Property Buzz

PropertyBuzz, your daily dose of property news.

Tasmania amps up its shared equity scheme, REB reveals the top 100 agents in Australia for 2024, and South Australia has warned residents about a concerning new home-building scam.

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

Today is Wednesday, the 22nd of May, and the Tasmanian government is increasing the income limit for the MyHome program as well as the amount it will contribute.
– The program, which allows prospective homeowners of new builds to buy or build a home with a deposit of just 2%, aims to incentivise new construction in the state.
– Going forward, the government’s contribution will increase to $300,000 or 40% of the purchase price, and the income limit for buyers will rise by 25% to just under $117,000 for singles and nearly $135,000 for couples.

Meanwhile, Property Buzz’s sister site REB has released its annual ranking of the top 100 real estate agents in the country.
– Despite substantial economic challenges, the top 100 agents managed to sell over $22 billion worth of property in 2023.
– Number 1 agent Alexander Phillips sold over $973 million worth of residential property in 2023, with an average sale price of $4.7 million per property.
– 9 of the top 10 agents were based in Sydney, with most operating in the wealthy Eastern Suburbs and North Shore.

And down in South Australia, the state’s consumer protection agency has warned of a new scam targeting individuals seeking to hire a builder.
– Scammers pose as legitimate, licensed builders, request large deposits for residential works, and then disappear. They mimic real business names and email addresses, and even send fake contracts.
– After receiving the deposit, the scammers invent reasons for work delays and eventually cut off all contact.
– So far, at least three South Australians have lost nearly $60,000 to this scam.

That’s all for today.
See you again tomorrow, the 23rd of May, for your daily dose of Property Buzz.

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