Daily Buzz: Tuesday, 23 January

PropertyBuzz, your daily dose of property news.

Housing coalition calls investor tax concessions a “quarter-trillion dollar mistake,” Consumer Affairs delivers a warning against a Queensland tiny house company, and How much will home price growth slow in 2024?

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

Today is Tuesday, 23 January, and

– Housing coalition Everybody’s Home has stated that tax concessions to property investors are costing Australia 500,000 social homes.
– The coalition argues that the government is subsidising the private rental market through negative gearing tax deductions and capital gains tax discounts, rather than building housing themselves.
– Between 2010 and 2033, the national budget is projected to lose $228 billion due to investor tax concessions, according to Everybody’s Home.

Up in Queensland, the Office of Fair Trading has warned against dealing with Chace Portable, after customers have reported the company failed to deliver the portable homes they had ordered.
– Customers have reported that communication with the company ceased once payments were made, leaving them without their purchases or refunds.
– The company’s operator has previously faced disciplinary action resulting in the disqualification of his contractor license.

And Oxford Economics Australia has predicted a slowdown in home price growth in 2024.
– This year, prices are expected to rise just 2.7%, compared to 8.1% in 2023.
– Capital city markets are expected to see diverging price trends, with Perth predicted to see strong growth due to affordability and low listing levels.
– The rental market is also expected to slow, but remains tight due to a housing supply shortage – and Perth is again expected to outperform other cities in rental growth.

That’s it for today.

See you again tomorrow, 24 January, for your daily dose of Property Buzz.

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