Daily Buzz: Wednesday, 5 June
By
PropertyBuzz, your daily dose of property news.
Victoria has proposed energy efficiency mandates for rental homes, first-home buyers are driving a resurgence in loan approvals, and Australians looking to make green home upgrades can now apply for low-cost loans.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Wednesday, the 5th of June, and the Victorian government has proposed minimum energy efficiency standards for rental properties across the state.
– The proposed regulations include requiring landlords to instal energy-efficient appliances, ceiling insulation, draught sealing, weather seals on doors, four-star shower heads, and three-star cooling systems.
– If passed, the state plans to phase in the new requirements from the 30th of October 2025.
Turning to the owner-occupier market, data from the Australian Bureau of Statistics has shown that new loan approvals in Australia have increased by nearly 10% since autumn last year, led by a resurgence of young home buyers.
– Despite high living costs, young buyers are showing renewed market optimism, according the managing director of Barry Plant Pakenham.
– In some outer suburban locations, first home buyers are outnumbering investors, with younger buyers in these locations indicating a preference for new, detached, three to four bedroom homes.
And on the national stage, the Australian government has launched an initiative to make energy-saving upgrades more affordable, with a $1 billion commitment to the Household Energy Upgrades Fund.
– The fund will offer discounted green loans for energy-efficient home improvements, including solar panels and home batteries.
– The initiative is expected to help up to 110,000 households lower their energy bills by investing in renewable home energy assets, potentially reducing energy bills by 30%.
That’s it for today. See you again tomorrow, the 6th of June, for your daily dose of Property Buzz.
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