Daily Buzz: Wednesday, 31 July
By
PropertyBuzz, your daily dose of property news.
New ambassador to improve tenant education, Victoria’s property market is still struggling, and could the New South Wales No-Grounds Eviction Ban Wipe Out Investors?
Welcome to Property Buzz! I’m Grace Ormsby
Today is Wednesday, 31 July.
– Amid Australia’s housing crisis, the chairman of the Real Estate Institute of Queensland (REIQ) board is now the strategic partnerships ambassador for the Tenancy Skills Institute.
– Peter Brewer’s new role sees him strengthen the institute’s relationships with the real estate profession and other related organizations.
– The Tenancy Skills Institute offers online and in-person program focusing on five areas crucial for successful tenancies, and hopes to make the course accessible to all Queenslanders.
– The goal is to reduce the number of at-risk tenancies and create a more equitable rental landscape, especially with the rental market under immense pressure.
-Looking at Victoria now, and despite recent stabilisation, the state’s housing market is still struggling through hidden land development costs, causing a housing supply shortage.
– Developers are allocating budget for contingency plans to offset unpredictable costs, leading to housing price increases.
– Savills Australia director Benson Zhou predicts a potential strong future for Melbourne’s housing market, but warns of continued value dips and high interest rates.
– he said Victoria remains an attractive investment location, but could improve prospects by reducing taxes.
And the plan of New South Wales’ Premier Chris Minns to ban no-grounds evictions is ruffling feathers among real estate bodies.
– Industry figures have warned that making residential property less attractive could drive away investors and exacerbate rental shortages.
– However, CoreLogic’s Eliza Owen suggests these fears are unfounded, citing data showing tenancy reform has minimal impact on investor activity, which is more influenced by access to finance and capital growth return.
– She said ending no-grounds evictions will likely improve security of tenure for tenants without significantly impacting investor activity or rent values.
That’s Property Buzz for today.
See you again tomorrow, 01 August, for your daily dose of Property Buzz.
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