Property Buzz

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The Reserve Bank of Australia has announced its June cash rate call, investor taxes will increase in New South Wales, and Victoria is getting ready to build 2 million homes by 2050.

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

Today is Wednesday, the 19th of June, and the Reserve Bank of Australia has chosen to hold the cash rate at 4.35 per cent for the fifth consecutive time.
– Ongoing economic certainty has been cited as a major factor behind the central bank’s decision, with above-target inflation, low unemployment and construction challenges all putting the brakes on a rate cut.
– While most economists remain positive about the possibility of a rate cut by next summer, some banks are predicting no rate cut until mid-2025.
– Some economists have even suggested another rate rise is in the works this year, indicating varied expectations for the coming months.

Meanwhile, New South Wales has released its state budget for 2024 to 2025, and the property sector can expect a shake-up.
– Tenant rights have been given a boost with the announcement of a $8.4 million rental taskforce designed to investigate breaches and crack down on poor quality rentals.
– An additional $450 million has been allocated to building apartments for essential workers in central Sydney, while $200 million will be used to build accommodation for rural health workers.
– The budget has also increased taxes for investors. From next year onwards, land tax will no longer be indexed against price rises, and will remain fixed at a rate of $1,075,000. Owner-occupied dwellings and farms are exempt from this change.

And the Victorian government has released draft housing capacity targets for each LGA as part of its mission to build 2 million new homes by the 2050s.
– With strong population growth set to continue over coming decades, good access to jobs, transport and services is essential.
– The Victorian government stated it will incorporate feedback from each LGA to tailor the final targets, aiming to build homes in areas where people want to live and where work is readily available.
– 70 per cent of homes will be built in established areas, and 30 per cent will be located in outer suburban growth areas.

That’s all for today.

See you again tomorrow, the 20th of June, for your daily dose of Property Buzz.

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Western Sydney is getting ready for a massive housing boom