PropertyBuzz, your daily dose of property news.
Foreign investment into Build-to-rents gets the go ahead, December auctions stay strong, and which Aussie areas are at the bottom of the market?
Welcome to Property Buzz! I’m Grace Ormsby
Today is Wednesday, the 13th of December.
And wrapped up in their comments surrounding foreign investment, the Australian federal government plans to legislate low foreign investment application fees for build-to-rent projects to alleviate the housing crisis.
Housing Minister Julie Collins said the aim is to ensure consistency and predictability for all build-to-rent investors, regardless of the type of land involved.
The Property Council of Australia supports the move, believing it will help achieve the 1.2 million homes target by 2029.
However, the Council also argues more changes are needed to unlock global institutional investment in Australian housing, including tax settings.
Turning our attention to Australia’s capital cities and the week ending 10 December 2023 was the second-busiest auction week in Australia for 2023.
Melbourne and Sydney led the charge in a week where the clearance rate did drop to under 67 per cent.
CoreLogic noted that 12.6 per cent of auctions were withdrawn, the highest withdrawal rate of the year.
Brisbane had the highest number of auctions among smaller cities, while Adelaide had the highest success rate with over 80 per cent of its 191 auctions ending in a sale.
And finally, a new report has revealed the Australian towns and regions that have hit the bottom of their respective markets.
According to the latest from Herron Todd White, Geelong, Ipswich, Melbourne, and the Southern Highlands have all hit “the bottom of the national property clock”.
Ballina/Byron Bay, Central Coast, Coffs Harbour and Lismore are all approaching the bottom of the market.
That’s all for today.
See you again tomorrow, the 14th of December, for your daily dose of Property Buzz.