Daily Buzz: Saturday, 8 June
By
PropertyBuzz, your daily dose of property news.
Over half of all Australian homes are at risk of natural disaster, auction volumes get ready for a dip, and which Sydney suburbs should luxury buyers keep an eye on?
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Saturday, the 8th of June, and a new report by Domain has discovered that 5.6 million Australian homes are at risk of bushfire, almost 50 per cent of total housing stock.
– In total, five-and-a-half trillion dollars worth of property is at risk of being impacted by fires, floods, or erosion – equivalent to over five times last year’s entire federal budget.
– Domain CEO Jason Pellegrino warned that the housing crisis and climate crisis are deeply connected, and called for greater collective action to address these issues.
– Despite the risks, new developments are continuing to take place in at-risk zones, indicating that the number of Australian homes at risk of peril is only set to increase.
Turning to this week’s auction market, volumes across the nation are expected to significantly decrease due to the upcoming King’s Birthday long weekend, with over 1300 homes scheduled for auction, down from more than 2000 last week.
– Despite the decrease, the auction volumes are still higher than the same period last year, which saw just over 1000 auctions across the combined capital cities.
– CoreLogic predicts that auction activity will rebound, with nearly 2,300 auctions scheduled across the combined capitals in the week to come.
And when it comes to high-end Sydney property, there are six suburbs where luxury properties can be purchased for comparatively lower prices.
– For those after a taste of inner-city living, Edgecliff and Waverton offer solid choices for buyers and investors looking to get into the Eastern suburbs and Lower North Shore markets.
– Meanwhile, Greenwich, Lindfield West, South Turramurra and Elanora Heights are strong options for families looking to get into the Northern Sydney suburban market without the fierce competition seen in neighbouring suburbs.
That’s all for today.
See you again on Tuesday, the 11th of June, for your daily dose of Property Buzz.
If you like this episode, show your support by rating us or leaving a review on Apple Podcasts and by following Property Buzz on social media: YouTube, Instagram and TikTok.
