Property Buzz

PropertyBuzz, your daily dose of property news.

The Victorian government cracks down unsafe rentals, South Australia unveils a ‘super portfolio’ to tackle housing, and which regional towns are driving Victoria’s second wind?

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

Today is Wednesday, the 17th of April, and the Victorian government is enforcing minimum rental standards due to a concerning rise in tenant complaints.
– The state government has reminded landlords that it is a criminal offence to rent out properties that don’t meet minimum standards, with penalties up to $11,000 for individuals and $57,000 for companies.
– The government has reissued detailed information about the 14 categories of minimum standards for rental properties in Victoria, including structural soundness, electrical safety and vermin proofing.

Across in South Australia, Premier Peter Malinauskas is creating a new Department of Housing and Urban Development to consolidate and coordinate the state’s housing efforts.
– Minister Nick Champion will lead the new portfolio, which includes entities such as Housing SA, SA Water, and the Office of the Valuer General, among others.
– The reshuffle aims to address challenges such as housing shortages and capitalize on opportunities like South Australia’s role in the AUKUS deal and a $2.29 billion investment in the skills sector.

And the Real Estate Institute of Victoria has reported strong quarterly growth in regional house prices, aiding the state’s recovery from recent price losses.
– Suburbs across Greater Geelong and Greater Bendigo experienced significant quarterly rises, with Newtown and White Hills among the standout performers.
– Smaller regions like Gippsland saw double-digit rises, while the Surf Coast also experienced strong annual growth.

That’s it for today.

See you again tomorrow, the 18th of April, for your daily dose of Property Buzz.

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