australia have performed second only to industrial real estate, with average capital growth per year sitting at 6.8 per cent for the sector, just behind industrial, at 10.7 per cent.
– The firm puts much of the popularity down to demographic shifts happening both domestically and internationally – the older the population, the greater the need for medical services, and Australia, at large, is ageing.
– 23 per cent of the country’s population will be over 65 years of age by 2062, and forward thinking investors are currently capitalising on the expected continued growth of the sector.
That’s it for today.
See you again tomorrow, 09 December, for your daily dose of Property Buzz.
If you like this episode, show your support by rating us or leaving a review on Apple Podcasts and by following Property Buzz on social media: YouTube, Instagram and TikTok.
