Daily Buzz: Saturday, 17 February
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PropertyBuzz, your daily dose of property news.
A Perth agency has been fined for failing to lodge $30,000 in tenancy bonds, the Real Estate Institute of Queensland calls for a roadmap for a new housing plan, and CEO Angus Raine suggests that tax breaks for baby boomers could boost housing supply.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Saturday the 17th of February, and a real estate agency in Perth has been slapped with an $8000 fine for neglecting to lodge $30,000 in tenancy bonds.
– Both the agency, Honsun Realty, and its director have been fined for failing to lodge tenancy bonds within the required 14-day period under West Australian law.
– The State Administrative Tribunal found that the agency did not process security bonds for residential rentals on time on 24 occasions between February 2021 and January 2022.
– The tribunal held the director accountable for not ensuring that her employees complied with the Residential Tenancy Act and Code requirements, resulting in the fine being split equally between her and the agency.
On the east coast of Australia, the Real Estate Institute of Queensland has asked the state government to provide more details on its $1.3 billion ‘Homes for Queenslanders’ plan.
– The plan includes a $350 million fund for home building and a $160 million renters relief package, as well as support for first home owners, social home building, and homelessness services.
– REIQ CEO Antonia Mercorella stated she supports the plan’s principles but wants more information on how the targets will be achieved.
– Ms Mercorella stated she believes the plan lacks focus on home ownership pathways, the tax environment, construction costs, and support for apprenticeships and skills.
And on a national scale, executive chairman Angus Raine of Raine & Horne has proposed tax reform for Australian homeowners aged 70 and over as a way to help first-home buyers.
– Mr Raine has proposed a two-year exemption from capital gains tax obligations for older property investors, and stamp duty tax breaks for those aged over 70 who wish to downsize.
– According to Mr Raine, incentives for older investors to sell their properties could free up supply and improve market conditions for first-home buyers.
That’s it for today.
See you again on Tuesday, the 20th of February, for your daily dose of Property Buzz.
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