Property Buzz

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Western Australia launches short term rental reforms, one state is in the lead for construction levels, and auction clearance rates are on the up.

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

Today is Tuesday the 23rd of April, and the State Parliament of Western Australia has approved new legislation to regulate short-term rental accommodation.
– All short terms rental properties, such as Airbnbs, will be required to be listed on a state register, and owners must list their registration number when advertising online.
– Unhosted short term rentals in the Perth metropolitan area will be limited to 90 days of rental per year.
– Those who provide false or misleading information during application or who advertise without registration risk fines of up to $20,000 for individuals and $100,000 for corporations.

Heading south, CommSec’s State of the States report has revealed that South Australia is the leading state in construction work and dwelling starts, with a 22.2% rise in construction work compared to the decade average.
– Western Australia, despite lower performance compared to the decade average, showed the highest yearly growth with a 21.4% increase in construction work compared to early 2023.
– Despite South Australia’s strong economic performance last quarter, CommSec chief economist Craig James warns of a potential loss in momentum, with Western Australia potentially primed to take the lead.

And looking at the auction market, the preliminary clearance rate increased last week to over 74%.
– Melbourne hosted the largest number of auctions with a clearance rate of 72.7%, while Sydney’s clearance rate was slightly higher at over 73%.
– Adelaide had the highest clearance rate among smaller cities at over 86%, while Canberra saw a rise in clearance rate to 67.7%.
– Corelogic predicts a slight increase in auction volumes for the coming weekend, with 1,900 homes expected to be auctioned across the combined capital cities.

That’s it for today.

See you again tomorrow, the 24th of April, for your daily dose of Property Buzz.

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