Property Buzz

PropertyBuzz, your daily dose of property news.

Auction numbers stay high, NSW Property Commissioner Speaks Out on Netstrata Controversy, and why Investors won’t be harmed by WA Rental Law Overhaul

Welcome to Property Buzz! I’m Grace Ormsby
Today is Saturday, the 4th of May.

– Auction volumes for the week ending 5 May 2024 are expected to be the busiest since Easter, with more than 2,200 capital city homes set to go under the hammer.
– Melbourne is predicted to be the busiest auction market with more than 1,000 homes set for auction.
– Sydney’s auction volume is also expected to rise with over 800 homes going under the hammer.
– Auction volumes in the smaller capital cities are largely set to decline, except for Brisbane.
– Looking further ahead, CoreLogic predicts stability, with nearly 2,200 auctions set to take place over the following week.

In New South Wales, an independent review into Netstrata has been launched following allegations of excessive fees and kickbacks, including charging triple the usual rate for insurance brokerage fees.
– Netstrata’s managing director, Stephen Brell, has stepped aside from his role as president of the  state chapter of the Strata Community Association, promising to review and improve the firm’s practices.
– The review, announced by New South Wales strata and property services commissioner John Minns, will cover the firm’s business structures, fees, commissions, and third-party relationships, over five to six weeks.

And finally, the Real Estate Institute of Western Australia believes new tenant laws will not disrupt the state’s rental market, according to president, Joe White.
– He believes the reforms balance the rights of tenants and landlords, allowing tenants to make their rented house a home and protecting them from rent bidding and frequent increases.
He said the new laws provide clarity and do not warrant investors abandoning their plans in Western Australia.

That’s all for today. Enjoy your weekend. See you again tomorrow, the 5th of May, for your daily dose of Property Buzz.

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