PropertyBuzz, your daily dose of property news.
NSW pledges more homes as the Greater Cities Commission gets axed, rate rises hit regional property markets the hardest, and why the spring property rush may last until Christmas.
Welcome to Property Buzz! I’m Grace Orsmby.
Today is Thursday, 23 November,
and NSW has scrapped the Greater Cities Commission as the government promises more homes.
– The NSW government will introduce legislation to transfer responsibility for housing targets from the Greater Cities Commission to the Department of Planning and Environment.
– Premier Chris Minns believes the move will streamline the planning process and cut red tape, enabling the DPE to deliver on the state’s housing promises. Recently, the state’s development processing times were found to have blown out from 69 days on average in July 2021 to 116 days in March 2023.
– The Real Estate Institute of NSW stated it supports the change in principle, but urges the government to focus on “bricks rather than bureaucracy,” stating that residents don’t care who is in charge as long as more homes get on the ground.
Looking to the regions,
CoreLogic’s Quarterly Regional Market Update shows that many regional housing markets are lagging behind capital cities.
– Factors contributing to the regions’ slower recovery include rising interest rates, increased cost of living, and declining internal migration.
– NSW and Queensland were the best performing states in terms of quarterly value growth. However, regional Victoria saw significant declines, and sales volumes were generally down across the regions.
– The rental market in the regions also lags behind the capitals, with regional rents recording only a 0.8% rise over the past three months.
Looking ahead, figures from one of Australia’s largest real estate networks suggest that the spring selling season may extend all the way to Christmas this year.
– Raine & Horne revealed that open for inspections have experienced a 25 per cent surge, with activity expected to last until the 23rd of December.
– The group cited booming migration, critically low supply, and fear of missing out as key factors fuelling this end-of-year energy.
– The high sales activity is a departure from usual December trends, which have traditionally seen homebuyers put off property purchases until after the holiday season has ended.
That’s it for today.
See you again tomorrow, 24 November, for your daily dose of Property Buzz.