Daily Buzz: Wednesday, 24 July
By
PropertyBuzz, your daily dose of property news.
Average Full-Time Workers Priced Out of Every Sydney Suburb, Victoria cracks down on ârottenâ construction culture, and why Perth prices will stay strong
Welcome to Property Buzz! Iâm Grace Ormsby
Today is Wednesday, 24 July.
And earning Stable median income is now insufficient to enter Sydneyâs housing market, according to a UNSW study.
Predicting the crisis will continue until at least 2031, researchers said there are no suburbs across the city that are deemed attainable for individuals earning the average income.
– The study suggests significant housing reform would be the only way this situation will change, with the call made for more affordable housing supply.
Down south, the Victorian Government is set to conduct an independent review into corruption within the CFMEU construction division, aiming to strengthen response to criminal allegations.
– The review will investigate and recommend amendments to current powers and legislation, focusing on workplace relations, health and safety, and management practices in construction projects.
– The HIA supports the review but is calling for structural change and long-term reform, citing concerns around the sectorâs ability to ever build affordable housing.
And over to the west now, and despite an increase in dwelling approvals, housing affordability in Perth is unlikely to improve due to a significant supply deficit and population growth.
– WA recorded the largest population growth in 2023, fuelled by interstate migration and a strong economy, with current price growth unlikely to see a decline anytime soon.
– Construction costs have increased by 30% since COVID-19, making new builds unaffordable for many and exacerbating supply issues.
Thatâs Property Buzz for today.
See you again tomorrow, 25 July, for your daily dose of Property Buzz.
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