Ingleburn Business Chamber invites you to an informative evening with two industry professionals as guest speakers.

Aaron Barber  |  Training Manager, Real Estate Institute of New South Wales

&

Darren Zammit, Director – Sales & Leasing, LJ Hooker Commercial Macarthur

Residential Property Market Update:

The rental housing crisis in NSW is now urgent. Underhanded tactics are being played out during rental applications, huge amounts of competition and people attending rental open home inspections, offers are being made over and above the rental asking price.

The Minns Labour Government is currently introducing a bill to NSW Parliament which will deliver on a “key election commitment to provide cost of living relief and better protection to NSW renters”. Legislation will eliminate the practice of secret rent bidding and begin the development of a portable bond scheme. This Bill will:

• Close the loopholes in the existing ban on solicited rent bidding to include owners and third parties.
• Eliminate secret rent bidding by requiring owners and their agents to notify applicants of other offers from prospective tenants which are higher than the advertised price.
• Ensure appropriate powers are in place to design and enact a portable bond scheme that reduces the strain on renters.

[source NSW Govt website]

However, for landlords rising interest rates and inflation of core Landlord costs such as general maintenance and insurances, also capex costs and other costs are amping up pressure on property choice as a long-term investment strategy, which could have further effects on rental availability. These changes will further discourage investment in rental properties, and there will be even fewer homes available to rent, deepening the crisis.

“Everyone deserves a home. Tragically, the housing crisis is worsening and must be addressed urgently. Making life too difficult for rental property owners will cause them to invest elsewhere and we’ll have even fewer rental properties available.”

[source REINSW website]

Further to this, with a shortage of new housing stock on the market and a forecast of population growth back to near pre-pandemic levels over the next 5 years; Aaron will discuss the housing crisis and how it is a tinderbox waiting to ignite.

Commercial Property Market Update:

There has been a huge amount of commercial rent activity in the area for 2023, but sales of commercial property remain subdued, particularly given the RBA raising interest rates again in May 2023.

Darren will give an update on commercial property in the Ingleburn and Macarthur region. Also, in light of sharp increases in outgoings (mainly land tax), Darren will be touching on the review of current rentals to landlords.

“Commercial property investors will be cautious until interest rates peak in 2023, experts say, with inflation and cost of living pressure weighing heavily on the economic outlook.”

“In recent years, retail assets have suffered due to the structural shift to online shopping, while industrial assets have outperformed for the same reason.”

“Experts predict the underlying fundamentals of the industrial sector will remain – with huge demand for logistics spaces continuing to put upward pressure on prices.”

“Rising rents will create uncertainty for small businesses”…”prompting many to actively seek out assets to buy to “shelter from possible increases in rents”

[source commercialrealestate.com.au]

Kindly secure your attendance by booking through the link provided below: