Property Buzz

PropertyBuzz, your daily dose of property news.

Treasurer Jim Chalmers unveils 2024 federal budget, NSW rolls out new training requirements for real estate agents, and four ‘golden’ areas of Sydney offer apartments that are 50% bigger than the rest.

Welcome to Property Buzz! I’m Orana Durney-Benson.

Today is Wednesday, the 15th of May, and overnight, the Federal Treasurer Jim Chalmers has handed down the 2024-25 federal budget, providing a snapshot of the current economic climate.
– Central to this year’s financial statement was a focus on housing and easing property supply issues.
– Included in the budget is $11.3 billion hallmarked for the “Homes for Australia” plan, which will fund crisis support, social housing repairs, infrastructure and transitional accommodation for women and children fleeing domestic violence.  
– $90.6 million has be earmarked for skills training to boost the country’s construction workforce, while $160 million will be invested into anti-money laundering measures.

Over in New South Wales, the government has revamped training requirements for real estate agents and property managers in an attempt to “improve professional standards in the industry.”
– The new requirements will kick off on the 1st of July 2024.
– Professionals holding a class 2 licence will be required complete at least five hours of continuing professional development training, covering topics such as work health and safety, underquoting, and habitability standards for rental properties.
– New supervision requirements will also be introduced, including verification of work experience tasks and creation of operational procedures.

And in Sydney, it has been revealed that in four council areas – the Hills Shire, Lane Cove, Burwood and Waverly – new apartments must be larger than the minimum size outlined in NSW planning guidelines. .
– Apartments in these areas can have up to 50% more floor space than those in other parts of the city, providing a better long-term investment for home buyers.
– The Hills Shire is considered the best of the four, with two-bedroom units a massive 57 per cent larger than those elsewhere in Sydney.

That’s all for today.

See you again tomorrow, the 16th of May, for your daily dose of Property Buzz.

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Treasurer Jim Chalmers unveils 2024 federal budget