Daily Buzz: Wednesday, 21 August
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PropertyBuzz, your daily dose of property news.
Aussies in average jobs cannot afford the median home price; WA safety and security rebate sees strong uptake; and Sydney tops global luxury list for rental price increases
Welcome to Property Buzz! I’m Sebastian Holloman. Today is Wednesday, 21 August.
Analysis from The Parliamentary Library has revealed that over 2 million Australians in common jobs can’t afford median home prices.
These occupations include teachers, nurses, accountants, retail workers, and childcare workers, among others.
Notably, childcare workers would need to save until 2055 for a home deposit; with mortgage repayments consuming 92 per cent of their earnings if they had a deposit today.
The Parliamentary Library said it’s clear that homeownership is unattainable for many, and is particularly challenging for single parents.
Over in WA, 30,000 seniors have claimed the $400 safety and security rebate on offer to upgrade their home security and safety.
The initiative, launched in 2021, is available to WA Seniors Card members for eligible home security, electrical or fire safety items.
Through the rebate, the government has paid over $11 million in claims for the purchase, installation, or repair of eligible items in seniors’ households.
Those taking up the scheme are advised to make sure that suppliers and tradespeople are registered and hold valid licences for installation, to ensure safety and security during the process.
And in Sydney, the city has topped Knight Frank’s Q2 2024 list for the biggest annual rental price rises, with a 13.9 per cent increase in luxury rents, beating runners-up Tokyo and Berlin with 11 per cent and 6.9 per cent growth respectively.
Sydney also outperformed the average annual rental growth of 3.5 per cent across 14 global cities.
Despite strong yearly growth, Sydney’s quarterly growth rate fell from 4.5 per cent in Q1 to 0.9 per cent in Q2, indicating potential future slowdown.
That’s Property Buzz for today. See you again tomorrow, 22 August, for your daily dose of Property Buzz.
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