Daily Buzz: Wednesday, 4 September
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PropertyBuzz, your daily dose of property news.
A new buyer cohort comes to the forefront as Chinese investors retreat, how 50-year-old technology is Tricking Property Hunters, and the auction success rate dips despite the weather warming up
Welcome to Property Buzz! I’m Grace Ormsby
Today is Wednesday, 04 September.
And China’s real estate crisis is impacting Aussie projects, causing uncertainty over financial commitments from Chinese firms.
– Chinese investment in Australian residential real estate dropped by $400 million in the September 2023 quarter.
– Middle Eastern investors, particularly from the UAE, are reportedly now filling the investment gap, according to Place Studio.
– The firm believes Australia could benefit from this shift, with the potential for new regional centres and affordable housing developments.
And a warning bell is being raised for Australians, who lost more than $90 million to redirection scams las year.
One Melbourne family lost $500,000 in a property transaction scam, where criminals impersonated their conveyancer and provided fraudulent bank details.
– Livesign is warning consumers that email is not a secure method for financial transactions, with real estate particularly vulnerable to scams.
– The Real Estate Institute of Western Australia has also raised alarm over rental scams, telling tenants to view properties in person, verify payment details verbally, and not send money until the rental application is confirmed.
– And auction volume increased significantly in the last week of winter, reaching the highest level since June, with more than 2,500 properties auctioned off.
– Despite the increased activity, the success rate dropped slightly to 70.2 per cent.
– Melbourne surpassed 1,000 auctions in a weekend for the first time since June, while Sydney also saw its busiest weekend in several months.
– Smaller capital cities did not show the same increase in auction volumes; Adelaide had the highest preliminary clearance rate among them at 82.6 per cent.
That’s Property Buzz for today.
See you again tomorrow, the 5th of September, for your daily dose.
