Daily Buzz: Tuesday, 16 January

PropertyBuzz, your daily dose of property news.

Investor activity trends upwards; Canberra landlords forced to pay for failing to make repairs; and the markets to monitor in Victoria this year

Welcome to Property Buzz! Today is Tuesday, 16 January.

– The Australian Bureau of Statistics (ABS) reported a 1 per cent increase in new loan commitments for housing in November 2023, a 13 per cent rise compared to the previous year.

– Investor activity accounted for more of the positive growth, with lending to prospective landlords rising 1.9 per cent to $9.7 billion, an 18 per cent increase from a year ago.

– Canberra saw the biggest change in investor activity in November with the value rising by 18 per cent, while loans to the same cohort fell nearly 12 per cent in Tasmania.

Speaking of Canbera, The ACT Civil and Administrative Tribunal has ordered the owners of a property to pay their tenant close to $6,000 dollars for failing to address a mould issue in their rental property within the required timeframe.

– The tenant moved into the property in November 2022 and reported several issues, including mould, within a week. Despite cleaning in January 2023, no repairs were undertaken.

– The tenant filed a claim with ACAT in June 2023 after his repair requests were ignored. The mould issue was finally addressed in August last year following an order from ACAT.

– The tribunal reportedly concluded that the property was not in a reasonable state of repair at the start of the tenancy, and took into consideration the fact that the tenant developed a mould-related respiratory condition while living there.

And the Real Estate Institute of Victoria has released its data on the state’s price growth for the quarter, reporting higher than average price rises in Melbourne’s eastern and south-eastern suburbs.

–  Frankston South saw the highest quarterly growth in the state, with median house prices rising 40 per cent to $1.4 million. Fitzroy North reported a 44 per cent quarterly increase, crossing the $2 million dollar median mark.

– In contrast, metro Melbourne saw a slight decline in median house prices, by 2 per cent to roughly $900 thousand. However, units in eastern markets like Wantirna South and Templestowe saw significant growth.

– The REIV has flagged the eastern suburbs as “corridors to watch” in the year ahead, due to ongoing residential development.

That’s Property Buzz for today. See you again tomorrow, 17 January, for your daily dose of Property Buzz.”

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