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NSW’s budget goes big on housing, the RBA reveals some considerations behind its latest – and next – rate rise, and the industry examines what that means for property prices: 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. NSW’s first moves on stamp duty reform revealed
NSW Premier Dominic Perrottet has released details of his planned reforms to stamp duty in the state, though the changes don’t go as far as he’d like.
2. Lowe expects to consider 25- or 50-bp rate hike
The Reserve Bank tossed up increasing the cash rate by either 25 or 50 basis points for June, with its governor revealing that he expects the same options next month.
3. RBA’s faster rate rises to accelerate housing decline: ANZ
Economists at the major bank have tipped that house prices will fall by around 15 per cent between April 2022 and December 2023.
4. NSW unveils shared-equity trial for home buyers
The state government has unveiled plans to trial a shared-equity scheme for prospective home owners in the state, as it continues its rollout of housing initiatives tied to the latest state budget.
More healthcare professionals will qualify for Westpac’s Lenders Mortgage Insurance Waiver, following an expansion to its policy.
6. Rental market requires structural change: Angus Raine
The chairman has refuted claims that the Australian property market is headed for a crash, despite pointing out the need for reform in the rental sector.
7. New financial hardship reforms welcomed
The mortgage and finance industry has welcomed new reforms on financial hardship that will make the credit reporting process more transparent.
8. Investors wanted: 12 Perth suburbs in dire need of rental supply
There is an urgent need for more investors in Western Australia, as a new report showed that the city continued to grapple with a shortage in rental listings in May.
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