Property Buzz

PropertyBuzz, your daily dose of property news.

Skyrocketing costs are stunting the great Australian renovating dream, universities urged to take responsibility for student housing, and where are Sydney’s prime locations for new agents looking to make their mark?

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

Today is Wednesday the 28th of February, and

– Rising construction costs and delays have led to a decline in Australians’ interest in buying unrenovated properties.
– Research from Heron Todd White suggests that new or ‘near-new’ homes are attracting more buyer interest, with renovated houses or high-quality dwellings in good locations being preferred over ‘fixer-uppers’.
– In addition to cost, Australians are reportedly too nervous to buy unrenovated properties due to fears about supply delays and difficulty securing tradespeople.

Looking across at university students, Australian universities are being urged to take more responsibility for international student housing to ease pressure on the private rental market.
– The Australian Universities Accord report has recommended purpose-built student accommodation as a solution to housing Australia’s international students.
– The recommendation was supported by the Property Council of Australia, who highlighted the economic benefits of purpose-built student accommodation and suggested universities partner directly with the sector for quicker solutions.
– The report recommended raising the funds through a tax on university revenue, rather than passing the costs onto international students through increased fees.

And when it comes to agents hoping to start out in Sydney, a new report has revealed the best – and worst – suburbs to kick off a real estate career.
– There are over 27,000 real estate agents in the Sydney’s 29 LGAs, with more joining daily.
– According to the report, Strathfield is the best suburb to start out in, with Parramatta and The Hills Shire following hot on its heels.
– Ryde, Bayside and Penrith are also good areas for new agents due to their low agent-to-dwelling ratio. Hornsby has the highest ratio, making it the least favourable area for new agents.
– The report revealed that agents would do best to avoid Hornsby, as its high agent-to-dwelling ratio makes it the least favourable Sydney suburb for new agents.

That’s it for today.

See you again tomorrow, the 29th of February, for your daily dose of Property Buzz.

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