Welcome to this week’s edition of 2 Sense on The Australian Property Podcast, where we break down the biggest news headlines of the week and tell you what this really means for you.
Mortgage Broker Chris Bates and Buyer’s Agent Pete Wargent talk about pattern book housing, stronger market dynamics, and the future of Australia.
Story 1: Pattern book housing proposal for NSW
- A new proposal launched by Housing Group Now to speed up the supply
- The proposal: 375,000 dwellings in 5 years, building up 30 medium-density suburbs across the city
- Benefits: Supply increases if it speeds up building approvals and projects
- Risks: Quantity over quality, cutting of corners, defects, etc
Story 2: Stronger market dynamics, could buyer FOMO explode?
- With the rate on hold for the 3rd consecutive month and household consumption now slowing, buyer FOMO is set to explode
- Listings rose in August in Sydney and Melbourne as vendor confidence grows
- Westpac calling next move down in 2024
Story 3: Intergenerational report reveals what Australia could look like in 2063
- Population projections 43 million in 2063 (we usually overshoot the projections)
- Estimate large ageing population and young migrants
- The healthcare sector will require huge investment and employment (noteworthy for housing and commercial property too)
- The expectation is that there will be a large investment in renewables
- Tax: Australia may need to shift the focus away from income taxes which are already very high, towards other forms of tax e.g. inheritance, land tax, higher GST etc
