Daily Buzz: Thursday, 8 August

PropertyBuzz, your daily dose of property news.

70% of Australia is facing extreme rental pain, a Melbourne agent has been jailed for trust account abuse, and the NSW government’s ‘Return to Work’ directive is poised to shake up property.

Welcome to Property Buzz! I’m Orana Durney-Benson.

Today is Thursday, the 8th of August, and over two-thirds of Australia is in severe rental stress following double-digit annual rent increases in five states and territories.
– Renters in Queensland, Western Australia and South Australia are the worst affected, with over 77 per cent of each state’s rental population facing extreme rental pain.
– In the worst-affected areas, the median renter pays up to 53 per cent of their income on rent.
– More stable rental conditions are seen in the ACT, Tasmania and the Northern Territory, where rental increases have been more measured,

Meanwhile, a former real estate agent in Mill Park, Melbourne, has been sentenced to four months in prison for trust account abuse.
– The agent, Justin Scavo, pleaded guilty to 12 offences, including causing over $185,000 in trust account deficiencies and converting that amount for personal use.
– Scavo’s real estate licence has been cancelled and his company has been registered.
– The former agent will be required to pay over $101,000 in compensation to the Victorian Property Fund to reimburse affected clients.

And up in New South Wales, the Minns government has ordered public servants to return to the office, a move that has been supported by the Property Council of Australia.
– The Property Council argued that more office workers will boost commercial real estate as well as small businesses in the CBD.
–  The Minns government attributed its decision to overseas studies that reportedly prove productivity is higher for in-office workers, but the jury is still decidedly out on remote and hybrid work, with research results decidedly mixed.  

That’s it for today.

See you again tomorrow, the 9th of August, for your daily dose of Property Buzz.

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