The Real Estate Institute of NSW (REINSW) has uncovered another underhanded plan by the NSW Government to charge property owners more, aiming to offset increasingly “unaffordable” insurance costs. Buried within the Budget’s explanatory notes is a reference to the NSW Revenue Legislation Amendment Bill 2024. This bill outlines the NSW Government’s strategy to shift the…
Household wealth rose for a sixth straight quarter by 2.7 per cent ($431 billion) in the March quarter 2024, according to recently released figures by the Australian Bureau of Statistics (ABS). Total household wealth was $16.2 trillion in the March quarter, which was 10.2 per cent ($1.5 trillion) higher than a year ago. Residential land…
Yesterday’s inflation data revealed skyrocketing insurance premiums could drive the RBA toward a cash rate hike in August. This relentless increase in insurance premiums, well beyond increases in other cost categories, is an inflation villain that could see us all suffer from higher interest rates this year. If the government is serious about stemming inflation,…
What’s ahead for property in the new financial year? Well, Australian home prices are forecasted to rise again over the next 12 months, although the pace of house price growth is expected to be slower compared to the last 2 years, according to Domain’s FY 25 Price Forecast Report. However, there will be a marginal…
Victoria is set to undergo a housing revolution with an ambitious plan to add 2.5 million new homes by the middle of the century. Premier Jacinta Allan unveiled proposed housing targets for all local government areas across the state to meet by 2051. This comprehensive plan aims to accommodate the state’s rapidly growing population and…
Queensland Treasurer Cameron Dick unveiled the 2024-25 Budget, a mixed bag of cost-of-living relief and new taxes targeting the property industry. One of the key highlights is the increase in transfer duty concession thresholds for first-home buyers. The ceiling has been raised from $500,000 to $700,000, with partial concessions available up to $800,000. This measure…
Millions of Australian homes are at risk of natural disasters and most homeowners are unaware, leaving them sitting ducks and potentially uninsurable, according to Domain’s 2024 Perils Report. Domain CEO, Jason Pellegrino, emphasized the urgent need for Australia to build viable, livable communities as the climate changes. Mr Pellegrino said: “Australians are struggling. Affordable housing…
The prospect of cash rate cuts in 2024 remains in doubt following higher than expected inflation figures released today from the ABS. The monthly CPI indicator shows annual inflation rose 3.6 per cent in the 12 months to April 2024, the highest annual rate since November of last year and up for the second month…
Growth in Regional Australia’s dwelling values and rents continued to pick up pace over the past three months, taking both to new record highs, CoreLogic’s Regional Market Update shows. Dwelling values across Regional Australia rose 2.1% in the three months to April 2024, the fastest quarterly growth rate in almost two years, outperforming capital city…
It seems that green homes are easier to sell, according to Domain’s annual Sustainability in Property Report. Data from the report reveals that energy-efficient homes receive more attention from buyers nationwide, resulting in quicker sales compared to their non-energy-efficient counterparts (see Table 1). Table 1 shows the difference in how long it takes to sell…
