Daily Buzz: Saturday, 20 April
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PropertyBuzz, your daily dose of property news.
A Perth builder has been fined $5,000 for fabricating his work history, a NAB economist has revealed that fewer than 1 in 5 homes are affordable to the average Australian household, and auction activity is set to ease across capital cities.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Saturday, the 20th of April, and a Perth builder has been fined $5000 by Western Australia’s Building Services Board after falsely claiming over seven years of building experience.
– The man became a registered building practitioner in 2023, claiming he had worked as a site supervisor in Victoria from 2012 to 2022, a claim that was later found to be false.
– Instead of being a site supervisor, he worked as a courier for a different Victorian business during the majority of the specified period.
Turning to housing costs, NAB senior economist Gareth Spence has revealed that only 13% of homes for sale in Australia are affordable for the average household.
– The data is based on a benchmark of spending no more than 25% of gross household income on housing.
– Housing values and rents have risen significantly in recent years, while wages have only grown 4% over the past year, leading to severe financial pressure on households.
– Australians are cutting back on both discretionary and essential spending, with those unemployed, on low incomes, or with high household costs experiencing the most financial stress.
And turning to the auction market, just 1,896 homes are scheduled for auction this week, a 4% drop from the week before.
– Melbourne, Perth, and Canberra are set to experience a decrease in auction activity this weekend, while Brisbane and Adelaide are expecting significant increases.
– Despite the decrease, auction activity is still higher than this time last year, when less than 1,500 homes were up for auction.
– Australia’s capital cities are set to see a resurgence in auction activity next week, with over 1900 homes set to go under the hammer.
That’s it for today.
See you again on Tuesday, the 23rd of April, for your daily dose of Property Buzz.
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