Daily Buzz: Thursday, 4 April

PropertyBuzz, your daily dose of property news.

Autumn Buyers urged to act quickly, 5 Powerhouse Cities in the Australian Property Market, and warning sounds over tripling of foreign investor fees.

Welcome to Property Buzz! I’m Grace Ormsby.
Today is Thursday, 04 April.

– The executive chairman of Raine & Horne, Angus Raine, has identified a unique buying window over the next three weeks between the Easter long weekend and ANZAC Day.
– Raine & Horne’s internal research shows a 25 per cent increase in groups at open homes compared to early autumn last year.
The chairman says the increase in listings is due to the Reserve Bank of Australia’s decision to hold the cash rate at 4.35 per cent, with homeowners expecting a steady increase in home prices.
Prospective buyers are urged to act swiftly, stay focused and obtain a loan pre-approval.

As to where to buy, a new review has identified opportunities for buyers to invest in high growth property markets.
– The report, from InvestorKit, highlights five economic powerhouse cities: Greater Sydney, Greater Melbourne and Geelong, Greater Brisbane, Gold Coast, and Sunshine Coast, Greater Adelaide, and Greater Perth.
– Factors such as infrastructure projects, population growth, active job markets, and relative affordability are cited as key drivers for the strong performance and growth potential of these property markets.

And to overseas investors, the Australian government has passed legislation to triple fees for overseas investors buying established homes and double vacancy fees for dwellings purchased after 9 May 2024.
– The government has also reduced application fees for foreign investment in build-to-rent projects, aiming to encourage foreign buyers to invest in new housing developments and support economic growth.
– The Property Council of Australia warns these amendments could jeopardize the government’s housing targets by creating further barriers to investment in the Australian property industry.

That’s Property Buzz for today.
See you again tomorrow, 05 April, for your daily dose of Property Buzz.

tee recommended greater focus on tax rebates, spot purchases, head leasing, keeping Crown land public, built-to-rent and built-to-sell developments, and modular prefabricated construction.

Meanwhile, NSW has moved on some big changes to its strata regulation

– The state’s new laws prohibit bodies corporate from charging fees, bonds or insurance to keep pets in multi-dwelling communities, and make it easier for residents to prove the validity of assistance animals.

– The new regulations also tighten some controls on strata association committee members, like lowering voting thresholds for removing members and restricting when removed members can re-serve, and requires at least two quotes to be sought for proposed work costing more than $30,000 

And in South Australia, the most significant reforms to the state’s residential tenancy laws in decades have passed parliament and become official.

– The reforms introduce grounds for terminating tenancies, extend notice periods, allow pets in rentals, protect tenant information, ensure minimum housing standards, and provide support for domestic violence victims.

– Now, landlords in the state can only end a tenancy for a prescribed reason, and must provide 60 days notice, up from 28 days. And blanket pet bans are a thing of the past, with tenants allowed to keep pets with reasonable conditions in place. 

That’s Property Buzz for today. 

See you again tomorrow, 02 December, for your daily dose of Property Buzz.”

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