Daily Buzz: Wednesday, 17 January
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PropertyBuzz, your daily dose of property news.
A landlord has lost over 5.5 grand from unresolved mould issues, Sydney families flock to apartments, and how much have rents skyrocketed over the last 3 years?
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Wednesday the 17th of January, and a pair of Canberra landlords have lost $5,700 from unresolved mould.
– The ACT Civil & Administrative Tribunal has ordered two landlords to pay out compensation for not addressing a mould issue in their rental property within the required time.
– The tenant filed a claim with ACAT in June 2023 after several repair requests were ignored. The mould issue was finally addressed in August 2023 following an order from ACAT.
– ACAT concluded that the property was not in a reasonable state of repair at the start of the tenancy and forced the landlords to pay the tenant compensation.
Up in Sydney, high-rise living is becoming increasingly popular with families.
– The Sydney apartment market may experience a buying boom as families priced out of detached homes increasingly opt for apartments.
– Traditionally dominated by downsizers and investors, the unit market is seeing a shift towards multigenerational families.
– A surge in high-quality apartment listings in 2023, due to elevated interest rates and inflation, has created a unique buying opportunity for those able to afford it.
– Despite current opportunities, a general shortage of new units is expected in the coming years due to construction bottlenecks and planning delays, with a predicted growth of around 5% in 2024.
And when it comes to the nation’s rental market, new data shows rents have grown over 8 per cent for 3 years running.
– Annual rent rates continued to grow in 2023, outpacing home value growth for the third time this decade.
– A 0.6 rise in December brought Australia’s median rental growth to 8.3 per cent, a boost from the year’s average so far.
– Rent growth in Australia’s combined capitals was significantly higher than in the regions, with an increase of 9.8% across all major cities, while regional rents grew by an average of 4.3%.
That’s it for today.
See you again tomorrow, the 18th of January, for your daily dose of Property Buzz.
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