PropertyBuzz, your daily dose of property news.
Permanent ban for a settlement agent who spent clients’ property payments, examining Australia’s housing needs in light of population growth, and what’s in store for auctions this weekend.
Welcome to Property Buzz! I’m Juliet Helmke. Today is Saturday, 15 June.
– A West Australian woman has been banned from working as a settlement agent after misusing almost $30,000 of settlement funds for personal expenses.
– The agent, operating as a business called Real Asset Conveyancing, was found to have illegally transferred the funds to her personal accounts and a work credit card between November 2020 and September 2021.
– An investigation by consumer protection led to a supervisor being appointed to take control of the firm’s operations and look into reports of missing funds.
– Following that process, the State Administrative tribunal handed down a ban and a formal reprimand, with the state’s commissioner for consumer protection, Trish Blake, emphasising the importance of settlement agencies fulfilling their obligations to responsibly handle consumer funds.
– Turning to the construction industry now, and Australia’s recent population data has caused some alarm from the Housing Industry Association and Urban Taskforce, with the groups noting the disparity between resident growth and dwelling construction.
– Australia’s population increased by 651,000 in 2023, but only about 170,000 new dwellings were completed, with the ABS reporting that 84 per cent of the population growth was due to net overseas migration, while natural increase accounted for the remaining 16 per cent.
– In response, HIA called for government intervention to address the housing supply issue, estimating that Australia needs to be building over 200,000 homes per year to keep up with need.
– The NSW-based Urban Taskforce also called for government action, suggesting measures such as a fast track planning pathway for private housing developments and a waiver of the NSW Housing and Productivity Contribution on homes completed over the next five years.
– Looking at auctions this week, CoreLogic has predicted a significant rise in volumes, with 2,329 capital city homes scheduled for auction.
– The increase is attributed to a return to normal following the King’s Birthday long weekend. Melbourne and Sydney are expected to see the most activity, while smaller capital cities like Brisbane and Adelaide are also expected to see improvements in auction volumes. Canberra and Perth on the other hand are projected to see slight decreases.
– Despite the expected rise, CoreLogic anticipates a slight fall in auction activity in the week ending 23 June, with around 2,100 auctions scheduled across the combined capitals.
That’s Property Buzz for today. See you again Tuesday, 18 June, for your daily dose of Property Buzz.
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