NSW Productivity Commission will tackle housing affordability

The NSW government has announced that it is set to launch the state’s first Productivity Commission to ease housing affordability pressures, among other objectives. In his address to the NSW Business Chamber, Treasurer Dominic Perrottet announced that the state government is set to establish a Productivity Commission (PC) to drive economic reform aimed at easing the cost of living and owning a house. According to the NSW government, the proposed PC would: Make housing more affordable Make it easier to do business Make NSW the easiest state to move to Lower the cost of living “We have laid the foundations for reform with our state-building infrastructure agenda, but now it’s time for a new wa

Millennials driving new-found optimism in housing market

A NEW wave of optimism has hit the housing market, with Aussies singling out 2018 as the year they’ll finally chase down their dreams of property ownership — and Millennials are leading the charge. A national poll has revealed two in five people believe it is a good time to buy a home amid rock bottom interest rates, less competition from foreign buyers and a national cooling in house prices. Nearly a third of those surveyed plan to buy property this year, whether upsizing, investing, moving to a new area or buying their first home, according to the YouGov Galaxy Poll commissioned by Millennials have driven much of the new-found optimism, with more than half of those born

RBA announces cash rate decision

The Reserve Bank of Australia has today announced the official cash rate for February following its monthly board meeting. The RBA board has decided to keep the cash rate at 1.5 per cent, a move predicted by most industry experts. All of the 25 surveyed experts on the panel correctly predicted the record low cash rate to remain unchanged. The head of investment strategy and chief economist at AMP Capital, Shane Oliver, correctly predicted the RBA’s decision, but he said that despite strength in some economic indicators, factors such as low inflation, stunted wage growth, consumer uncertainty and the high exchange rate would have all been considered by the RBA in its decision to

80's Building Boom Set to Bolster Market

The boom in house building in the late 1980's is set to provide big opportunities in the renovations market over the next decade, according to the latest edition of the HIA Renovations Roundup Report. "Our analysis shows a strong correlation between the volume of renovations work and the age of the housing stock," HIA Senior Economist Shane Garrett said. "The more houses between 30 and 35 years of age, the greater the need for renovations and improvements. "The really good news is that the number of houses in this key renovations age group will increase substantially over the next decade - a result of record volumes of detached house building during the late 1980's. Houses belonging to the '


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