Daily Buzz: Tuesday, 7 May
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PropertyBuzz, your daily dose of property news.
A new report reveals now the nation intends to tackle the housing crisis; an agent is fined for selling the wrong house, and action activity ticks up.
Welcome to Property Buzz! I’m Juliet Helmke. Today is Tuesday, 07 May.
– Australia’s National Housing Supply and Affordability Council has just fulfilled its first task, releasing a comprehensive report into the state of the nation’s housing.
– A 200-plus page document comprising eight chapters, the first State of the Housing System report underscores that the country is in the midst of a housing crisis and determines that over the short term, housing affordability is only set to deteriorate. While it found that the supply target agreed to in the National Housing Accord of building 1.2 million new homes over five years was suitably ambitious, ultimately the council estimates that the nation will build 903,000 private dwellings and a further 40,000 social and affordable dwellings once time is called on the half-decade initiative.
– Nonetheless committed to supporting the nation in trying to exceed that forecast, the body has laid out nine goals for its work, which include:
Ensuring that housing is affordable, fit for purpose and secure across incomes and geographic locations, that there is fair access to home ownership, secure and dignified housing for tenants, and a sufficient return for investors.
– In West Australia now, and an agency has been fined $7,000 by the state’s consumer protection agency for selling the wrong property.
– The mistake occurred when two lots of adjacent, street front, strata-titled land in Camillo belonging to a single owner were mixed up during the course of a sale.
– The two certificates of title listed street addresses that did not match the physical street addresses of the lots. During the preparation of a sale agreement in March 2022, the agency relied on the street address given by the seller to obtain certain documentation, failing to notice that the lot on the purchased certificate of title did not correspond with the lot on the strata plan that was set to be sold. The error was not picked up during the sale and resulted in the certificate of title being issued in the buyer’s name for the wrong property.
– The buyer was already living in the property when, during a phone call relating to her First Home Buyer Grant, it was revealed that the lot number on the application did not match official records. The agency has apologised to the parties affected and made changes so that mistakes like this do not happen again.
– And the nation has seen an increase in both auction volumes and the preliminary clearance rate week-on-week, with 2,169 homes auctioned in the week ending 28 April 2024.
– Melbourne hosted the most auctions with 1,026 properties, resulting in a preliminary clearance rate of 71 per cent, up 1.2 percentage points from previous week.
– Sydney’s 750 auctions had a preliminary clearance rate of just over 78 per cent, a slight decrease from the previous week, while Brisbane led the smaller cities with a rate of 68 per cent.
– Looking ahead, Corelogic predicts a slight increase in auction volumes for the second weekend in May, with 2,200 homes expected to be auctioned across the combined capital cities.
That’s Property Buzz for today.
See you again tomorrow, 08 May, for your daily dose of Property Buzz.
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