Daily Buzz: Wednesday, 7 August
By
PropertyBuzz, your daily dose of property news.
The RBA delivers the August cash rate call; Australia’s silent crisis; and the buyers and sellers struggling most with today’s property market.
Welcome to Property Buzz! I’m Sebastian Holloman. Today is Wednesday, 07 August.
The Reserve Bank of Australia has held the cash rate at 4.35 per cent for the sixth consecutive monetary policy meeting.
ABS data for the June quarter 2024 previously showed a quarterly rise of 1 per cent and an annual rise of 3.8 per cent, easing inflationary fears for the short term.
Despite slowing price growth, the real estate industry remains optimistic, with stable interest rates expected to support confidence.
The founding director and owner of MCG Quantity Surveyors, Marty Sadlier has voiced that Australia is facing a severe insurance crisis which is affecting nearly every sector, particularly property, due to recent natural disasters.
This crisis has led to a 14 per cent increase in insurance premiums, causing financial strain for businesses and leading to underinsurance across the country.
To address this crisis, Sadlier recommended regulatory intervention, insurance subsidies for essential small businesses, accurate insurance value assessments, and the increased utilisation of insurance brokers.
A survey by Infotrack has revealed that families with children are most affected by the housing crisis due to supply shortages and high property prices.
Couples aged 30-49 were identified as the main buyers, with many buyers often skipping due diligence to secure a home quickly.
Buyer’s agents were found to be benefiting from the challenging buying conditions, with 30 per cent of respondents using their services to find properties.
Real estate agents received poor feedback, with 30 per cent of respondents experiencing difficulties and communication being identified as the top area for improvement.
That’s Property Buzz for today. See you again tomorrow, 08 August, for your daily dose of Property Buzz.
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