PropertyBuzz, your daily dose of property news.
A Sydney building at risk of collapse, Perth Property Prices set to skyrocket, and how Aussies are tackling soaring costs-of-living
Welcome to Property Buzz! I’m Grace Ormsby.
Today is Thursday, 18 January.
And an alarming development in Sydney; The NSW building regulator has ordered immediate rectification of a serious defect in Macquarie Park’s Lachlan’s Line apartment complex, which could cause the building to collapse.
– The defect, identified in the basement slab and joint locations on several floors, is due to defective workmanship and could result in the concrete slab failing to withstand loads.
– The developer, Greenland Australia, requested the Department not issue the order, but the regulator insisted it was appropriate given the nature of the defect.
– While a second defect had been identified in the original notice, it was reportedly removed from the order after the developer argued it was not serious. Repairs are expected to be costly and it’s a story we will be covering closely.
Looking across to Western Australia now, and Perth’s housing market hit record highs in 2023 due to an extreme housing shortage, with the median house price reaching $590,000.
With that price surpassing the previous peak in 2014, the rental market also saw record highs, with the median cost of rent reaching $600 per week at the end of December.
– The Real Estate Institute of Western Australia predicts further gains in the year ahead; It’s expecting 10 per cent growth in Perth house prices in 2024 due to population growth and a shortfall in new home completions.
And as the price of housing goes up, Australian workers have found hybrid working arrangements beneficial in managing financial stress, with 70 per cent saying it helped them navigate cost-of-living pressures, according to a survey by IWG.
– The survey also found that 66 per cent of respondents believe a full-time office commute would negatively impact their financial wellbeing, while 60 per cent said they couldn’t afford to give up hybrid working.
– Over half of those surveyed said they would consider quitting if asked to return to the office full-time.
– The study suggests that maintaining hybrid work models is crucial for employee retention over the coming year.
That’s Property Buzz for today.
See you again tomorrow, 19 January, for your daily dose of Property Buzz.