{"id":38101,"date":"2024-06-04T17:00:28","date_gmt":"2024-06-04T10:00:28","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=38101"},"modified":"2024-06-04T22:08:54","modified_gmt":"2024-06-04T15:08:54","slug":"news-roundup-housing-to-be-an-election-battleground-in-australia-plus-other-stories","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/news-roundup-housing-to-be-an-election-battleground-in-australia-plus-other-stories\/","title":{"rendered":"News roundup: Housing to be an election battleground in Australia, plus other stories"},"content":{"rendered":"
\"\"
sunnypicsoz-Geoff Childs\/Shutterstock<\/figcaption><\/figure>\n

For PropertyGuru\u2019s real estate news roundup, housing will be a major focal point in the upcoming federal election in Australia. In other headlines, know where property prices are rising rapidly this year in India, and the Vietnam government fast-tracks the enforcement of housing and real estate business laws.<\/p>\n

Housing looms as an election battleground in Australia, but there are no quick fixes<\/b><\/p>\n

In the wake of the federal budget, it is clear that housing will be a major focal point in the upcoming federal election. For the first time, the Budget Papers dedicated an entire chapter \u2013 42 pages \u2013 to the housing problem.<\/p>\n

They laid out the problem in stark terms.<\/p>\n

\u201cAustralia has a housing shortage. There are not enough homes being built in the right areas to meet the needs of our communities. This statement focuses on the reasons for the current under-supply of housing, how it affects affordability, and the changes required to more quickly unlock supply to meet the housing needs of all Australians.\u201d<\/p>\n

The budget lists several measures to tackle the issue, including AUD1.9 billion in government-backed loans for social and affordable housing, an additional AUD1 billion to support new housing infrastructure across the states and territories, a AUD1.9 billion boost to support a 10 percent increase in Commonwealth Rent Assistance, and AUD423 million towards the national agreement on social housing and homelessness.<\/p>\n

Two days later, in his budget reply, opposition leader Peter Dutton also emphasised the housing crisis \u2013 though his solutions differ. \u201cWe\u2019re also facing a housing crisis \u2026 Australians are struggling to find homes to rent and buy \u2013 and not always due to a lack of money,\u201d he said.<\/p>\n

Mr Dutton proposed three immediate solutions to housing challenges: allowing first-home buyers to access up to AUD50,000 from their superannuation for their first home, reducing migration to ease demand, and implementing a two-year ban on foreign property buyers.<\/p>\n

According to realcommercial.com.au<\/a>, more proposals from the Coalition are expected in the coming months.<\/p>\n

Spotlight on growth: Know where property prices are rising rapidly this year in India\u00a0\u00a0<\/b><\/p>\n

The residential real estate market of India has observed remarkable behavioural shifts in recent times. During the first quarter of 2024, there was a noticeable increase in demand for luxury properties across the eight major cities of the country, with a considerable 37 percent of residential transactions focused on properties priced at INR 1 crore and above. This uptick in luxury property sales signifies a notable change in market dynamics, particularly given the steady expansion of this segment since the pandemic began. Before the pandemic in 2019, high-end properties constituted only 11 percent of total sales, underscoring a significant shift in consumer preferences and buying patterns.<\/p>\n

Since 2021, the country\u2019s residential market has undergone a remarkable transformation, with property prices soaring to unprecedented heights. The trajectory of this change is starkly evident when comparing the figures to pre-pandemic times, showcasing a phenomenal 29 percent increase from Q4 2019. This surge, marked by consistent year-on-year growth of 6\u20138 percent, has propelled previously sluggish markets into a dynamic landscape characterized by robust price increases.<\/p>\n

In the first quarter of 2024, the national average for property prices registered a respectable 9 percent year-over-year growth. However, certain key areas have experienced an even more dramatic surge, with some witnessing price increases exceeding an incredible 20 percent.<\/p>\n

The city-wise trend in the Housing.com<\/a> report paints a compelling picture of the real estate landscape, with prices appreciating across the top metros.<\/p>\n

Vietnam government fast-tracks enforcement of housing, real estate business laws<\/b><\/p>\n

The Government on 17th May issued a Resolution approving the proposal to draft amendments to the Housing Law and the Real Estate Business Law, specifically Clause 1 of Article 197 and Clause 1 of Article 82, respectively.<\/p>\n

VietnamPlus<\/a> reports both laws were ratified by the National Assembly in November 2023, with their effective date set for 1 January 2025. However, the Government put forth a proposal for these laws to take effect from 1 July 2024, six months earlier.<\/p>\n

The Property Report editors wrote this article. For more information, email: propertyreport@propertyguru.com.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Property: an Australian election issue, India\u2019s property prices, Vietnam fast-tracks property laws<\/p>\n","protected":false},"author":12,"featured_media":38102,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[149,3937,648,3940,216,3802,1282,3939,3938,135],"class_list":["post-38101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-australia","tag-federal-election","tag-housing-crisis","tag-housing-laws","tag-india","tag-news-roundup","tag-property-prices","tag-real-estate-laws","tag-residential-real-estate-market","tag-vietnam","news_country-australia","news_country-india","news_country-vietnam","news_author-property-report"],"acf":[],"yoast_head":"\nNews roundup: Housing to be an election battleground in Australia, plus other stories | Asia Property 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