Search Results for: melbourne
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Elite Agent
ANZ: Melbourne house prices to fall by 15%, Sydney not much better
Melbourne house prices will fall by 15 per cent, according to new predictions by ANZ’s economists. The bank also forecasts tough times for Sydney owners, with housing set to drop by an estimated 13 per cent. It predicts the bottoming out of prices will likely occur in the second half of 2021. The bank predicts a national price drop of…
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Elite Agent
REIV announces new board of directors
Members of the REIV have chosen four new directors to serve on the board, with Jacob Caine, current president Leah Calnan, Adam Docking and Andrew Meehan all set to take up their positions from October 1, 2020. Current president Leah Calnan and senior vice president Adam Docking were re-elected for their third and second three-year terms respectively. Jacob Caine and…
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OPINION
When houses earn more than jobs: How we lost control of Australian house prices and how to get it back
Real home prices across Australia have climbed 150 per cent since 2000, while real wages have climbed by less than a third. Sydney and Melbourne rank among the most expensive cities in the world. Australia-wide, home ownership levels have fallen from 70 per cent to 65 per cent in the last 20 years and home equity levels have fallen from 80 per cent to…
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Elite Agent
Hammer falls on another steady auction week
While Melbourne continues to fluctuate, Sydney’s preliminary clearance rate is on the rise, this week coming in at 71.9 per cent, while the national success rate held steady at 64.7 per cent. CoreLogic reports 1082…
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Real Estate News
More urban sprawl while jobs cluster: working from home will reshape the nation
For most of us the experience of working from home this year has, on balance, been positive – enough that it may well become the norm after the COVID-19 crisis ends. But modelling by Victoria University’s Centre of Policy Studies shows there will be costs alongside the personal benefits, with more urban sprawl, job flight to the biggest cities and…
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Elite Agent
Luke Stevenson: Local knowledge
Years in the industry?The end of August will be two years in real estate in Tamworth for me. Before that I was working in flight operations for Jetstar in Melbourne. I loved the city life, but being born and raised in the country, I was always going to come home. What’s a special place in your local area?Well I…
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Elite Agent
Barry Plant auction to support childhood cancer
For the third year in a row, Barry Plant is teaming up with Simonds Homes and Satterley developers for the ‘Home for a Cure’ campaign, raising much needed money to support the My Room Children’s Cancer Charity. The past two years have seen Jim Hatzimoisis, Director at Barry Plant Taylors Lakes auction off house and land packages, raising over $1.3…
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INDUSTRY NEWS
Over $13m of St Kilda sales in 7 days
The Agency’s Sam Hobbs has achieved an extraordinary outcome for his clients across the first two weeks of stage 4 restrictions in Melbourne. Within a seven-day period, Sam Hobbs sold two premium listings and one…
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INDUSTRY NEWS
Auction clearance rate holding firm
The preliminary auction clearance is holding firm, with the capital cities this week returning a success rate of 64.3 per cent on the back of slightly lower volume. This week CoreLogic reports 1042 properties were…
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Elite Agent
Vendors adjusting asking prices suggests a broader slowdown: Domain
Almost 15 per cent of listings on the Sydney property market were reduced in price during July as vendors struggled to sell, according to a report from Domain. These figures have been reflected nationwide, with the larger capitals being much harder hit than smaller cities and regional areas. Sydney’s 14.7 per cent is down from a June high of 15.2…
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Real Estate News
Talk of ‘the end of offices’ not supported by data
The end of the office is far from nigh, according to the Property Council, who recently released their latest Office Market Report. “While there is plenty of commentary about the end of the office, the data doesn’t suggest this, and there is a long way to go as business works its way through the economic and social impacts of COVID-19,”…
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Real Estate News
Australia won’t recover unless Victoria does too
Brendan Coates, Program Director, Household Finances, Grattan Institute and Matthew Cowgill, Senior Associate, Grattan Institute The announcement of stage 4 restrictions in Victoria marks a new, and depressing, stage in Australia’s response to COVID-19. The new measures will close non-essential retailers and most child-care centres across Melbourne, and impose stringent controls on industries such as meatworks and construction. The Victorian government estimates the measures will stop…
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Elite Agent
Melbourne topples Sydney as largest CBD office market
Three recent office completions have helped tip the scales, making Melbourne the largest CBD office market in the country. JLL Research notes that, with the completions of Victoria Police Centre, The Lendlease Two Melbourne Quarter, and Dexus 80 Collins Street, the Melbourne CBD now boasts 5,107,840sq m of office space, surpassing Sydney’s 5,024,240sq m. “The completion of these three projects…
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Real Estate News
HTW property clock shows general stability, but Sydney and Melbourne in decline
This month’s Herron Todd White property clock paints a picture of relative stability when it comes to market positioning, but with a few notable exceptions. Melbourne is officially “starting to decline” in both the housing…
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Real Estate News
Auction clearance rates buoyed by a strong preliminary result across Melbourne
Auction clearance rates buoyed by a strong preliminary result across Melbourne This week’s preliminary clearance rate has come in at 65.9 per cent on the back of higher volumes than both last week and last…
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Elite Agent
Westfield malls fall 10% in just six months
Owner of the Westfield malls, Scentre Group, has seen the value of Australia’s largest shopping centre portfolio plummet in value by 10 per cent, over the past six months. The official report will be released on August 25, but they have stated the ‘expected fall’ was “principally due to the estimated impact of the COVID-19 pandemic”. Scentre released figures last…
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Elite Agent
What does Stage 4 lockdown mean for real estate?
Barry Plant Group CEO, Mike McCarthy has issued a market update, hoping to clarify some of the confusion surrounding what the real estate industry can and cannot do. “The next six weeks will be an eternity for some and for others, it will be over before we know it. But we can do this, if we all stick together and…
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Real Estate News
$10,000 grants available for Melbourne businesses forced to close
Under the tough new Stage 4 restrictions in place, many businesses in Melbourne and Mitchell Shire have been forced to shut down, or to operate under a severely reduced capacity. To soften the financial burden, the Victoria Premier has announced one-off grants available to eligible businesses. The Business Support Fund – Expansion program, will give: $10,000 to employing businesses in…
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Elite Agent
Top tips from NZ agents on how to navigate Stage 4 lockdown: Gower Buchanan
Speaking from Auckland, Ray White Pononsby director Gower Buchanan is quick to reassure his Melbourne colleagues there will be light at the end of this tunnel. Six months on from Stage 4 lockdowns he notes…
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Elite Agent
How Stage 4 lockdowns will impact auctions, inspections and real estate offices
Real Estate Institute of Victoria (REIV) Chief Executive Gil King has confirmed that all real estate offices in Melbourne will be forced to close for at least six weeks. “We urge you to avoid assuming what will and won’t be allowed until the new directions are published,” Mr King wrote in a letter to REIV members. “We will advise you…
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Real Estate News
Melbourne property price recovery could take a while
This month’s Finder RBA Cash Rate Survey dealt a blow to Melbourne’s property owners, with the majority of experts surveyed expecting housing prices to continue to drop until at least April 2021, with a third predicting we won’t see recovery until 2022 or beyond. “Both Melbourne and Sydney experienced double-digit growth throughout most of 2019,” explains Graham Cooke, insights manager at…
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Real Estate News
Sector seeks to confirm what stage four lockdowns mean for Melbourne real estate
The Victorian real estate sector is seeking to confirm exactly what stage four restrictions in Melbourne and Mitchell Shire will mean for the state’s property industry after a raft of announcements were released today relating to retail, the construction sector, and other industries. Here’s what we know so far… Clarity still needed on real estate operations At present it remains…
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Elite Agent
Housing values drop for a third month in a row
Australian housing values have suffered a third consecutive month of declines. CoreLogic’s home value index dropped 0.6 per cent over July, an ever-so-slight improvement from June’s 0.7 per cent drop, but a drop all the same. CoreLogic’s head of research, Tim Lawless, explains: “The impact from COVID-19 on housing values has been orderly to-date, with CoreLogic’s national index falling only…
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Real Estate News
Clearance rate rises on the back of lower volumes and fewer withdrawals
The combined capital city preliminary clearance rate improved this week, coming in at 65.3 per cent on the back of lower auction volumes. CoreLogic reports 1162 properties were taken to auction at the weekend with…
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Elite Agent
Almost 20% of new Victorian homes are sold to overseas buyers
Overseas buyers are snapping up new properties across Australia, according to findings from the National Australia Bank’s Q2 2020 Residential Property Survey. New development sales to foreign buyers rose from 6.6 per cent to 8.3 per cent in Q2, with figures for established housing increasing to 3.1 per cent from 2.4 in the first quarter. Victoria has seen the biggest…
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Elite Agent
Aussie tenants to share solar power in world-first trial
The Salvation Army is involved in a revolutionary trial in which excess power from rooftop solar panels will be shared and traded amongst numerous tenants living in the same building. Melbourne based start-up Allume Energy developed the SolShare platform, which allows power from one single panel to be metered out to different residents. Previously such projects have stalled due to…
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Real Estate News
Auction volume increases, but Victorian withdrawals weigh down results
Continuing lockdowns in Melbourne again saw a high volume of properties withdrawn from auction this week, weighing down the national preliminary clearance rate, which came in at 59.2 per cent. This week’s preliminary figure was the same as last week, but came off the back of higher volume. CoreLogic reported 1344 capital city homes were taken to auction this week.…
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Elite Agent
Regional house prices rise despite pandemic
While home prices in every capital city aside from Hobart and Canberra fell during the last quarter due to the continuing COVID-19 crisis, homes are rising in value across much of regional Australia. The latest Domain House Price Report shows that ‘median dwelling values’, a combination of houses and units, rose over the last quarter, albeit by 0.1 per cent.…
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Real Estate News
Victorian homes selling faster now than 12 months ago
While all the news from Victoria at the moment seems to fall firmly into the ‘doom and gloom’ category, new data from the Real Estate Institute of Victoria (REIV) paints a sunnier picture. REIV President Leah Calnan says that, despite the pandemic, residential property across the state is selling faster now than 12 months prior. The average home in Victoria…
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Real Estate News
Auction clearance rates keep falling in Melbourne
Towards the end of June and the start of July, clearance rates in Melbourne sat in the low 60 per cent range. By the week ending July 12, it sat at 51.2 per cent. The following week, the final clearance rate was 43.8 per cent. Not surprisingly, the Melbourne clearance rate during this second wave is similar to that of…
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Mixed results for Q2: all unit prices fall, houses rise in select capitals
Results are in for the second quarter of the year and, according to Domain, all major capital cities saw unit prices fall across the June quarter, with house prices rising in Adelaide, Canberra, and Hobart. It appears the…
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Elite Agent
Mall in Melbourne CBD to sell for half its 2016 price
In 2016, it was billed as “Melbourne’s newest premier fashion destination”, a re-branded inner-city mall that had just undergone a major $30m facelift, but now St Collins Lane is being sold for less than half of what JP Morgan paid for it just four years earlier. The Australian Financial Review reports that a “local fund manager backed by offshore capital”…
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Elite Agent
‘Adjusted’ clearance rate paints an interesting picture
Withdrawn properties in Victoria continued to weight down the clearance rate this week, but as CoreLogic and others reflect, it’s important to keep things in perspective. This week 1167 properties went to auction across the…
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Elite Agent
REIV says Victorian property market holding firm
REIV President Leah Calnan says the Victorian property market has displayed true strength in holding firm against all predictions regarding the impact of Covid-19. The latest Quarterly median prices released by the Real Estate Institute…
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Elite Agent
Crown looking to build billion dollar retail portfolio
Since launching in Sydney in 1996, Crown Group has built a $5 billion development pipeline across Sydney, Brisbane, Melbourne and Los Angeles, that includes residential communities, luxury apartments, hotels, a fund management platform, and shopping centres. It’s the latter of those interests they are looking to further develop, announcing a long-term plan to develop a $1 billion portfolio of retail…
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