Daily Buzz: Saturday, 11 May
By
PropertyBuzz, your daily dose of property news.
Counting the cost of early super access to finance home deposits; 15 suburbs that could be very attractive to first home buyers, and what to expect from this week in auctions.
Welcome to Property Buzz! I’m Juliet Helmke. Today is Saturday, 11 May.
– Allowing Australians to use their superannuation for house deposits could cost taxpayers $1 trillion by the end of the century and a cumulative extra $200 billion by 2060, according to research commissioned by the Super Members Council and conducted by Deloitte.
– The cost is due to an increase in the age pension bill and a loss of tax revenue on super earnings. Even if withdrawals were capped at $50,000, the impact would be a $300 billion burden on the budget by the end of the century and $40 billion cumulatively by 2060.
– Previous research by the body suggested that injecting super money into the housing market could raise capital city house prices by up to $75,000. While an uncapped scheme could push prices even higher.
– The super council is now implying politicians to keep their hands off super policy setting, calling the proposals “economically reckless”” and a “trap for young Australians””, arguing it would exacerbate the housing affordability crisis and leave people with less savings in retirement.
– And while the challenge for first home buyers is fierce, a new report from Property Credit has identified 15 housing markets increasingly favouring buyers that also offer a level of affordability.
– The report reviewed over 300 markets, focusing on the availability of homes under $750,000 and shifts in the number of listings compared to historical averages.
– The findings revealed that while the overall market is tough, there are some areas that are more favourable for buyers than other.
– Those suburbs include Harvey Bay and Maryborough in Queensland, Dubbo and Port Stephens in NSW, the Latrobe Valley in Victoria and Launceston in Tasmania, among others.
– Looking at auctions now and the week ending May 12 is expected to be the fifth busiest week of the year for auctions, with 2,315 capital city homes set to go under the hammer.
– Melbourne is predicted to be the busiest auction market with 1,120 homes on the block, a 6 per cent increase from the previous week and a 50 per cent increase from the same time last year.
– Sydney’s auction volume is also expected to rise with 835 auctions scheduled, a 10.6 per cent increase from the previous week. Among the smaller capitals, however, volumes have fallen back, with the larger capitals set to follow next week. CoreLogic currently predicts around 2,150 auctions will take place over the week ending May 19.
That’s Property Buzz for today.
See you again on Monday, 13 May, 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.
