Breaking Property News

Australian dwelling values have continued their upward trajectory, increasing by 0.8% in May, marking the 16th consecutive month of growth. This growth was particularly pronounced in the mid-sized capitals, with Sydney also showing a nominal recovery in home values after a period of decline.

The weekend auction markets across major cities in Australia have seen a slight dip in clearance rates alongside fewer property listings. Canberra emerged with the strongest performance, boasting a solid auction clearance rate of 79%.

Australia’s economy continues to show resilience despite facing various challenges, as highlighted by the Reserve Bank of Australia (RBA). The global economic landscape presents hurdles such as high inflation rates, rising interest rates, and geopolitical tensions.

The tranquil suburb of Roseville in Northern Sydney is undergoing significant transformation as residents, like Santhi King, opt to sell their historic homes to pave the way for high-density housing developments near key transport hubs, particularly train stations. This shift is part of a broader state government initiative to increase urban density, encouraging the consolidation of properties and potentially leading to the construction of multiple apartment complexes.

Bruce Lehrmann, a prominent TV personality, is embroiled in legal troubles after causing significant damage to a luxury property he rented for a TV interview deal. Lehrmann’s actions resulted in over $13,000 worth of damages to the property, and he vacated the premises three weeks earlier than agreed, causing an additional loss of $6,000 in rent for the owner.

The Australian Tax Office (ATO) has issued a stern warning to landlords after revealing startling statistics regarding inaccurate tax returns, which collectively contribute to a $1.2 billion tax revenue gap annually. Despite 86% of landlords using registered tax agents, a significant majority still make errors when claiming expenses related to rental properties.

Australian cities have once again garnered international attention for their housing affordability challenges, according to the latest Demographia International Housing Affordability Report. The report, which compares housing affordability across major global markets, has identified several Australian cities as among the least affordable in the world.

Housing affordability in Australia, especially in New South Wales (NSW), has reached critical levels for single individuals earning average wages. According to analysis by the Australian Bureau of Statistics (ABS) and Mozo, a single person in NSW would need to allocate a staggering 82% of their monthly earnings to afford the average mortgage. This figure far surpasses the typical affordability benchmark of 30%.

In the midst of Sydney’s ongoing rental crisis, landlords are resorting to a controversial practice of charging rent per bed rather than per room. This trend, highlighted by listings on platforms like Facebook Marketplace, reveals rooms with multiple single beds priced individually at high rates.

ANZ Bank has made a bold prediction, forecasting the Reserve Bank of Australia (RBA) will implement its first interest rate cut in February 2025. This forecast sets ANZ apart from other major banks, which do not anticipate a change to the current cash rate of 4.35% in the RBA’s upcoming meeting.