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The biggest real estate news – The week ending 31 July

By Staff Reporter
29 July 2022 | 10 minute read
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A buyer backs out, another agency hits trust account woes, and overseas rental interest booms: here are the biggest property and real estate stories from the past week.

Welcome to REB’s weekly round-up of the headline stories and news that are important not only for the real estate sector but also for the state of property in Australia more broadly.

To compile this list, not only do we consider the week’s most-read stories and the news that matter to you, but we curate it to include stories from our sister brands that also have an impact on the Australian property landscape. Here are the biggest property stories of the week:

  1. Buyer wins right to back out over undisclosed nasty neighbour

The purchaser of a unit has been found rightfully able to cancel an almost $400,000 contract after not being informed of issues with a neighbouring owner during the course of the sale.

  1. REA Group forecasts property market falls of 15%

Property prices are set to fall by up to 5 per cent by the year’s end, with further falls of up to 10 per cent likely by December 2023, according to new analysis.

  1. Inflation hits 6.1% over June quarter: ABS

Housing has been labelled as a key driver of the revelation that Australia’s annual consumer price index has grown to a rate of 6.1 per cent.

  1. Overseas rental searches spike — here’s where tenants are looking

Medium- and long-term arrivals to Australia are ramping back up, as evidenced by the jump in listings searches from overseas locations being fielded by a major property portal.

  1. Foreign investment fee increases to fund housing reform agenda

Foreign investment fees will be doubled from Friday (29 July) as part of the Albanese government’s move to deliver its housing reform agenda.

  1. Government looks to add more majors to Home Guarantee Scheme panel

The NHFIC is calling on ANZ and Westpac to put forward proposals to join the Home Guarantee Scheme panel from 30 September.

  1. Home loan commitments stick above decade average: CommSec

The latest State of the States report has shown home loan commitments remained above decade averages despite the cost of living pressures.

  1. Rockingham agency fined $23k for trust account failings

A Perth real estate agency and its licensee have been ordered to pay a penalty of $23,000 by Western Australia’s State Administrative Tribunal for failing to lodge tenancy bonds.

  1. The state of pet-friendly rentals

The isolation of COVID-19 caused many shifts in Australians’ lifestyles, not least among them the accrual of a furry companion. But with a third of the population renting, has this had an impact on the listings landscape?

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