Property Buzz

PropertyBuzz, your daily dose of property news.

An Australian Property Giant Falls Victim to Ransomware Attack, Queensland Grapples with Dangerously Low Vacancy Rates, and does Victoria’s auction documentation need an update?

Welcome to Property Buzz! I’m Grace Ormsby

Today is Wednesday, the 1st of May.

and  Australian property valuation firm, Herron Todd White, has been targeted by the Black Suit ransomware gang.
– The gang has reportedly exfiltrated data from the company, including customer and transaction databases, and compiled a list of valuable documents as proof of the hack.
– The ransom demand and deadline have not been disclosed, but previous demands from Black Suit have reportedly been less than US$1 million.

Looking to rentals now and the Real Estate Institute of Queensland reports a perilously low rental supply across the state, with the overall vacancy rate at 0.9 per cent..
– Of the 50 areas surveyed, vacancy rates dropped in 22, remained stable in 10, and climbed in 18.

Only Mount Isa has a “healthy” vacancy rate of 3.4 per cent.
– REIQ CEO Antonia Mercorella is calling for government intervention and  incentives for private investors to curb the issue.

Down in Victoria, and the Real Estate Institute of Victoria is pushing for an amendment to the Sale of Land (Public Auctions) Regulations 2014, allowing digital documentation at auctions.
– Currently, auctioneers in Victoria must provide hard copies of all relevant documents for public inspection 30 minutes before the auction begins.
– Megan Mander, Interim CEO of the REIV, argues that the change would modernize auctions, reduce their environmental footprint, and align with digital practices in other industries.

That’s Property Buzz for today.  See you again tomorrow, the 2nd of May, for your daily dose.

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An Australian Property Giant Falls Victim to Ransomware Attack