Daily Buzz: Tuesday, 9 September
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PropertyBuzz, your daily dose of property news.
Warning given to buyers relying on AI, why wealth taxes could come into play, and reduced auction activity sees improved sales success.
Welcome to Property Buzz! I’m Grace Ormsby
Today is Tuesday, 10 September.
– New technology tools like drone footage and virtual reality walkthroughs are changing the property buying process, and offering buyers more information from home.
– The Real Estate Buyers Agents Association of Australia warns that some buyers are skipping physical inspections due to reliance on these tools.
– REBAA president Melinda Jennison recommends inspecting in person, or using accredited buyer’s agents for physical inspections, emphasizing technology should complement, not replace, traditional due diligence.
– Simon Kuestenmacher, director of The Demographics Group, predicts major intergenerational wealth transfer, increasing wealth concentration, and declining home ownership trends will drive future tax reforms around wealth.
– With growing concerns among people aged 35–45 about wealth inequality, he believes it will influence policy changes as the generation comes into power.
The rise in the renter population could shift voter support towards wealth taxes, with parties like the Greens potentially using these policies as bargaining tools; highlighting death or inheritance taxes may be introduced soon to capitalise on the significant wealth transfer expected by the 2040s.
And finally, preliminary clearance rate rose during the first week of spring despite lower auction volume, with 2,065 properties auctioned off.
– Melbourne and Sydney saw reduced auction volumes but increased clearance rates of over 70 per cent apiece.
– Smaller cities showed varied results, with Adelaide having the highest clearance rate of 80% and Brisbane having the highest auction volume of 152 properties.
– Corelogic predicts auction volume to rise this Spring, with almost 2,500 homes scheduled for auction in the coming week.
That’s Property Buzz for today.
See you again tomorrow, 11 September, for your daily dose.Â
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