Property Buzz

PropertyBuzz, your daily dose of property news.

Australian home prices continue to rise, the Housing Minister strikes out over stalled housing plans, and the end of the Mascot Towers saga

Welcome to Property Buzz! I’m Juliet Helmke. Today is Tuesday, 02 July.

– Despite the drop in temperatures, Australia’s housing market was running hot June, with the median home seeing an annual value increase of $60,000, according to new data from CoreLogic.

– Moreover, Australian home values rose 0.7 per cent over the month of June 2024, marking the 18th consecutive month of growth. 

According to the data firm, Australia’s housing market has “found a groove” this year, with home values consistently rising 0.5 to 0.8 per cent month-on-month. 

– Perth and regional Western Australia recorded the strongest price growth over the past month, with median value increases of 2 per cent and 1.5 per cent respectively. Strong growth conditions were also seen in Adelaide, regional South Australia and Queensland. 

– Turning our eyes to parliament now, and another measure meant to address the nation’s housing crisis has stalled. Tax incentives meant to spur foreign investment into the build-to-rent space have been put on ice, as the government’s legislation on the matter was stripped from a larger bill by the Coalition and the Greens, and will head to an inquiry with a report due by 4 September.

– The Coalition has signalled that it intends to oppose the plan entirely, criticising the government for putting homes in the hands of foreign investors, rather than Australians. The Greens, meanwhile, appear open to moving the legislation forward with strengthened mandates for the subsequent developments to provide affordable housing.

– With the government’s shared equity scheme, Help to Buy, also stalled before the Senate, Housing Minister Julie Collins slammed the Coalition and Greens for their latest effort to block the government’s plans, accusing the parties of striking an “anti-housing” alliance.

– The Mascot Towers saga has been officially put to bed. The NSW government has closed deals with more than 100 unit owners, marking the end of a long journey of financial support that started when emergency payments were first issued to owners in 2019 following the discovery of dangerous cracks in the basement of the apartment complex. As of 30 June those payments have now ceased.

– In May this year, the NSW Building Commissioner offered a deal to the unit owners to sell their properties and be able to rid themselves of any outstanding debt. 123 interested parties ultimately took the government up on the offer.

– 18 owners chose not to sell on these terms, and will reportedly continue to work with the Bayside council and a third-party private consortium to determine the future of the site. 

That’s Property Buzz for today. 

See you again tomorrow, 03 July, for your daily dose of Property Buzz.

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