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NSW appoints its inaugural rental commissioner, a major proptech company was acquired, and is the Australian dream dying?
Welcome back to hot property, REB’s weekly round-up of headline stories and news that are important not only for the real estate sector, but also for the state of the Australian property market more broadly.
To compile this list, not only do we consider the week’s most-read stories and the news that matters more to you, but we also curate it to include stories from our sister brands that also have an impact on the Australian property landscape. Here are the biggest stories of the week:
Recently elected Premier, Chris Minns, followed through on a key election promise with the appointment of the former chief executive of Homelessness Australia. Much to the distaste of some in the industry, the commissioner’s role will be geared towards advocating for and uplifting tenants.
Two years on from purchasing a 27 per cent stake in the proptech, REA Group this week announced 100 per cent ownership of the property vendor funding solution provider in a move both brands admitted excitement about.
The Australian dream of home ownership isn’t dead, yet. Just cast one look at the outer rings of any Australian capital city, and you’ll notice thousands of new homes popping up. But, an overwhelming number of home buyers agree the dream is growing harder to attain under the weight of increased costs.
According to one of Australia’s largest banks, borrowers coming off of fixed rates are less stressed than their variable counterparts, spelling relieving news for many fearing the heavily predicted fixed rate cliff looming ahead.
Rising house prices; they’re great for home owners and tough for prospective buyers. New data from PropTrack poses a simple question: How long does it take for Australian homes to double their value?
Good reading for the Reserve Bank of Australia (RBA), who can feel vindication that their swift and aggressive rate-hiking cycle has begun inspiring its intended effects with household spending data over the year to May down according to the Australia Bureau of Statistics.
Despite the nation cooling as winter sets in, data from SQM Research has revealed the number of properties for sale is up, perhaps due to a recent run of strong auction performances.
Speaking of Australia’s strongly performing auction market, around 75 per cent of homes which went under the hammer last week reported a positive result, defying typical winter conditions.
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