Will broadband network cost home buyers an extra $300?
Reforms of the National Broadband Network could end up costing new home buyers an extra $300, according to the shadow communications minister. Proposals to create more competition between private broadband providers could mean that developers (and therefore purchasers) could be forced to pay for broadband infrastructure adding to the cost of purchasing a new home. The coalition says that the plan would ultimately be better for homeowners by increasing competition but the Jason Clare, the shadow communications minister, says that it amounts to an extra tax at a time when many Australians are already struggling to pay for homes.
Perth’s capital city status moves closer to being official
Perhaps you thought that Perth was already the capital of Western Australia? In many ways it is; certainly most people assume it to be and it’s usually treated that way; but legally it isn’t on the same footing as the other capitals. There have long been calls for Perth’s status to be officially recognised with legislature, not least to enable it to access federal funding more easily. Now the WA government has announced that it is drafting a City of Perth Act that will make the city WA’s capital in law. The move has been welcomed by the Property Council of Australia. Executive director Joe Lenzo said: “Imbuing Perth with the legislative status of a capital places the city on an equal footing with other Australian capitals like Sydney and Melbourne. This is essential as we compete against them for international investment attention, particularly in the Asia region.”
Brisbane increasingly popular with investors
Brisbane is heading for a boom according to a growing number of analysts. The reason is simple; lower prices but good rental rates. While those who have owned their properties in Sydney or Melbourne since prices were more affordable will be reaping the rewards from rental yields, new investors are looking for the next big thing. Brisbane’s rental yield is already higher than Sydney’s and median property prices are roughly half making the potential for capital growth exciting for investors too. Historically Brisbane has been lagging behind Sydney in property booms and the signs are there that this time will be no different.