PropertyBuzz, your daily dose of property news.
Inland hotspots are the top choice for regional relocators, Sydney and Melbourne experience a surge in new listings, and South Australians have been warned to stay on the alert for scam tradies.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Wednesday, 22 November,
and Australians are increasingly seeking inland rural locations over coastal areas due to affordability concerns, according to Hotspotting’s Exodus to Lifestyle report.
– Eight out of the top 10 lifestyle investment hotspots identified in the report are inland rural areas, with Western Australia and Queensland in the lead.
– The strongest population growth areas are regional towns within easy reach of a state capital city, with internal migration away from Sydney and Melbourne contributing to this trend.
– The top 10 affordable lifestyle locations across Australia include Tamworth, Shepparton, Toowoomba, Murray Bridge, and Geraldton.
Over in the cities,
Sydney and Melbourne experience a surge in new listings.
– The Australian property market has recovered from last year’s slump, with new listings in October 17% higher than in September and 15.7% higher than the same time last year.
– Sydney and Melbourne experienced a significant increase in listings, with a 32.5% and 31.7% year-over-year increase respectively, indicating a return of vendor confidence in these cities.
– Despite the overall increase, Perth recorded 7.3% fewer new listings year-on-year.
– The continued performance of the real estate market depends on the RBA’s actions next year, as any further increase in interest rates could negatively affect buyer and seller sentiment.
South Australians have been warned about scam tradies who go door-to-door offering cheap bitumen work.
– The scammers use high-pressure tactics to extract money from customers, then either fail to do the work or do a substandard job, leaving consumers to pay more for repairs. S
– The Commissioner for Consumer Affairs advised consumers to never accept unsolicited offers without checking the business’s license and getting multiple quotes.
– The scam, described as an “international organised scam” with directors often based in the UK or Ireland, has previously targeted Western Australia.
That’s it for today.
See you again tomorrow, 23 November, for your daily dose of Property Buzz.