Property Buzz

PropertyBuzz, your daily dose of property news.

South Australia is reviewing building laws to tackle rogue traders, new home sales got off to a slow start in 2024, and which 10 NSW suburbs are best for seachangers?

Welcome to Property Buzz! I’m Orana Durney-Benson.

Today is Thursday the 18th of April, and

The South Australian government is undergoing a comprehensive review of building regulations, designed to protect consumers from unethical practices in the construction industry.
– So far, proposed measures include easier dispute resolution, introducing a permit system for owner-builders, and regulating developers to ensure accountability.
– The review will also consider the introduction of mandatory professional development for tradespeople, and bringing in tougher penalties for breaches.

Meanwhile, The Housing Industry Association has warned that Australia is unlikely to meet its housing target of 1.2 million new homes in five years due to sluggish new home sales in 2024.
– Compared to previous years, the first three months of 2024 saw a significant decline in home sales, with sales volumes dropping 40 per cent compared to the same period in 2021.
– Economic factors and high land costs in NSW and Victoria have had a significant impact on home sales, with these states experiencing the most significant sales declines compared to other states and territories.
– Senior economist Tom Devitt warned that without reducing the costs of delivering new homes, it will be challenging to meet the government’s ambitious housing target.

But when it comes to downsizers looking for a coastal town to call home, strong options are still on the table.
– A new report from Property Credit identified a number of suburbs across Australia where downsizers can find both the tranquillity of a beachside lifestyle and a vibrant community atmosphere, all without breaking the bank.
– Despite NSW’s reputation for pricey property, the report uncovered 10 suburbs in the state where coastal properties can still be snapped up for under $1 million.

That’s all for today. See you again, the 19th of April, for your daily dose of Property Buzz. 

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