Daily Buzz: Wednesday, 21 February
By
PropertyBuzz, your daily dose of property news.
Construction’s Green Shoots still see challenges, the Critical Impact of Australia’s $1.2 trillion Industrial Property Sector, and South Australia puts limit on Rental Increases from the 1st of March.
Welcome to Property Buzz! I’m Grace Ormsby
Today is Wednesday, 21 February.
– A report by NAB and CoreLogic shows positive trends in the Australian construction industry, including normalising construction costs and gradually rising dwelling approvals.
– Even so, the sector still faces significant challenges in meeting homebuilding needs. The gap between supply and demand is widening, with Australia building around 50,000 homes less per year than needed to keep up with population growth.
– The report said securing labour remains a significant challenge, with hopes that training and targeted immigration could help bridge this gap.
And looking at the commercial sector, new research highlights the economic impact of Australia’s industrial real estate, with over $1.2 trillion worth of goods annually passing through industrial facilities.
– Industrial assets like warehouses and distribution centres contributed to nearly 40 per cent of household consumption in FY22, totalling $423 billion.
– The Property Council urges policymakers to ensure the growth of the industrial sector keeps pace with the country’s needs, warning of the potential impact of industrial space shortages on cost of living.
And to South Australia now, and the state’s tenancy laws are undergoing the largest overhaul in over a decade.
– From the beginning of March, rent cannot be increased more than once a year, landlords cannot unreasonably refuse subletting, and penalties will be introduced for existing offences.
– Tougher penalties will be enforced for excessive rent charges, discrimination against tenants with children, inadequate payment records, tenant harassment, blacklisting, non-lodgement of bonds, and evading the Residential Tenancies Act.
– Further reforms that require bigger overhauls or policy changes will also come into effect later this year.
That’s Property Buzz for today.
See you again tomorrow, 22 February, for your daily dose of Property Buzz.
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