Property Buzz

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Skyrocketing housing costs threaten to oust Sydney families, Queenslanders have been warned to stay on the lookout for “shady tradies,” and some of NSW’s top hotspots are at risk of flooding.

Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Wednesday the 14th of February, and researchers are warning that growing housing costs in Sydney may be a threat to family dreams.
– A report from the New South Wales productivity commission reveals that between 2016 and 2021 Sydney lost twice as many people aged 30 to 40 as it gained due to high housing costs.
– The report suggests that building more homes in desirable inner-Sydney suburbs could reduce the economic burden of young families and low-income earners.
– The report also highlights the climate-related benefits of increasing housing density, and the positive effect it could have on economic productivity.

Up in Queensland, consumers are urged to conduct careful research before hiring a tradesperson.
– In 2023, the state’s Office of Fair Trading prosecuted 14 contractors in 2023 who accepted payment but failed to provide services, many of whom used social media to source clients.
– The Attorney-General Yvette has advised consumers to never pay more than a 20% deposit for work priced at around $3000 or less, to arrange an onsite inspection, and to check for licenses.
– Over the past two years, the Queensland Office of Fair Trading received over 720 complaints about tradespeople.

And in worrying news, new reports have identified several popular tourist spots in NSW as areas most likely to be affected by flooding now and in the future.
– The towns and suburbs listed include Yamba, Grafton, Port Macquarie, and Dubbo, with Narrabri being the most at risk both currently and in 30 years’ time.
– The reports will help property lawyers and conveyancers inform their buyers about the flood risks, which is crucial given the ongoing flood risk in many regional locations in Australia.

That’s it for today.

See you again tomorrow, the 15th of February, for your daily dose of Property Buzz.

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