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INDUSTRY NEWS
The busiest week for auctions so far this year returns a preliminary clearance rate of 77.6 percent
The busiest week for auctions so far this year returns a preliminary clearance rate of 77.6 percent National auction clearance results for the week ending 09/04/2017 courtesy of CoreLogic Auction activity ramped up across the combined capital cities this week in the lead up to Easter, with 3,424 homes taken to auction this week, recording the highest volume of auctions year-to-date. The…
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INDUSTRY NEWS
Cooling measures do little to stem property demand says REA, prices will continue to rise in April
Queensland concerns – drop in rental demand suggests the market will take time to absorb current supply Demand for rental properties on realestate.com.au hit a record high in March Buyer demand for NSW units weakened in March – affordability issues beginning to impact the state Victorian first home buyer measures have further accelerated demand Cooling measures pushed through by Australian…
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INDUSTRY NEWS
REIA President: Pest And Building Reports Ought To Be Compulsory In All States
All Australian states should make it mandatory for prospective buyers to obtain a pest and building report from the current owner of the properties and not have to pay for those reports individually. Real Estate Institute of Australia (REIA) president Malcolm Gunning noted at present only Canberra and Tasmania made it compulsory for sellers to offer these reports to their…
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INDUSTRY NEWS
Home Values Rise To Unprecedented Levels says CoreLogic March Report
Best performing capital city: Hobart +5.6 percent Weakest performing capital city: Darwin -3.1 percent Highest rental yields: Hobart & Darwin with gross rental yield of 5 percent and Hobart units at 5.6 percent Lowest rental yields: Sydney & Melbourne houses with gross rental yield of 2.7 percent and Sydney units at 3.7 percent Most expensive city: Sydney with a median…
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Real Estate News
APRA tightens rules around interest-only loans
In a bid to calm the hot property market, the Australian Prudential Regulation Authority (APRA) has announced several measures to clamp down on interest-only loans. All lenders have been informed by APRA that they should limit the flow of new interest-only lending to 30 percent from the total new residential mortgage lending, and to have strict internal limits on the volume…
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INDUSTRY NEWS
National auction volumes ease while preliminary clearance rates fall below 80 percent
Preliminary clearance rate remains strong, while auction volumes fall week-on-week after some record weeks of auction volume activity. National auction clearance results for the week ending 02/04/2017 courtesy of CoreLogic The combined capital city preliminary clearance rate remains in the mid-high 70 percent range for another week, while auction volumes decrease week-on-week. There were 2,646 properties taken to auction this week, down…
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Real Estate News
Population Growth explodes in Victoria
Late last week the Australian Bureau of Statistics (ABS) published demographic data for the September 2016 quarter, showing increases in population overall, most notably in Victoria. The data showed that at the end of September 2016 there were an estimated 24,220,192 persons living in Australia with the figure having increased by 1.5% over the past year. Vic was the population…
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INDUSTRY NEWS
Regional Queensland is the next hotspot for investors says Raine & Horne
Regional Queensland’s property affordability, high-yielding returns and low vacancy rates meant that it was time for investors to ditch Sydney and Melbourne and start looking at investing in the sunshine state, Raine & Horne Queensland said. Its general manager Steve Worrad said towns such as Rockhampton, Nanango, Bundaberg, Kingaroy and Hervey Bay had loads of quality rental properties as low…
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INDUSTRY NEWS
National auction volumes close to record high while preliminary clearance rates continue to run hot
Australia’s largest auction markets are continuing to run hot, with CoreLogic’s preliminary auction clearance rate nudging higher over the week, while the number of auctions held surges to the second highest weekly level over the year to date National auction clearance results for the week ending 26/03/2017 courtesy of CoreLogic The amount of auction activity across the capital cities increased this week,…
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INDUSTRY NEWS
LocalAgentFinder survey finds 2017 is a good time to buy and sell properties
62 percent of Australian property owners say 2017 is a good year to buy 73 percent say it’s a good year to sell 81 percent of NSW residents and 82 percent of Victorians believe 2017 is a good time to sell Research commissioned by LocalAgentFinder has found that homeowners believe that 2017 is going to be a good year to…
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INDUSTRY NEWS
ANZ joins 13 other lenders by raising interest rates
ANZ has become the latest Australian bank to join the bandwagon of lenders who have decided to raise interest rates despite it being at an all-time historic low of 1.5 percent. On Friday, the bank announced that its new interest rates would be up by 0.36 percent and would only apply to property investors and not owner occupiers. Mozo director…
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INDUSTRY NEWS
Tougher home lending conditions not the answer for WA
The Real Estate Institute of Western Australia (REIWA) and Urban Development Institute of Australia WA Division (UDIA WA) have slammed talks of authorities wanting to tighten home lending conditions across the country. REIWA President Hayden Groves said this was a knee-jerk reaction to market conditions on the east coast, in particular, the Sydney and Melbourne markets, and did not take…
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Elite Agent
Landchecker, helps buyers do due diligence on properties for free
A Melbourne-based company Landchecker has created a free tool for anyone looking to do their due diligence on Victorian property. Developed two years off the back of the government’s initiative to foster innovation through open source data, Landchecker is a user friendly, colour coded map that updates with property planning information such as planning zones, planning overlays, permit activity, bushfire…
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FRANCHISE NEWS
LJ Hooker agent ups the ante with his very own TV commercial
Zed Nasheet of LJ Hooker Hampton Park has released a television commercial to advertise the importance getting the right agent to sell one’s home. Nasheet who recently applied to be recognised as the world’s fastest-selling agent by the Guinness World of Records after selling a Melbourne property in January for under 15 minutes, said the 30-second commercial would be aired on…
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Transform
Transform 2017 Week 3A Kylie Davis: What Buyers Really Want, Creating Constant Referrals
Here are the highlights from our Super Six session with CoreLogic’s Head of Property Services Marketing, Kylie Davis. Coach: Kylie Davis Note: You can download a copy of the Buyer Perceptions of Real Estate Agents report here. Key Points The relationship between agents and buyers in statistics The importance of buyer care How to keep creating constant referrals Quote “25% of…
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INDUSTRY NEWS
Aussie long-term rental start-up Cubbi.com gets fresh new round of funding
Melbourne-based Cubbi.com, which offers tenants long-term rentals anything ranging from three months to two years, has just announced a $300,000 seed round of funding from a consortium of investors led by 1Form co-founder Chad Stephens. Co-founder and co-Ceo Jason Gilbert who runs the company with his older brother Michael told Elite Agent that the seed funding received from Stephens was…
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Elite Agent
Tightening in everyone’s interest
Richardson & Wrench Managing Director Andrew Cox says property investors need to are going brace themselves as interest rates are on the way up – irrespective of any moves by the Reserve Bank or APRA. NAB’s and Westpac’s lift in rates to investors last week, preceded by the Commonwealth Bank in January, may just be the beginning of nastier surprises…
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Real Estate News
Purplebricks launches into Perth’s real estate market
Flat fee real estate agency Purplebricks has landed on West Australia shores and commenced trading on Monday. The UK-headquartered real estate tech disrupter which charges a flat fee of $4,500 for any home sale transaction said it expects to save residents in Perth close $10,000 per sale in commissions, giving locals the first ever alternative to expensive commission fees when…
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EPM
Airbnb vague about its plans on long-term leasing
Airbnb has no immediate plans to offer long-term rentals just yet after a Bloomberg report said it was conducting due diligence on the matter in hopes of providing the service to the market soon. In a statement to Elite Agent on Friday, an Airbnb spokesperson said: “Examining different parts of the market is standard operating procedure, and we don’t have…
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INDUSTRY NEWS
Preliminary clearance rate and auction volumes increase across the combined capital cities
Preliminary clearance rate and auction volumes increase across the combined capital cities National auction clearance results for the week ending 19/03/2017 courtesy of CoreLogic The capital city clearance rate increased this week, with preliminary results showing that 76.2 percent of reported auctions across the combined capital cities were successful, compared to 75.1 percent last week and 68.8 percent one year ago. Auction…
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INDUSTRY NEWS
Investors Still Keen In Buying Properties In Australia says Momentum Wealth
Despite concerns over potential property price bubbles, oversupply issues and cyclical downturns, Australian property investors remain bullish with one in two investors aiming to grow their portfolios in the next few months. A national survey of 444 property investors by property investment consultancy Momentum Wealth found that 53 percent of respondents said their primary goal right now was to either…
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Real Estate News
RE/MAX real estate network follows global growth path
RE/MAX Australia expanded its national footprint with the addition of 19 offices since the start of 2016. RE/MAX opened in Caufield in Victoria; Kingston in the ACT; Byron Bay, Parramatta, Minchinbury, Pyrmont and Lidcombe in New South Wales; and Mackay, Ipswich, Wamuran, Ningi, Crows Nest, Graceville, River Hills, Indooroopilly, Milton, Coopers Plains, Sunnybank Hills and Brisbane CBD in Queensland. “It’s…
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INDUSTRY NEWS
Residential zones changes a step in the right direction: HIA
The Victorian Government’s plans to change some requirements of the residential zones will improve housing outcomes in its suburbs said the Housing Industry Association (HIA). HIA’s acting executive director Keith Banks said the state government’s recent announcement on amending the residential zones has been seen as a logical starting point to improve residential outcomes. In the past HIA has argued…
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INDUSTRY NEWS
REIA: Property prices reflect state economies
The median house price across Australian capital cities has risen by 4.1 percent for houses and 2.1 percent for other dwellings, the latest research by the Real Estate Institute of Australia (REIA) has found. The REIA Real Estate Market Facts for the December quarter last year saw the average median house price for the eight capital cities at $743,496. REIA president…
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Real Estate News
REIA Launches Course For Agents Providing Financial Advice
The Real Estate Institute of Australia (REIA) has partnered with the Institute of Public Accountants (IPA) and launched a new training course for real estate agents providing advice on properties as an investment. REIA president Malcolm Gunning said the RG146 Advice for Real Estate course by IPA would be made available immediately through Mentor Education, a training company based out…
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INDUSTRY NEWS
Capital city preliminary auction clearance rate rises to 80.8 percent on half the volume
Capital city preliminary clearance rate rises to 80.8 percent, with auction activity across the capitals significantly lower National auction clearance results for the week ending 12/03/2017 courtesy of CoreLogic This week 1,402 auctions were held across the combined capital cities, significantly lower than the 2,907 held last week and lower than one year ago (1,488). Four out of the eight states and…
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INDUSTRY NEWS
Housing Bubble Speculation Unwarranted: Ray Ellis
First National Real Estate which comprises one of the country’s largest networks of independent agents believes constant media speculation about the risk of a housing bubble is based on overseas analysis that fails to account for the country’s unique circumstances. “The Organisation for Economic Cooperation and Development’s (OECD) recent assertion that Australian house prices may represent a threat to the…
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Two Young Guns Appointed Into Top Positions at Allard Shelton
Melbourne-based commercial real estate firm, Allard Shelton has appointed James Gregson and Michael Ryan as its executive director effective immediately. They will join Allard Shelton from Fitzroys, bringing with them more than 13 and 15 years’ experience, respectively in the commercial property space. Allard Shelton director, Joseph Walton, said the appointments were part of an effort undertaken by the company…
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Real Estate News
REIA: Renters Forgotten Victims of Negative Gearing Reforms
Changes to negative gearing policy would drive up rents and affect the most vulnerable people in the community, according to the Real Estate Institute of Australia (REIA). REIA president Malcolm Gunning said political gamesmanship had seen the plight of first homebuyers, low-income earners and other renters forgotten in the debate around reforms to negative gearing. “One of the primary beneficiaries…
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INDUSTRY NEWS
No relief in sight for buyers and renters as Aussie property demand skyrockets
Demand for property has hit yet another record high in February, suggesting that the price growth will continue, while the affordability crisis in Sydney and Melbourne will only become more prevalent, the latest REA Group Property Demand Index report said. As a result of this, people will continue to be priced out of the market and pushed to regional areas,…
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National
Household debts likely to stand in the way of rate hikes: Core Logic
CoreLogic Property Pulse research analyst Cameron Kusher has a strong inkling that the Reserve Bank of Australia (RBA) would not be increasing its interest rate in the short term due to record high levels of household debt filed by the Australian public. Kusher said RBA governor Philip Lowe suggested last week that if it weren’t for the strength of the…
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National
Auction clearance results continue their strong run into March after record February
Auction results continue their strong run into March, with Sydney and Melbourne recording an 80% clearance rate over the first week of the month National auction clearance results for the week ending 05/03/2017 courtesy of CoreLogic After recording the strongest result since June 2015 last week, the preliminary clearance rate across the combined capital cities fell slightly this week, from 78.4 percent…
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Real Estate News
Raine & Horne recognises Woodford office its best for business growth
In a major changing of the guard, Raine & Horne Woodford was named Raine & Horne’s best office for business growth in Queensland in 2016. The leading local real estate office is led by Principal Jill Garth, and the win is a huge result for the team at Raine & Horne Woodford, given the massive growth of the Raine &…
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Real Estate News
Foreign investors leaving investment properties vacant
The full impact of foreign investment on Australia’s housing crisis is yet to be seen across the Eastern seaboard according to Douglas Driscoll, CEO of Starr Partners. Scores of foreign investors are acquiring property in desirable metropolitan areas only to leave them uninhabited, estimating the number of unoccupied dwellings in Sydney to be more than 200,000.We know that the current affordability…
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Elite Agent
As the Saying Goes: Andrew Cocks
There’s a reason why some aphorisms and proverbs stick around for centuries. In a few choice words they express timeless nuggets of wisdom; truths that could apply to any number of situations or people. In this vein there are three much-used proverbs the new Premier of NSW might bear in mind as she puts her stamp on government. A new…
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