PropertyBuzz, your daily dose of property news.
Early warning signs for Australia’s 1.2 million Homes target, Tasmania close to letting Renters keep Pets, and what’s going on in the Victorian market?
Welcome to Property Buzz! I’m Grace Ormsby
Today is Thursday, 18 July.
– Australia’s home supply is already below the levels needed to reach the target of 1.2 million homes by 2030.
– In the first quarter of 2024, only 41,000 homes were completed, a 9.5 per cent decrease from December 2023.
– According to the Property Council of Australia, Australia will need to average 60,000 new home builds each quarter for the next five years to meet the target.
– Down in Tasmania, an amendment to the residential tenancy act will make it easier for renters to keep pets.
– Under the new laws, tenants will be required notify owners in writing if they intend to keep a pet. If objected, owners must apply to Tasmania’s civil and administrative tribunal within 28 days for a decision.
– Only “eligible animals” are allowed – with Ineligible pets including dangerous dogs, unregistered dogs over six months, and cats over six months of age that are not microchipped.
Tenants will be responsible for any pet-related property damage.
And finally, Victoria’s property market saw minimal movement in Q2, with metropolitan house prices dropping 1.5 per cent and unit prices decreasing 0.1 per cent.
– Several areas bucked the trend, with a number of Greater Geelong suburbs seeing double-digit growth, with Little River leading at 20 per cent.
– Greater Bendigo and western Melbourne municipalities also posted strong growth, with Elmore values lifting 23.9 per cent and four Melton suburbs among the top for quarterly growth.
– The market has been described by the Real Estate Institute of Victoria as well-balanced for buyers and sellers.
That’s Property Buzz for today.
See you again tomorrow, 19 July, for your daily dose.
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