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Real Estate News
Landlords offered incentives to negotiate on rent or tenants able to opt-out early
NSW landlords are being offered incentives to negotiate reduced rental rates for tenants facing financial difficulties as a result of coronavirus, and tenants whose landlords don’t come to the negotiating table may be able to end their tenancy early. As part of the NSW Government’s $440 million land tax relief scheme, landlords can now apply for land tax relief of…
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Real Estate News
Console Cloud launches landlord satisfaction scoring feature
This quarter Console Cloud will launch its landlord satisfaction scoring tool, and with natural rent roll attrition hovering around 17 per cent per annum, it’s a feature many will welcome. The new landlord satisfaction scoring feature is set to enable property managers to find out which clients are disgruntled and who their biggest fans are. The tool will give property…
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Real Estate News
Top accolades for RE/MAX performers
RE/MAX Australia has announced its first quarter high achievers at a virtual event entitled RE/MAX Evolve. Held on May 19, the event celebrated sales associates, sales teams and offices, who were ranked on performance each quarter in categories of commission generated and number of sales transactions. For the first time, the most recent event divided the network into 10 regions.…
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Real Estate News
Australian property market: Decade in review
It commenced under the shadow of the GFC and with widespread floods around the country. It ended on the dawn of Covid-19 with some of the biggest bushfires in Australian history. Propertyology’s ‘Decade in Review [2010-2019] Report’ describes it as a decade of contrasts in many ways. Over the 10-year period, median house prices had increased from $530,000 to $972,000…
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Real Estate News
On-site auctions resume but numbers still low
The number of homes scheduled for auction continues to trend lower, despite most states having lifted the ban on on-site auctions and inspections. Only 365 auctions are scheduled this week, lower than the 480 auctions last week – and it’s likely to be a few weeks before there’s an uplift in scheduled volumes due to agents generally running four-week marketing…
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Real Estate News
Auction clearance rate jumps – is this the start of recovery?
Auction clearance rates have hit 59.9 per cent on the back of on-site auctions resuming in New South Wales last week – the highest clearance rate result since strict social distancing measures were rolled out across Australia. According to CoreLogic, the clearance rate for the week ending 10 May was up from 47.5 per cent the previous week and a…
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Real Estate News
The Agency expands to Sydney’s south-west
Liverpool property specialists Eva Frketic and Ben Marovic are set to head up The Agency’s new operation in the heart of Sydney’s south-west. Dubbed Sydney’s ‘third city’, Liverpool is thriving and is one of the fastest-growing multi-cultural hubs in Australia, with the new $5.3 billion Western Sydney Airport due for operational completion by 2026 and a continuing population boom. The…
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Real Estate News
Ninety days to spring
Since the outset of the pandemic, RE/MAX Australia director Joel Davoren has led a weekly, or more frequent, on-line session with up to 200 participants from across Australia and New Zealand. He’s heard week-on-week agent comments about inquiry rates, which have remained encouragingly ‘better’ or ‘same’ as opposed to ‘worse’; and has also witnessed positive outcomes such as three sales…
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Real Estate News
Auctions and open for inspections are coming back!
Real Estate Institute of Victoria President Leah Calnan has welcomed the Victorian Government’s decision to allow on-site property auctions and open for inspections to return to in Victoria with restrictions. The State Government this week announced their plans to ease COVID-19 restrictions in Victoria, which included the welcome news that property auctions and open for inspections can return as of…
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Real Estate News
Openn Negotiation announce new integration with realestate.com.au
Following significant adoption of the Openn Negotiation selling method, realestate.com.au have launched an integration between the platforms, designed to provide a better experience for buyers. The REA Group released the online auction feature in response to the national ban on in-person auctions. The integration allows buyers to navigate directly to the Openn Negotiation listing and become qualified to participate in…
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Real Estate News
Property Tree to feature Direct Connect integration
Cloud-based property management software Property Tree is set to feature a Direct Connect integration as the two proptech players look to further cement their longstanding relationship. Announcing the new integration, Direct Connect explained their relationship with Property Tree creator Rockend (now known as MRI software) had been longstanding and loyal. “Direct Connect have been exclusively partnered with Rest Professional for…
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Elite Agent
The Reserve Bank thinks the recovery will look V-shaped. There are reasons to doubt it
Shutterstock/RBA By Peter Martin, Crawford School of Public Policy, Australian National University The Reserve Bank’s long-awaited two-year forecasts for jobs, wages and growth are frightening, but I fear they are not frightening enough. The bank looks two years ahead every three months. The last set of forecasts, released at the start of February, mentioned coronavirus mainly as a source of…
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Real Estate News
Tide turning on Chinese investor slump
Chinese investment in Australian real estate has hit its lowest level in six years, but experts say in the last few months Chinese buyers have been returning to the market. The Foreign Investment Review Board’s (FIRB) annual report for the 2018-19 financial year revealed foreign investors from around the globe spent a total of $88.5 billion on Australian commercial and…
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Real Estate News
Auction volumes still down but comeback on the way
Low sentiment, tough selling conditions and regulations preventing open homes and on-site auctions continue to push the number of scheduled auctions down this week – but an uplift could be coming sooner than expected. CoreLogic reports 424 capital city homes are scheduled for auction, down on the 612 homes auctioned last week. But with news the NSW and WA state…
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Real Estate News
Auction withdrawals hit all-time high as vendors and agents adapt to COVID-19 regulations
Auction withdrawal has spiked to about eight times the usual rate and the clearance rate for the combined capital cities has reached record lows since on-site auctions and property inspections were banned in response to the COVID-19 crisis. CoreLogic reports from the week ending 29 March to the week ending 3 May, the portion of scheduled auction events withdrawn averaged…
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Real Estate News
Prop20 to be reimagined as digital experience
REA Group’s industry event series Prop20 is being transformed into a digital experience that can be accessed by thousands of property professionals across the country. The new Prop20 virtual experience will deliver property industry insights, education and training online. The reimagining of Prop20 followed government COVID-19 restrictions which introduced a ban on events and social distancing measures. Prop20 offers property…
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Real Estate News
New standard to transform Australian homes
An ambitious new standard for Australian homes will help drive the transformation of the housing market to ensure new homes are built to a higher standard which is focused on health, resilience and net zero energy. As part of a webinar on future homes, the Green Building Council of Australia (GBCA) has released the report Green Star for Homes: A strategy for…
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Real Estate News
Construction sector devastated by impact of COVID-19
Up to 43,000 new homes will not be built in the next 12 months as a result of COVID-19, according to new economic modelling released today. Denita Wawn, CEO of Master Builders Australia said new modelling conducted by Master Builders Australia showed the devastating impact that lockdown was having on the building industry, the economy and the community. “In the…
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Real Estate News
The Real Estate Institutes respond to COVID-19 impact on Australian property
As the far-reaching impacts of COVID-19 continue to be felt, the heads of the nation’s Real Estate Institutes have had their say on how they expect it will impact the Australian property industry. Responding to Ripehouse Advisory’s Whitepaper COVID-19 vs Australian Property, most industry heads are on the same page, remaining cautiously optimistic. Across the board, the consensus has been…
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Real Estate News
The metropolitan property markets outperforming the pandemic
On the back of reduced housing stock, pent-up buyer demand and relatively stable housing prices, The Agency Group has seen promising turnover in the entry level categories and suburb records broken in the prestige sector. The Agency reports Sydney’s prestige Eastern Suburbs market has achieved some astounding results, with Ben Collier selling over $30 million worth of property over the…
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Real Estate News
Finder survey says…cash rate hold and international borders to remain closed
The cash rate is anticipated to remain on hold and Australia is projected to lose $25 billion in foreign spending, according to a recent survey by Finder. In this month’s Finder RBA Cash Rate Survey – the largest of its kind in Australia – 42 experts and economists weighed in on future cash rate moves and other issues related to the state…
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Elite Agent
Here’s what 400 people on a Zoom training session looks like
Ray White is pretty famous for its in-house training programs, but in the last six weeks, the real estate group mobilised its 400+ strong corporate staff and moved its entire training calendar online in response to the lockdown in New Zealand and Australia. The combined group has already held some 200 sessions and had almost 15,000 attendances, including 5000 in…
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Real Estate News
Auctions and opens are back for NSW
Treasurer Dominic Perrottet and Minister for Health Brad Hazzard said the relaxing of restrictions was a sign of the ongoing success in limiting the spread of COVID-19, but warned there was no place for complacency, with community safety and social distancing to remain an ongoing priority.“Choosing a home is one of the biggest decisions anybody makes, and easing the restrictions…
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Real Estate News
Which rental markets are most impacted by COVID-19?
COVID-19 is having varied impacts on residential property, but arguably the biggest impact could be in the rental space. According to CoreLogic, prior to COVID-19, the Australian rental market was already weak and with new challenges like Australian borders remaining closed to tourists and government policies restricting short-term rental arrangements, some Airbnb rentals are converting to long-term rental supply. CoreLogic…
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Real Estate News
New app offers reprieve for property industry
Developers can now give prospective property buyers the experience normally given in face-to-face showings, with a Brisbane-based creative agency launching a new interactive app, overcoming challenges with COVID-19’s social distancing measures. icreate.agency – which specialises in property – fast-tracked their new interactive online program called the ‘iCreate Sales Track App’ to simulate the experience of visiting sales suite or display villages. Having developed…
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Real Estate News
Console Cloud announces integration with Maintenance Manager
An integration between cloud-based property management software platform Console Cloud and Maintenance Manager is set to give agencies a faster turnaround on maintenance tasks and save double-handling of data. Managing maintenance has typically required property managers to coordinate activities between tenants, landlords and tradies, causing headaches and games of phone tag for all involved. In an effort to streamline the…
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Real Estate News
New records for Rent.com.au
Rent.com.au has released its quarterly results for the period ending March 31, noting new records have been set for visits to its website and apps. CEO Greg Bader said the March quarter was typically when Rent.com.au sees the greatest number of renters moving home, and the March quarter proved no different, with increased visits to the website and apps, as…
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Real Estate News
Fast tracking projects key to economic recovery
The Property Council of Australia has welcomed the NSW Government’s announcement of the first tranche of 24 fast-tracked projects providing nearly 9500 jobs, $7.5 billion worth of investment and 4400 new dwellings to drive the recovery of the NSW economy. The Property Council has been working closely with the NSW Government over the last few weeks to put forward key…
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Real Estate News
The REIV and AFL Coaches Association team up to inspire excellence in real estate
The Real Estate Institute of Victoria (REIV) has teamed up with the AFL Coaches Association as part of a innovative initiative designed to inspire excellence in real estate. REIV President Leah Calnan said as peak representative bodies in their respective arenas, both organisations shared a common purpose of supporting their members to be “The Best You Can Be”. Now a…
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Elite Agent
Penthouse auction to fund COVID-19 treatment research
In a remarkable act of generosity, an 82-year-old semi-retired builder will donate the entire proceeds from the auction of his luxury coastal penthouse to the Royal Brisbane and Women’s Hospital (RBWH) Foundation Coronavirus Action Fund. Keith Drake, who operated Drake Homes and Pryde Timbers with the assistance of his family for many years, is doing all he can to assist…
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Real Estate News
Qld Gov unveils Practice Guide to navigate tenancies through COVID-19
The Queensland Government has enacted National Cabinet’s moratorium on evictions, with a Practice Guide formalising the temporary requirements and protections for tenancies impacted by COVID-19. On Friday, Queensland Minister for Housing and Public Works Mick de Brenni published the Residential Tenancies Practice Guide, following the passing of the COVID-19 Emergency Response Act in Parliament last week, which allows government to…
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Real Estate News
Easing of restrictions helps WA agents to get back to work
REIWA has welcomed the McGowan Government’s announcement to allow the number of people who can attend a home open to be increased from two people (including the agent) to a maximum of 10 people from Monday 27th April. REIWA President Damian Collins said with sales transactions sitting at a record low of less than 300 per week in Perth in…
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Real Estate News
Delaying Victorian RTA changes labelled a great outcome
REIV President Leah Calnan has welcomed the Victorian Government’s decision to hold off on introducing changes to rental laws until next year, allowing the state to deal with Coronavirus. Earlier this month the REIV wrote to the Victorian Government, calling for a delay to changes to the Residential Tenancy Act due to the outbreak of Covid-19. Rental reforms were due…
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Real Estate News
Property values holding on amid COVID-19 crisis – for now
While the COVID-19 downturn has had a dramatic impact on agent activity and listings volumes in residential real estate, reports indicate that so far the value of dwellings has been relatively resilient. It’s still likely that property values will fall amid the downturn, but according to CoreLogic the decline in momentum across property values has been mild relative to what…
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Real Estate News
Auctions nosedive on back of pandemic and public holiday
The number of homes scheduled for auction this week took a dive, with only 314 properties scheduled for auction across the combined capital cities. According to CoreLogic, the lower volumes are partly due to coronavirus reducing the number of vendors serious about taking their property to auction in more challenging conditions, and also because Anzac Day falls on Saturday –…
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