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Property Buzz, your daily dose of

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property news. The

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NSW property industry reacts to talk

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of more taxes, auction volumes hold

0:43

steady and West Australian rents

0:45

rise. Welcome to Property

0:47

Buzz, I'm Juliet Helmke. Today

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is Saturday the 13th of April. Comments

0:53

from the NSW Premier revealed that

0:55

the state government is considering increasing

0:58

taxes on foreign property investors in

1:00

the same week that the state also

1:02

released its plan to lodge a levy

1:04

against property owners to pay for emergency

1:06

services. The property industry

1:09

reacted with frustration, stating that increasing

1:11

the cost of housing is at

1:13

odds with the government's aim of

1:15

increasing affordability across the state. Concerns

1:18

were voiced by representatives at

1:20

the Property Council of Australia,

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Housing Industry Association and Real

1:24

Estate Industry of NSW, who

1:27

argued that deterring foreign investment in the

1:29

state would drive up the cost of

1:31

rents and decrease the amount of new

1:33

building, particularly in the apartment sector. The

1:36

government's decision to shift the emergency

1:39

services levy from insurance to property

1:41

was also met with resistance, with

1:43

industry leaders insisting that the change

1:45

would not represent an

1:47

equitable or a sustainable funding system

1:49

for the much needed services. Turning

1:52

to sales, and the volume of auctions is

1:54

set to see a little deviation this week

1:57

from the week prior, with CoreLogic revealing that

1:59

1,000 1,980

2:01

capital city homes are set to go under the hammer over

2:03

the week ending the 14th of April,

2:06

only slightly below the 1,985 homes that hit the blocks

2:08

the previous period. Melbourne

2:13

is set to be the busiest auction market this week,

2:15

with 867 homes scheduled for

2:17

auction, while Sydney's auction volume has also

2:20

remained strong, with 854 homes set to

2:23

go under the hammer. Across

2:25

the smaller capital cities, however, the

2:27

two traditionally busier auction markets of

2:29

Brisbane and Adelaide have seen their

2:31

volumes measurably decrease. Brisbane's

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104 homes slated for auction

2:36

mark a 15% drop week

2:38

on week, while Adelaide's 73

2:40

homes up for auction register a weighty 40% decrease. And

2:45

over in the rental market, there was more

2:47

bad news out of the rental pain index

2:49

from suburb trends this week, with the data

2:51

revealing that Australians are now spending on average

2:54

30.5% of their income on rent,

2:56

crossing the official 30% threshold that's

2:59

generally considered to indicate residents are

3:01

in housing stress. The

3:03

situation is most severe in Western Australia, where

3:05

rents climbed 15% over a 12-month period on

3:09

average, though Queensland and New South

3:11

Wales have also seen significant rental increases,

3:13

with residents expected to pay over 32%

3:16

of their income on rent in these

3:18

states. Now that's all

3:20

from Property Buzz for the week. We will see

3:23

you again on Monday, the 15th of April for

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your daily dose of Property Buzz. Bye

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bye. And

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