PropertyBuzz, your daily dose of property news.
The RBA delivers its final rate call for 2023, a Gold Coast investor faces a whopping 15 fraud charges, and renters can expect a competitive start to 2024.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Wednesday the 6th of December,
and the Reserve Bank of Australia has delivered its final rate call for 2023.
– The RBA has decided to hold the official cash rate at 4.35%, a decision that has been welcomed by commentators.
– A number of industry figures had warned against a rate hike, citing potential harm to the construction sector and financial pressure on households.
– Despite the rate hold, Australians will still need to be on guard against future rate increases if inflation rates take too long to return to target.
Over in the Gold Coast,
– the director of property investment firm Vested Capital has been charged by ASIC with 20 counts of white-collar crime.
– He has been charged with 15 counts of fraud, 3 counts of falsifying company books and records, and 2 counts of providing false or misleading information to corporation members.
– If convicted, the director could face 20 years imprisonment.
Looking ahead to the new year,
– renters can expect a competitive start to 2024 as leases expire and rental stock reaches historic lows.
– Despite some easing in Sydney, Melbourne, and Brisbane, vacancy rates are at an all-time low for the third consecutive month, with the national rate at 0.8% for November 2023.
– Domain’s chief of research predicts the rental market will reach a tipping point in 2024 due to stretched affordability.
– It will take a significant increase in supply for Australian tenants to experience meaningful improvement.
That’s it for today.
See you again tomorrow, the 7th of December, for your daily dose of Property Buzz.