PropertyBuzz, your daily dose of property news.
Home values fall in a 30 per cent of Australian suburbs; the bill to enlist real estate agents in anti-money laundering efforts has arrived, and RBA reform hits a roadblock.
Welcome to Property Buzz! I’m Imogen Wilson. Today is Thursday, 12 September.
– According to data from Corelogic, almost a third of Australian suburbs saw property values fall in the latest quarter, with Melbourne and regional Victoria experiencing the most significant declines.
– Hobart, Darwin, and Canberra also saw price decreases in over half of their suburbs, while all Perth suburbs experienced price increases.
– CoreLogic predicts that value declines will become more common due to cost-of-living challenges and sustained high interest rates in the months ahead.
– Despite some markets potentially continuing to see price growth, additional listings in the spring selling period are expected to put further downward pressure on values.
– Looking at government policy now, the legislation for the long-awaited “Tranche 2” reforms has been introduced to parliament.Â
– These reforms will move to include real estate among the professional sectors that are obligated to report suspicious financial transactions, in an attempt to crackdown on criminals laundering money through property purchases.
– The most recent federal budget earmarked over $160 million to implement these new laws. A portion of the funding will be dedicated to providing education and guidance to newly regulated entities like real estate businesses to help them meet their obligations.
– In other parliamentary news, the Greens have suggested they would help the government pass its bill to reform the Reserve Bank of Australia if the federal treasurer steps in and lowers the cash rate.
– On Tuesday, the future of the RBA reform was brought to a halt after the Coalition opposed the bill that would see the central bank have two boards: one for monetary policy and another for governance.
– The Greens have said that in return for their support, the Treasurer should use his powers as per Section 11 of the RBA Act to bring down interest rates – a power that has never before been exercised.
That’s Property Buzz for today. See you again tomorrow, 13 September, for your daily dose of Property Buzz.
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