Property Buzz

PropertyBuzz, your daily dose of property news.

Decreasing deposit Save Times aren’t bringing good news, WA approves New Build-to-Rent Project, and Victoria’s Solar-Powered Apartment Plan is in Full Swing

Welcome to Property Buzz! I’m Grace Ormsby.

Today is Thursday, 22 February.

– and High interest rates have reduced the time it takes for first-home buyers in Australia to save a 20 per cent deposit, according to Domain’s First-Home Buyer Report.
– The saving time for houses has decreased by two months and for units by one month, however Domain warns that these buyers then face high mortgage repayments, leading to significant mortgage stress.
– Domain’s chief of research and economics, Dr Nicola Powell suggests government action is needed to address the issue, as the current situation has led to a growing trend of first-home buyers relying on financial support from their parents.

Across the country, and a 29-storey build-to-rent project will provide social and affordable housing near Perth’s central business district, with completion expected by the end of 2026.
– Housing Australia will provide a loan of around $73 million, while the Western Australian government will contribute over $40 million to the project, which will deliver 219 apartments.

Those set to benefit from the project include elderly women, low-income singles and families, as well as key workers in nearby schools, hospitals, police and emergency services precincts, and retail sectors.

Meanwhile, Victoria has launched a $16 million Solar for Apartments program, with applications now open.
– Approved applicants will receive rebates of up to $2,800 per apartment or $140,000 per building of up to eight storeys
– The program aims to secure around 5,000 apartments with rooftop solar, in a joint partnership between the Victorian and federal governments.
– It could potentially save residents around $500 per year on power bills and help to tackle climate change.

That’s all for today.

See you again tomorrow, 23 February, for your daily dose of Property Buzz.

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