Daily Buzz: Tuesday, 20 August
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PropertyBuzz, your daily dose of property news.
Regional migration is here to stay, a WA builder answers for misdeeds, and auctions continue to heat up.
Welcome to Property Buzz! I’m Juliet Helmke. Today is Tuesday, 20 August.
– The latest quarterly data from the Regional Movers Index has once again shown that there are far more people relocating to regional areas than making a move in the opposite direction to major cities, with a 27 per cent difference in the three months to the end of June 2024.
– Lake Macquarie, north of the NSW Central Coast, has emerged as one of Australia’s most popular destinations for movers, securing an almost 5 per cent share of net internal migration over the past year.
– Neighbouring local government areas on the NSW coast such as the Bega Valley and Eurobodalla both experienced strong annual and quarterly surges, according to the report.
– Large centres within a few hours’ drive of capitals remain popular with many movers, however the regions that experienced the biggest population changes over the past twelve months were generally further afield, including Townsville, Mid-West Regional areas of New South Wales, Strathbogie in Victoria, South Australia’s Murray Bridge, Greater Geraldton, Coomalie in the Northern Territory, and and George Town in Tasmania.
– In Western Australia, a builder has been convicted of eight building offences, including charging an elderly client a deposit close to 70 per cent of the total, which is nearly ten times the allowable amount.
The offences all relate to one job, where the daughter of a man engaged Longhorn Building Company to carry out renovations to the kitchen, bathrooms, laundry, roof, walls and doorways of her father’s house, including removing asbestos sheeting.
– The director of the company was paid over $37,000 in deposit, which is over two thirds of the total cost of the project, despite the fact that in Western Australia a deposit can not be more than 6.5 per cent for work of this scale.
– It was then discovered that the director, who was undertaking the work, was never a licensed builder, and failed to adequately prepare the paperwork associated with the project. He was ultimately ordered to pay more than $6,000 in fines and costs.
– Looking at the last week of auctions, the preliminary clearance rate increased the week ending 18 August over the previous week, with 1,995 properties auctioned, the highest since June.
– The combined auction clearance rate rise was driven by Sydney, with 738 homes auctioned and a preliminary clearance rate of 74.6 per cent, up from 68 per cent the previous week.
– Adelaide led the clearance rate success with 151 properties auctioned and a clearance rate of 83 per cent, despite a decline from nearly 89 per cent at this point the previous week.
– Corelogic predicts an increase in the number of auctions as the weather warms, with around 2,100 homes scheduled for the week ending 25 August 2024, and around 2,300 the following week.
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