Daily Buzz: Wednesday, 14 August
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PropertyBuzz, your daily dose of property news.
A national campaign to seek feedback on property services training; a new bill backing property owners impacted by mining; and the NSW rental market still at crisis levels.
Welcome to Property Buzz! Iâm Sebastian Holloman. Today is Wednesday, 14 August.
BuildSkills Australia is conducting a national tour for consultation sessions on property industry training across Australian cities.
The program is part of the government’s five year, $12.6 billion investment in vocational education and training (VET) which aims to ensure that skills gained through these programs are ârelevant and transferableâ.
The consultation process aims to validate and refine initial findings gained from their earlier stocktake of training products in the property services industry.
Feedback from these sessions will be crucial for qualification reform and addressing skills shortages in the economy.
Over in NSW, the state governmentâs Coal Mine Subsidence Compensation Amendment Bill 2024 is looking to increase protection for property owners affected by coal mine subsidence.
The Bill, introduced to NSW Parliament in June 2024, will allow Subsidence Advisory NSW to provide temporary accommodation, payment for relocation costs, and evacuation directives in emergencies.
The legislation will mandate pre-mining property inspections for at-risk areas, and give Subsidence Advisory NSW powers to obtain necessary information from mining companies for claim assessments.
And looking at vacancy rates, the Real Estate Institute of NSW (REINSW) has reported a “crisis level” in residential rental vacancies despite a slight increase in the state’s vacancy rate.
Although Sydney’s residential rental vacancy rate rose by 0.1 per cent to 1.8 per cent, the highest in 12 months, the institute still described the increase as a “historic low”.
While vacancies in Sydneyâs inner, middle and outer rings increased, vacancy rates in various regional areas of NSW decreased due to high demand and limited housing supply.
Despite fluctuations, the rental market’s challenges remain significant with low stock availability, rising weekly rents, and increasing living costs for tenants.
Thatâs Property Buzz for today. See you again tomorrow, 15 August, for your daily dose of Property Buzz.
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