PropertyBuzz, your daily dose of property news.
South East Queensland Prepares to Welcome 2.2 million New Residents by 2046, Victorian real estate Agents Slapped with $1 million in Fines, and falling Vacancy Rates don’t do anything to spread Christmas cheer.
Welcome back to Property Buzz! I’m Grace Ormsby
Today is Wednesday, 20 December and the Queensland government has unveiled a plan, to prepare for an expected influx of 2 million new residents in South-East Queensland by 2046.
– The plan includes a framework for building nearly 900,000 new homes and creating 1 million new jobs over the next 20 years, while preserving the region’s lifestyle and environment.
– The government aims to balance housing supply with local community values, including environmental protection and affordability.
– The plan also includes infrastructure development, greening initiatives, and protection of local wildlife habitats, with a focus on reducing travel times and protecting the natural environment.
Down in Victoria, and – Consumer Affairs Victoria has seen an increase in underquoting tips from the real estate industry since a taskforce was established last year to combat the practice.
– The taskforce has issued 1 million dollars in fines to 47 agents and given 89 official warnings since its inception, with $500,000 in fines issued in the last six months alone.
– The watchdog reportedly receives 225 reports of underquoting per month, with roughly a quarter of these reports coming from real estate agents themselves.
And turning our attention to the city of Sydney, which is experiencing a decade-low rental vacancy situation, according to the Real Estate Institute of New South Wales.
– In Sydney’s inner, middle, and outer rings, rental vacancy rates have dropped to 1.2 per cent, 1.0 per cent, and 1.4 per cent respectively. Vacancy rates in regional New South Wales also remain low.
– Vacancies have been decreasing across Sydney over the past year, with the latest results marking a new low. The rates are tightening rather than easing, causing concern.
That’s all for today.
See you again tomorrow, 21 December, for your daily dose of Property Buzz.