Daily Buzz: Tuesday, 9 April

PropertyBuzz, your daily dose of property news.

A south-east Queensland builder has been accused of fraud, Australian auction results are back on track after the Easter slump, and is the Gold Coast’s apartment oversupply a thing of the past?

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

Today is Tuesday, the 9^th of April, and Queensland’s Office of Fair Trading has issued a public warning about a south-east Queensland building company.
– Cre8ative Construction Proprietary Limited, and its owner Brendan Hawxwell, have been alleged to have defrauded customers by taking deposits for work that was never completed.
– Some deposits comprised up to 45 per cent of the quoted price, for jobs that included retaining walls, fencing and decking.
– The owner’s companies have been placed into liquidation, and the state Office of Fair Trading has warned consumers to avoid engaging with these businesses.  

Turning to the auction market, last week saw a strong rebound in auction outcomes post-Easter, with Australia’s combined capital cities seeing a robust clearance rate of over 75 per cent.
– In total, last week saw just under 2,000 homes go under the hammer, more than double the previous week’s total of just 901.
– Heading the upswing were Sydney and Melbourne, which saw clearance rates rise to over 81 per cent and over 70 per cent respectively.  
– Adelaide, Brisbane and Canberra also saw changes in their clearance rates, while auction numbers were lower in Perth and Tasmania.

And real estate expert Michael Kollosche has revealed that the Gold Coast’s historic oversupply of apartments may be at an end.
– Increased migration during the pandemic and an ongoing building crisis have resulted in limited stock for all housing types, including multi-storey apartments.
– Sea-changers, downsizers and interstate buyers from Sydney and Melbourne have all contributed to rising demand for apartment properties, while concerns about youth crime have also created a preference for properties with strong safety features.

That’s all for today.

See you again tomorrow, the 10^th of April, for your daily dose of Property Buzz.

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