Melbourne housing affordability improves, and additional updates

For PropertyGuru’s news roundup, Melbourne’s housing market improves in affordability as the Australian city drops from second to fifth place in a recent ranking of home prices. In more news, the Board of the Fund for Responding to Loss and Damage (FrLD) has commended the Philippines’ initiatives to secure more climate funding. Lastly, learn the rules for renting residential and commercial properties in India.

From second to fifth place: Why Melbourne homes are now more affordable

Melbourne’s housing market has seen a remarkable shift, with affordability improving as it drops from second to fifth place in a recent ranking. PropTrack attributes this change to stabilising property prices and higher household incomes. “Increased supply and reduced competition have also played significant roles,” the report notes. While the city remains one of Australia’s most desirable places to live, the easing affordability pressure offers relief to prospective buyers.

FrLD Board lauds PBBM, DENR for Philippines’ efforts to raise climate fund

The Board of the Fund for Responding to Loss and Damage (FrLD) has commended Philippine President Ferdinand Marcos Jr. and the Department of Environment and Natural Resources (DENR) for their initiatives to secure climate funding. The move is aimed at bolstering the country’s resilience against climate change. “These efforts demonstrate a strong commitment to sustainable development,” a board representative stated in PNA. The funds will be directed towards critical projects that address climate vulnerabilities and support community adaptation strategies.

GST on rent, rental income: Rules for renting residential and commercial properties in India

India’s Goods and Services Tax (GST) on rental income has become a focal point for landlords and tenants alike. Under the current framework, GST applies to commercial properties but exempts residential leases. Experts highlight the importance of understanding these rules to avoid penalties. “Proper compliance is key, especially for mixed-use properties,” tax professionals advise. Housing.com provides detailed insights into tax liabilities and filing requirements for rental incomes in India.

The Property Report editors wrote this article. For more information, email: [email protected].