Breaking Property News

The City of Sydney is pushing for significant reforms in the short-term rental sector amid concerns that thousands of properties listed on Airbnb are operating without valid registrations. A recent report commissioned by the city identified discrepancies, noting around 2,500 active properties compared to AirDNA’s data indicating 5,500 properties.

The Brisbane City Council is contemplating the introduction of a permit system for Airbnb properties in response to mounting concerns over housing supply. Lord Mayor Adrian Schrinner has proposed a year-long review aimed at ensuring proper planning approvals and support from body corporates for 24-7 property management.

The rental market in Australia’s capital cities showed mixed results in May, reflecting diverse trends across different regions. According to recent data, the average asking rents across the capitals decreased by 0.5%.

Despite losses experienced on Wall Street, the Australian share market managed to close higher, with the S&P/ASX200 index rising by 0.3%. Investors remained optimistic amid mixed global economic indicators.

A recent report has underscored the acute housing affordability crisis facing frontline workers across South East Queensland. Professionals in crucial sectors such as healthcare, teaching, and community services are increasingly struggling to find affordable housing near their workplaces.

Gentrification has emerged as a significant global phenomenon, deeply impacting cities like Sydney and Melbourne in Australia. This transformative process sees wealthier individuals moving into historically lower-income neighborhoods, reshaping their social fabric and displacing longtime residents.

A recent report by Property Council Australia has shed light on a pressing housing affordability crisis faced by frontline workers across Queensland, particularly in the south-east region. The report underscores that essential workers, including childcare providers and public servants, are struggling to afford housing, with costs consuming more than 30% of their income.

The housing market in Whyalla is experiencing a significant boom, with sales activity doubling in comparison to neighboring cities such as Port Lincoln, Port Augusta, and Port Pirie. Despite this surge in transactions, property values in Whyalla have not seen as steep an increase as in nearby towns.

Domain’s latest FY25 Price Forecast Report indicates that home prices across Australia’s capital cities and regional areas are poised to reach new record highs. The projected price surge is driven by robust population growth, persistent construction challenges, and enhanced borrowing capacity among buyers.

Mortgage arrears in Australia are anticipated to climb to 16% by the March quarter of 2024, marking the highest level since early 2021. Despite this projection, many borrowers are actively managing their repayments through prudent financial strategies such as tapping into savings, taking on additional work, and utilizing redraw facilities.