PropertyBuzz, your daily dose of property news.
November goes out with an auction bang, South Australia Throws Its Weight Behind the Ban on Engineered Stone, and is Sydney the Unexpected Hero of Australia’s Property Market right now?
Welcome to Property Buzz! I’m Grace Ormsby
I hope your weekend is off to a great start this Saturday, the 25th of November, as auctions heat up ahead of Summer.
Australia’s combined capitals are preparing for their second busiest auction week of the year, with more than 3,00 homes set to go under the hammer, a 3.1 per cent increase from the previous week.
– The number of auctions is nearly 30 per cent higher than the same period in 2022.
Sydney is expecting its highest number since April 2022, with 1,236 homes going under the hammer, while Melbourne will see upwards of 1,300 homes go up for grabs, in its third busiest week of the year so far. . .
Turning our attention to South Australia, and the state is supporting a national ban on engineered stone, a common material found in kitchen and bathroom benchtops across the country.
The prospective ban is due to engineered stone’s release of harmful silica dust when processed, and its links to silicosis, a deadly lung disease.
– South Australia and New South Wales have both indicated they would implement statewide bans if a national agreement isn’t reached, surpassing Queensland and Tasmania’s support for a national ban.
– Talk of a nationwide ban follows moves by the likes of Bunnings, IKEA, and Mitre 10 to phase out the sale of engineered stone products in their stores.
And Sydney’s housing market may not be as hostile as perceived, with new data suggesting it’s one of the friendliest for first-home buyers, according to PRD Real Estate’s Affordable and Liveable Property Guide.
– Sydney has the highest percentage of suburbs with declining median property values, making it a good time for ready buyers to purchase, says Dr Diaswati Mardiasmo, chief economist at PRD.
– Liveability factors considered include low crime rates, local amenities, unemployment rates, development potential, and investment criteria.
– Brisbane and the Gold Coast have the lowest number of suburbs with declining median prices, making affordable and liveable detached houses hard to find. Perth and Hobart were also challenging markets for affordable, liveable properties.
That’s all for today.
See you again next week for your daily dose of Property Buzz.