National
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Online Property Listings Businesses Remain Buoyant
Australia’s two largest online property portals are still doing most of the ‘financial’ heavy lifting within their parent’s businesses. REA Group, part of News Corp and owner of realestate.com.au, announced an impressive 16 per cent growth in Australian revenue for the March quarter compared with the same period last year. Its ASX announcement noted the result was driven by the strength…
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Overview of budget implications for housing and housing affordability: Tim Lawless
With so much debate about housing affordability it was always going to be the case that the 2017 budget included key policies aimed at improving the affordability of housing and addressing some of the systemic issues that have pushed housing prices out of reach for many Australians. At face value, the budget measures present a good attempt at improving housing…
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New Auction Payment App on Track for Spring Sales Launch
The days of property buyers having to roll up to auctions armed with cheque books they might never otherwise use appear to be numbered with Macquarie Bank on track to launch Australia’s first electronic auction payment application in time for the spring auction season. About a dozen agents in NSW and Victoria are now piloting the DEFT AuctionPay app, which…
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The Eight Best Budget Moments from #Budget17: Sarah Bell
The 2017 Federal budget has been mostly received well judging from commentary by property pundits so far. A goldilocks attempt to temper the forces of supply and demand; of foreign investment and affordable housing without causing economic shockwaves. But, Federal Treasurer Scott Morrison or #ScoMo as he is trending was going to have a difficult time pleasing everyone. “The government is…
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Budget housing measures fair and responsible with some welcome innovation says R&W chief
Scott Morrison’s 2017/18 Budget passes the test for fairness and responsibility whilst offering some innovative opportunities that will support and encourage affordable housing for those most in need, according to Andrew Cocks, Managing Director of Richardson & Wrench, Australia’s oldest real estate group. Mr Cocks said the Treasurer had outlined a number of measures that would directly assist first home…
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Meet the AREAs judges: a who’s who of property & media
With the countdown on, REA Group is pleased to announce the first 15 judges of the Annual REA Excellence Awards. Coming from the media, property, data, technology and not-for-profit sectors, the first judges to be announced are some of the most respected and experienced in their professions: Ange Ferguson, Group Managing Director, Asia Pacific at ThoughtWorks Chris Gray, leading investment…
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Stamp duty is stopping Australian’s from selling: LJ Hooker
A survey by LJ Hooker has shown that Government charges are dissuading property owners from selling their homes, driving up demand and impacting affordability. The survey of 2,700 homeowners showed 44 per cent of respondents who wanted to sell in 2016 but decided against it, cited transactional imposts such as the stamp duty they would pay on their next property…
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New Home Approvals Cycling Down
Building approvals data for March 2017, released today by the ABS indicate that residential building is set to slow, according to the Housing Industry Association (HIA). HIA Acting Chief Economist Warwick Temby said “the 13 per cent decline in new dwelling approvals during March (seasonally adjusted) confirms HIA’s forecasts for a slowing in new residential building projects through 2017. “From the record…
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Affordability Crisis Could Lead to the First ‘Cubby House’ Generation: CoreLogic
The Federal Government has a big task ahead as it prepares to release its housing affordability strategy in today’s Budget after new research by CoreLogic has revealed the affordability crisis has created an entrenched pessimism about high prices and the prospects of future home ownership. The latest CoreLogic Perceptions of Housing Affordability survey showed nearly 90 per cent of non-home…
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Leading LJ Hooker Business Moves to Ray White Group
LJ Hooker Lower North Shore, one of the top businesses for LJ Hooker worldwide, is joining the Ray White Group. LJ Hooker Lower North Shore directors Richard Harding, Geoff Smith and Bernard Ryan say they are excited about both the re-brand and the potential for expansion across this region. They have been operating for 60 years and employ more than 50…
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Sydney apartments shine at 2017 national property Innovation & Excellence awards
A magnificent makeover of Bondi’s old Swiss Grand Hotel and a 42-storey apartment tower in Chatswood have taken home two prestigious awards at the 2017 Property Council of Australia / Rider Levett Bucknall Innovation and Excellence Awards. RLB has partnered with the Property Council of Australia to present the Innovation & Excellence Awards program since its inception in 1982.The 2017…
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Preliminary clearance rate holds firm around 74 percent on lower auction activity in the first week of May
This week, 1,662 capital city auctions were held and preliminary results show that 1,365 auctions have been reported so far, with a preliminary clearance rate of 74.6 percent, rising from a final clearance rate of 74.0 percent last week across 2,350 auctions. National auction clearance results for the week ending 07/05/2017 courtesy of CoreLogic While clearance rates remain above the long-term average…
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Are Governments becoming too reliant on property tax revenue?
The growing reliance of state and local governments on fat property tax revenues generated by the eastern states’ property boom has prompted analysts at CoreLogic to issue a warning – it may be time to consider a more sustainable model. Research analyst Cameron Kusher said the latest ABS data showed property taxes now accounted for a record 52% of the total…
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New Biometric Technology to Speed Up Loan Approvals
Property agents should appreciate the flow-on effects of ground-breaking new identity verification technology, based on facial recognition, that is set to streamline mortgage approvals and speed up the whole property transaction process. The solution, being hailed as Australia’s first fully digital verification of identity (VOI) process, is a response to the strict and time-consuming Know Your Client (KYC) identification requirements…
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Static LED displays light up real estate agents’ bottom line
Australia’s real estate agents – whether in busy city locations or more relaxed regional settlements – are finding that backlit window displays that present their properties and services in the most appealing light are not only enhancing customer relations but increasing revenue and profitability. One such agent is Sydney’s Perry English, while some 4,000km away in the WA resort town…
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Australians prefer to make mobile calls than get them: Roy Morgan Research
“Don’t call me, I’ll call you.” Over three million Australians say they love being able to contact others via mobile phone whenever and wherever it suits—but don’t enjoy being contacted themselves, Roy Morgan Research shows. When it comes to their mobile phones, 14.2 million Australians aged 14+ (72%) agree, “I love being able to contact my friends wherever I am”.…
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REA Group launches Spacely, enabling Australians to work, their way
REA Group have announced the launch of Spacely, a new listings site that will make it easier for Australians to find short-term commercial rentals and co-working spaces that meet their needs. Spacely, available on spacely.com.au, will launch as a new beta experience and will evolve over the coming months. Multiple updates and improvements to the site are expected as more…
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Virtual reality technology sells Perth home to offshore buyer
A City Beach home in Perth, WA has sold for $1.83 million – $80,000 above asking price – to a couple based in Hong Kong, who beat buyers based in New York. The two buyers – both couples – competed for the property at 22 Bent Street, City Beach and used virtual reality technology to view the home. Of the…
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Century 21 Announces the winner of the Sunshine Coast Apartment
Century 21 yesterday announced that Mr Brian Gittings of Lindendale in Northern New South Wales has won the company’s inaugural apartment giveaway competition. Mr Gittings automatically entered the draw to win the $400,000 apartment after successfully selling his macadamia farm through Noel Outerbridge of Century 21 Plateau Lifestyle Alstonville in 2016. Last Friday evening he was notified at home that…
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REA Property Demand Index Falls in April
Attempts by the banking regulator to put a brake on an overheated housing market may finally be working after the latest REA Group Property Demand Index released yesterday revealed a 4.3 per cent drop in buyer demand for April. The biggest fall was in NSW (7.8%) followed by Queensland (5.4%). However, REA Group Chief Economist Nerida Conisbee said demand in…
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Capital gains ease and month-on-month growth conditions slow: CoreLogic
Highlights over the three months to April 2017 Best performing capital city: Hobart +5.1 per cent Weakest performing capital city: Perth -2.4 per cent Highest rental yields: Hobart and Darwin houses with gross rental yield of 4.9 per cent and Hobart units at 5.4 per cent Lowest rental yields: Sydney and Melbourne houses with gross rental yield of 2.7 per…
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Preliminary auction clearance rate and volumes strengthen from sub 70 percent final result last week
Preliminary clearance rate strengthens after last week saw the final clearance rate fall below 70 percent National auction clearance results for the week ending 30/04/2017 courtesy of CoreLogic The combined capital city preliminary clearance rate rose to 76.9 percent this week, increasing from last week when final results saw the clearance rate fell to 69.8 percent after 10 consecutive weeks remaining in…
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Rate City announces industry home-loan ‘sale’
Financial comparison site RateCity.com.au announced today it will be hosting Australia’s first industry home loan sale, offering refinancers exclusive deals and potential savings of up to $39,000 for customers of the big banks. The sale will include the lowest ongoing variable rate, exclusively at RateCity.com.au/sale. Starting Monday 8 May at 6am (AEST) and lasting for only 40 hours, the Switch…
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Australia’s fastest selling suburbs: CoreLogic
Low interest rates coupled with higher levels of demand for housing has seen property sales in some areas take off faster than in others. Today in the CoreLogic Property Pulse, we take a look at the 10 suburbs in each state with the shortest median selling time for houses and units over the 12 months to January 2017. CoreLogic research…
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Property Council releases it’s 10 point plan to fix affordability
A proven scheme to help first home buyers bridge the deposit gap and a suite of measures to address using supply are at the centre of the Property Council’s plan “Fixing Housing Affordability”. Broadly, the plan identifies 10 areas to tackling rising house prices: Crank up housing supply, diversity, and choice Make housing cheaper to produce Incentives to spur reform…
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Superannuation won’t help first time buyers get into the Sydney & Melbourne: CoreLogic
First-time home buyers expecting to use superannuation savings as a deposit for a property in either Sydney or Melbourne may find both cities way too pricey and would be still locked out from the housing market, CoreLogic research analyst Cameron Kusher has said. Broadcaster ABC recently crunched the numbers and showed that based on the average earnings for a 25…
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A rise in the combined capital city auction volumes post Easter delivering softer clearance rates
Volumes rise across the combined capital cities and return a clearance rate of 72.1 percent National auction clearance results for the week ending 23/04/2017 courtesy of CoreLogic Auction activity increased significantly across the combined capital cities this week after last week’s Easter period slowdown, with 1,732 homes taken to market and a preliminary clearance rate of 72.1 percent, down from 73.9 percent…
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Regional areas a draw for established buyers and retirees: Domain
Key Findings Regional resurgence in coastal areas including Tweed and Wollongong, with yearly price growth to date now 13-20 percent Richmond Valley records strongest quarterly growth, up 16.4 percent Median house prices in Dubbo, Orange, Wagga Wagga and Mackay are down over the quarter There are some major market movements in the March quarter and across the calendar year, with…
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Master Builders Australia welcomes 457 visa program changes
Master Builders Australia say they welcome changes to the temporary skilled migration program which was announced by the Government on Tuesday. Master Builders Australia chief executive Denita Wawn said providing Australians with jobs, and training the younger generation for rewarding careers, has always been their priority. “However access to foreign workers to fill immediate skills gaps on projects where locals…
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Individuals claiming a net rental loss starting to flatline
The number of individuals claiming a net rental loss has flat-lined over recent years according to recent data by the ATO. CoreLogic research analyst Cameron Kusher provides commentary on the recent data. The Australian Tax Office (ATO) released their taxation statistics for the 2014-15 financial year last week, and from a housing market perspective it provides some really valuable data on…
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Housing Affordability Records Improvement: HIA
The latest Housing Industry Association (HIA) report indicates that there has been a steady improvement in housing affordability during the opening months of 2017. HIA senior economist, Shane Garrett in a statement said that during the March 2017 quarter, the HIA Affordability index improved by 1.9 percent – and is 1.2 percent better than this time last year. “The improvement…
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Easter long weekend returns a rise in capital city auction clearance rate on subdued volumes
Across the combined capital cities, the auction clearance rate rose to 78.8 percent last week, from 74.8 percent the previous week. National auction clearance results for the week ending 16/04/2017 courtesy of CoreLogic The number of homes taken to auction, however, fell to just 487 across the capital city markets, with Sydney host to the majority of auctions last week (275). Preliminary…
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The demographics of a typical Australian as revealed by ABS Census Data
What makes an average Australian? The Australian Bureau of Statistics (ABS) has released preliminary results ahead of the overall result due in June. In the meantime, the 2016 Census has revealed the ‘typical’ Australian is a 38-year-old female who was born in Australia and is of English ancestry. She is married and lives in a couple family with two children and…
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Treasurer’s pre-budget comments considered positive by industry experts
In a key pre-budget address to the Australian Housing and Urban Research Institute, Treasurer Scott Morrison reaffirmed the Coalition’s strident opposition to changing negative gearing tax concessions, plus a drive to increase private investment in the supply of housing. Key points in Morrison’s Address No disruption to current negative gearing policies (as this would come at a cost to renters)…
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Young Aussies still behind when it comes to homeownership, says HSBC study
83 percent of Australian millennials intend to purchase a home in the next five years Less than a third of millennials own a home in Australia Only 17 percent of Australian millennials have a precise budget for buying a home Eighty-three percent of Australian millennials having intentions of owning a home in the next five years, but the number of…
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