PropertyBuzz, your daily dose of property news.
Dutton Strikes Back Against Labor’s Housing Plan, Home Sales lift as Regulation Deadline Looms, and auctions drop as autumn’s end draws near.
Welcome to Property Buzz! I’m Grace Ormsby
Today is Saturday, 18 May, I hope your weekend is off to a fabulous start.
Following on from the budget’s release earlier this week, Opposition leader Peter Dutton claims the housing crisis has worsened under the Labor government.
– If the coalition comes to power, Dutton has proposed rebalancing the migration program to free up homes, a two-year ban on foreign investors buying existing homes, and a permanent reduction in the migration program.
Labor government services minister Bill Shorten has hit back at Dutton’s claim that rebalancing the migration program would free up 40,000 homes, stating the actual number of foreign investors is less than 5,000.
– The Coalition also plans to reduce the number of foreign students in metropolitan universities, and allow Australians to access up to $50,000 of their super for their first property.
-Looking to new home builds now, and there was a 22 per cent increase in new home sales in April, which has been attributed to incoming energy efficiency standards.
– The new regulations, which add around $25,000 to the cost of a new home build, have led to a rush of contracts executed before the rules came into effect, according to the HIA.
– The group warned that these changes are putting pressure on the residential construction sector and contributing to a housing shortage.
– HIA Chief Economist Tim Reardon urges the government to consider the added construction costs in future regulations, to meet the 1.2 million target.
– And looking at auctions, there are just over 2,150 homes scheduled for auction this weekend.
– Melbourne will have the highest auction volume with 979 homes – a drop from the more than 1,100 homes up for auction last week. Sydney’s auction volume has slightly increased, to 778 homes.
– Brisbane and Adelaide will see slight increases in activity, while Canberra, Perth, and Tasmania are set to see decreases.
– Despite the lull, CoreLogic predicts an increase in auction volumes for the coming week, back to around 2,250 homes.
That’s Property Buzz for today.
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