Daily Buzz: Tuesday, 30 July
By
PropertyBuzz, your daily dose of property news.
NSW announces a ban on no-grounds evictions, Albanese names a new federal housing minister, and Australia’s auction clearance rate sees a rise.
Welcome to Property Buzz! I’m Orana Durney-Benson
Today is Tuesday, the 30th of July, and Premier Chris Minns a ban on no-grounds evictions in New South Wales, fulfilling an election promise made back in 2023.
– The ban, which will come into effect next year, is a response to the increasing precarity faced by renters in New South Wales, with one tenant in the state evicted without cause every 18 days.
– Landlords will still be able to evict tenants for reasonable causes such as failure to pay rent, property damage, sale of the property, or change of use.
– The New South Wales government will also introduce a portable bonds scheme
And down in Canberra, Prime Minister Anthony Albanese has reshuffled the cabinet, appointing Clare O’Neill as the new federal minister for housing and homelessness.
– Former housing minister Julie Collins has shifted to the portfolio of agriculture and small business.
– Real estate industry leaders said they have their eyes on O’Neill as Australia continues to work towards an ambitious target of 1.2 million new homes by 2029.
– While industry figures praised the steps the government has taken so far, they urged that additional funding and policies are needed if Australia is to hit its homebuilding target.
And last week’s auction market saw a strong rise in the preliminary clearance rate, with 72 per cent of homes selling under the hammer.
– With 1,930 homes auctioned off last week, results were mixed across the capital cities.
– Sydney saw a high clearance rate of over 76 per cent, while the clearance rate down in Adelaide was even stronger, at 84.8 per cent.
– Up in Brisbane, just 61 per cent of auctions ended in a sale, while Melbourne and Canberra both saw clearance rates in the 60s.
That’s all for today.
See you again tomorrow, the 31st of July, for your daily dose of Property Buzz.
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