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Brisbane Landlords Face a Staggering 650 percent Rate Hike Threat from Greens; capital city auctions plunge by 40 per cent; and what did the TV edit of The Block leave out?
Welcome to Property Buzz! I’m Grace Ormsby.
Today is Tuesday, 7th November.
The Greens’ Brisbane lord mayor candidate, Jonathan Sriranganathan, has put forward a proposal to charge landlords up to 650 percent of standard council rates if they raise rents above January 2023 levels.
– The policy is motivated by increasing rents in Brisbane and the disparity between rent and wage growth. Rents have risen by more than 8 percent in the last year, while wages have risen by 3.6 percent .
– The lord mayor candidate’s proposed policies include a two-year rent freeze, higher rates for landlords who raise rents, tying a rent freeze to each home, and stronger legal protections for renters at a state level.
– With the Greens party having a strong foothold in Brisbane, the caps would be introduced if he is elected in 2024.
Turning our attention to reality television,
– Tom Panos, the auctioneer of the winning property on The Block 2023 has revealed what went on behind the camera that the TV edit didn’t show.
– In an exclusive interview, Panos explained that the auction involved strategic planning, including identifying likely bidders and conducting numerous vendor and buyer meetings prior to the auction. That saw him come face to face with Adrian “Lambo Guy” Portelli, who once again splashed out to purchase the winning property, delivering a show record to the winners in the process. The lucky couple, Steph and Gian, are walking away with $1.75 million thanks to their efforts on the show.
– Just over 2,000 homes were auctioned in the week ending the 5th of November 2023, a 40 percent drop from the previous week, largely due to Melbourne Cup festivities.
The combined capital clearance rate remained steady, just below 70 per cent, despite lower volumes.
– The capital withdrawal rate rose to 12.4 percent, indicating a decrease in seller confidence and an increase in buyer confidence. The portion of properties passed in at auction fell to 19 percent.
– Sydney hosted over half of the nation’s total auctions, while Adelaide had its busiest auction weekend of 2023. Brisbane and Canberra also saw higher preliminary clearance rates.- Melbourne experienced the biggest decline, with its quietest auction week since October.
That’s all for today.
See you again tomorrow, 8th November, for your daily dose of Property Buzz.