Daily Buzz: Thursday, 5 September
By
PropertyBuzz, your daily dose of property news.
Melbourne is now Australia’s sixth-cheapest city for median home prices, the HIA reveals the worst states for new home approvals, and the Real Estate Institute of Victoria calls for more housing diversity.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Thursday, the 5th of September, and Melbourne is currently home to Australia’s sixth-lowest median dwelling value – a sharp decline from 2020, when the city was second most expensive in Australia after Sydney.
– According to CoreLogic, interstate migration trends were one factor pushing Melbourne down on the ranking, with strict COVID-19 social distancing measures pushing more Melburnians towards Brisbane, Perth and Adelaide.
– Most importantly, Melbourne’s high proportion of unit dwellings, which are much cheaper than houses, has weighed down its median dwelling value compared to cities with lower-density housing.
Meanwhile, the Housing Industry Association has released a scorecard to evaluate the best and worst states and territories for new dwelling approvals.
– South Australia and Western Australia were the states with the best-performing planning system, while New South Wales, the Northern Territory and Queensland scored the lowest.
– With an ongoing gridlock continuing to impact house approvals, the HIA has called for reduced regulatory barriers and new infrastructure delivery programs to fast-track housing supply.
And the Real Estate Institute of Victoria has called for more housing diversity as the state government gets ready to release its new plan for Victoria.
– In its submission to the government, the REIV made two recommendations: first, that the government ensure diverse housing needs are reflected in the plans, such as provisions for renters and downsizers; and second, that the government undertake tax reform to attract private capital from investors.
– The Victorian government will continue to review community submissions over the coming months, with the final version of the plan set to be released later this year.
That’s all for today.
See you again tomorrow, the 6th of September, for your daily dose of Property Buzz.
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