PropertyBuzz, your daily dose of property news.
Revealing the strategies allowing first home buyers to get onto the property ladder, A Canberra developer in hot water as his businesses go bust, and why auction volumes have taken a dive this week.
Welcome to Property Buzz! I’m Juliet Helmke
Today is Saturday, 04 November.
Our top story for today reveals how first home buyers are funding their purchase. Forget skipping avocado on toast, the report from Helia shows that aspiring FHBs are going without some basic necessities to scrape together the money for a home.
Specifically, to save for a deposit and the upfront homebuying costs costs, 54 per cent were cutting back on dining out and takeaway food, and 48 per cent had stopped buying “treat” items like takeaway coffee. Almost a quarter were reducing medical and wellness costs, like going to the physio or chiropractor. A third of FHBs were working overtime or taking on second jobs to save money.
In other news.
Close to a quarter of FHBs said they were living with their parents to save money for a deposit, while 14 per cent said they were considering moving back home.
In other news, a Canberra property developer has been suspended from managing corporations for two years by ASIC over the failure of several businesses under his control.
– Paul Hamilton was the director of five companies that entered liquidation between December 2019 and August 2021, owing a combined total of approximately $11.86 million to unsecured creditors.
The commission ruled Mr Hamilton showed a lack of care and diligence and a lack of commercial mortality in some of his obligations as a director.
– Now disqualified until October 2025, he has the right to seek a review of ASIC’s decision.
The latest CoreLogic auction data has revealed that Melbourne auction activity will finally play second fiddle, as Sydney gets ready to take over for the week ending 5 November 2023. The harbour city will see 1,161 homes go under the hammer this week, the largest total since April last year.
Down in Victoria, the Melbourne Cup will take centre stage, causing auction activity to plummet, with just 457 homes currently scheduled for auction.
Compared to last week’s record-breaking total of 1,725 auctions, this marks a massive drop to less than a third of last week’s total volume.
Adelaide is still expecting a busy auction week so far this year, with 179 homes up for auction up 6 per cent rom last week. In Brisbane, a total of just 140 scheduled auctions will see auction levels in the Queensland capital drop by -40.2 per cent, while Canberra is also expecting a fall, with a total of 145 scheduled auctions. Perth is set to see 19 auctions, while Tasmania has four auctions on the books.
This week’s forecast marks a noticeable downturn in pace compared to the highs of last week, when Australia witnessed a massive 2,690 auctions on Saturday alone.
That’s Property Buzz for today.
See you again tomorrow, 05 November, for your daily dose of Property Buzz.