PropertyBuzz, your daily dose of property news.
The trends set to change the property market in 2024, Victoria Flags better Building Protections for Home Renovations, and the ACT reveals a New Planning System
Welcome to Property Buzz! I’m Grace Ormsby.
Today is Thursday, the 30th of November.
– Australia’s housing market in 2024 will see changes in affordability, rate cuts, and densification.
– According to a new report from Domain, interest rate relief is expected later in 2024, potentially leading to increased borrowing capacity and demand, and another price upswing in the housing market.
– Despite that, the trend towards affordability will continue, with buyers exploring overlooked areas, an increase in generational inheritance, and the introduction of the federal government’s Help to Buy scheme.
– Population growth will continue to shape house prices, while the rental market will reach a tipping point, slowing rental growth and transitioning some renters into buyers.
Looking to the construction sector now and Builders in Victoria who accept deposits for major projects without the correct insurances will face heavy penalties under new legislation.
– A new amendment will look to ensure consumers are insured before paying a builder for domestic work costing over $16K
– The legislation follows the collapse of several building companies, exposing practices of companies not taking out required insurance before accepting major domestic building contract deposits.
– The new offences could result in penalties up to nearly $100,000 for individuals or $480,000 for companies, and are part of a suite of reforms to protect Victorians building or renovating homes.
And continuing the conversation around building, and
– Canberra has introduced a new Planning Act, the first in 15 years, following four years of research and review.
– The new planning system is designed to accommodate substantial growth in the Australian Capital Territory (ACT) over the coming decades in a sustainable way, with a need for 100,000 new dwellings by 2050.
– The Planning Act provides a legal foundation for a new planning system, introducing ‘District Strategies’ that divide Canberra into nine districts with specific growth strategies. It also emphasizes sustainability and biodiversity.
– The ACT government has implemented training programs to help the community and industry understand the new system, with DAssubmitted under the previous system still to be assessed under the old laws.
That’s all for today.
See you again tomorrow, the 1st of December, for your daily dose of Property Buzz.