PropertyBuzz, your daily dose of property news.
Auction numbers this week are tipped to decline, demands are made to improve housing in Australia’s regions, and can the average Aussie really afford stamp duty?
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Saturday, the 10th of February, and CoreLogic is predicting a temporary decrease of almost 8% in capital city auction activity this week.
– Sydney is expected to see an over 10% increase in auctions with 646 homes set to go under the hammer.
– In Melbourne, auctions are slightly up from last week with 631 homes in total.
– However, Brisbane and Adelaide will see significant decreases in auctions, at 32% and 35% respectively, while Canberra is expected to see the biggest fall in activity.
And speaking of Canberra, the National Regional Housing Summit held in the capital on Friday saw the Regional Australia Institute demand for 40% of the Housing Australia Future Fund to be dedicated to regional areas.
– The institute stated that 450,000 of the 1.2 million homes the government plans to build should be built in Australia’s regions.
– Other requests made on the day included increasing and encouraging private investment, and improving stability for construction companies in the years to come.
And on a national scale, new research has revealed that Australians are paying up to 6 times more in stamp duty now that in the 1980s.
– According to Proptrack, the average cost of stamp duty has risen from $1,500 in the 1980s to nearly $45,000 today, equivalent to six months of an average person’s full-time income.
– The highest stamp duty costs are in Sydney and Melbourne, but costs in smaller cities like Brisbane are still 5.5 times higher than in the 1980s.
– The high upfront cost of stamp duty is discouraging people from moving and affecting housing supply, while also deterring potential downsizers.
That’s it for today.
See you again on Tuesday, the 13th of February, for your daily dose of Property Buzz.