Daily Buzz: Saturday, 6 April
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PropertyBuzz, your daily dose of property news.
High-density approvals reach a 12-year low, DA costs will go down in South Australia, and auction numbers are set to rebound after the Easter long weekend.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Saturday the 6th of April,
and data from the Australian Bureau of Statistics has revealed that high-density building approvals are at their lowest point in 12 years.
– Australian new home building approvals fell by 1.9% in February, with multi-dwelling builds dropping by 20.8%, according to the ABS.
– High-density approvals have reached their lowest level in over a decade, with the total number of dwelling approvals hitting a low last seen in July 2012.
– Master Builders’ CEO highlighted a “mismatch” between demand and supply, and urged the federal government to address construction labour shortages in the upcoming budget.
Meanwhile, the South Australian government is introducing a new fee system for lodging development applications, which will be cheaper for most residents.
– The fees will be scaled according to the construction cost of the proposed developments, with low-cost projects attracting lower fees.
– The new system replaces a flat fee structure which had charged $193 for developments of all sizes.
And CoreLogic has forecast a recovery in auction volume following the Easter long weekend, with over 2,000 homes scheduled for auction across Australia’s capital cities this week.
– Sydney is expected to be the busiest auction market with 942 homes set for auction, a nearly 130% increase from the previous week.
– Melbourne also shows a strong return with 811 homes scheduled for auction, a massive 650% increase from this time last year.
That’s all for today.
See you again on Tuesday, the 9th of April, for your daily dose of Property Buzz.
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