PropertyBuzz, your daily dose of property news.
Sydney Sees Surge in Flexible Office Space demand, Warning sounds over real estate agent education standards, and unit prices race to keep up with house prices.
Welcome to Property Buzz! I’m Grace Ormsby.
Today is Thursday, the 14th of December.
and Sydney ranks fifth among global markets for flexible office space, with a nearly 20 per cent increase in flex desk requests across the year, according to The Instant Group.
– The city outperformed major cities like New York City, Berlin, and Singapore, but was beat out by the likes of Mexico City and Colombo.
Staying in the state, and Fair Trading New South Wales has warned the state’s real estate and strata industry not to compromise on quality in professional development and training.
– The warning comes as a nationwide audit of registered training organisations is conducted across the sector, following concerns about inadequate education and information.
– The NSW watchdog is supporting this effort, warning that failure to choose quality-focused organisations could result in professionals’ qualifications being challenged.
– Representatives are particularly concerned about providers offering “fast track” courses for obtaining a New South Wales Fair Trading agent licence, indicating potential low quality education
Zooming out nationally and a new report has found that median prices for units are rising faster than houses.
Units are up 1.5 per cent over the quarter, compared to just 1.1 per cent for houses.
The weighted average median price for units in the eight capital cities increased by 2.2 per cent over the year-to-date, to hit almost $650,000.
– Rents also surged over the quarter, with the weighted average median rent for three-bedroom houses jumping to $571 per week, a 3.2% quarterly increase.
That’s all for today.
See you again tomorrow, the 15th of December, for your daily dose of Property Buzz.