National
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REA launches new tools for self-managed landlords
REA Group has announced a new experience for self-managed landlords to either connect with an agency on realestate.com.au, or list their rental property directly on the site. Set to go live later this month, the move comes in response to research highlighting that over one third of investors now self-manage their rental properties, presenting an untapped segment for realestate.com.au consumers and customers to…
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Leading retail group to close up to 500 Australian stores
Mosaic Brands, the retail group that owns fashion brands such as Millers, Noni B, Rivers, Katies, Rockmans and more, has delivered a disastrous FY20 loss along with news it plans to shut as many as 500 stores over the next two years. The group owns 1332 Australian stores, employing 6800 people across the country. Today they announced an underlying loss…
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McGrath announces pleasing FY20 results
McGrath Limited has announced a significant turnaround in fortunes this past financial year. The company posted underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $3.7 million, excluding $2.2 million worth of government COVID-related grants, for the year to 30 June 2020. This is compared with a loss of $6.4 million in the previous year, and amounts to a…
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McGrath appoint new CEO after Geoff Lucas resigns
Geoff Lucas has stepped down from the role of Chief Executive Officer at McGrath Limited. Mr Lucas’ resignation was announced on the same day the company released their FY2020 financial results. “The Board had accepted Mr Lucas’ resignation and paid tribute to his service to the company during what has been a difficult two and a half years for the…
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Openn Negotation releases major app upgrade
Online real estate sales platform, Openn Negotiation, has released a major upgrade of its app – making transparent property sales even easier. With the release of Openn 3.0, it’s faster to navigate the platform, easier to find and manage properties, and when buyers are ready, to place a bid. The latest version of the Openn Negotiation app can be downloaded…
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Off-the-plan and new builds surge as stimulus takes hold
A sharp uptake in off-the-plan and new build sales is potentially underpinning the nation’s real estate market, with owner-occupiers taking advantage of various stimulus packages, according to LJ Hooker. Mathew Tiller, LJ Hooker’s Head of Research, credits “pent up demand” after the shutdown, record low interest rates, and the various state and federal-led stimulus packages for the surge in off-the-plan…
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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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Commercial rental collection kept rising in July
CREDIA, a new online resource of commercial property leasing indicators from Re-Leased, has published Australian rental collection data for July which shows payment rates continue to improve. Throughout the month of July, 74 per cent of commercial rent was received by landlords within 30 days, compared to 71 per cent in June. The pre-COVID monthly average was 89 per cent. …
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Commercial tenancy code extension could spell disaster
An extension of the commercial leasing code of conduct by state and territory governments would impose an extra $4.8 billion in costs on commercial property owners, according to the Property Council of Australia. This is in addition to the $4 billion impact of the leasing code on commercial landlord revenues for the five-month period from April to September. This could…
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Lenders slashing investor interest rates, despite extra scrutiny
New RateCity data shows that 47 mortgage lenders in Australia have reduced investor interest rates over the past two months. This is despite both the extra scrutiny lenders now undergo when applying for such a loan, and the RBA holding steady on the 0.25 per cent official cash rate. Of those 47 lenders, the average reduction was 0.27 per cent…
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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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Offr platform to launch in Australia
A prop-tech platform that digitises the buying, selling and leasing process for real estate agents and buyers, has raised close to AU$5m in seed funding. Launched just 10 months ago, Offr digitises over 85 per cent of the process of buying and selling property for agents and their customers. It also makes international trading of property possible for buyers online,…
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Lenders shy away from commercial sector
A new report by CBRE has found a number of factors are making lenders more reticent in their lending practices for commercial properties. The report explains how increasing economic uncertainty brought about by the onset of COVID-19 has resulted in retailers struggling to stay open and pay the rent. Commercial rent in most Australian office markets has declined, and vacancy…
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Starting a rent roll the right way
So, you’re an amazing property manager. Your landlords love you. And now you’re ready to take the leap and start a rent roll of your own. There’s no doubt, owning a rent roll is one of the most rewarding things you can do in your property management career. But it comes with risks, potholes, and so many stresses that are…
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Shorter meetings but longer days – how COVID-19 has changed the way we work
One of the many things COVID-19 has had a dramatic impact on is the way many of us work. Those fortunate enough to be able to work from home have been able to adapt to this new reality – and it certainly has been “new”. Perhaps the biggest question for both employers and employees is whether working from home has…
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South Coast agent named one of Raine & Horne’s best
South Coast agent and Raine & Horne Mollymook/Milton Principal Ben Pryde has been named the ‘Top Salesperson (Principal) – Number of Sales’ at the 2020 Raine & Horne Awards. Held virtually for the first time in the property group’s 137-year history, this year’s awards saw Mr Pryde edge past Raine & Horne Double Bay principal Ric Serrao to take out…
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Josh Tesolin recruits three top agents for new Ray White office
Since joining the Ray White Group a little over a month ago, Josh Tesolin hasn’t let up for a minute. He has listed 30 properties, sold five, and this week recruited three top agents for his new Ray White Quakers Hill office. The new acquisitions are Taylor Bredin, Nathan Beazley, and Marc Haddad. “I am on a mission to be…
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RE/MAX Awards go virtual
RE/MAX Australia is doing things a little differently this year, moving to a virtual platform to announce its top performers for the January to June 2020 period. Coinciding with the RE/MAX Evolve II event, which brought together members and guests from Australia and New Zealand in a virtual platform, as well as speakers from across the globe, the announcement of award…
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REIA announce new CEO, Anna Neelagama
The Real Estate Institute of Australia has announced the appointment of Anna Neelagama as its new CEO. Ms Neelagama is replacing the outgoing Jock Kreitals, who spent five years as CEO and 12 years in total with the REIA.“Earlier in the year REIA embarked on a recruitment process for a new CEO and we received over 100 applicants for the…
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Illawarra, Launceston, and Ballarat the hottest regional markets
CoreLogic’s latest quarterly regional review analysed 25 of Australia’s largest non-capital cities, and while people seem to be leaving the capitals in droves, elsewhere in Australia there is a far more rosy outlook. Illawarra has recorded both the largest rise in housing values, and the biggest jump in home sales over the past 12 months. Illawarra’s annual growth rate sits…
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MBA calls for HomeBuilder extension, plus new $3.8b scheme
Master Builders Australia (MBA) has released its Pre-Budget Submission, which calls for an extension of HomeBuilder, plus a further stimulus measure named CommunityBuilder which would inject a further $3.8 billion into the industry. The submission
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LJ Hooker honours top performing individuals and offices
LJ Hooker has reinforced its commitment to service excellence, recognising its top performers across Australia at the real estate network’s awards and recognition nights, held virtually this year around the country. The five annual events, held by regions, recognise the top performing individuals and offices working across each part of real estate, including sales, property management, marketing, business strategy, and…
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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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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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The science of social selling
Social media is a fantastic tool to market and sell property, but it won’t replace the experience and expertise of real estate agents, Novak Properties Director Lisa Novak says. Speaking as part of Transform 2020, Lisa says just because you can Google your symptoms when you’re unwell doesn’t mean you will make a good doctor. “These days we can get…
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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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Brownlow Medallist ‘Aker’ joins Ray White Ascot
Brownlow Medallist, and three-time AFL Premier Jason Akermanis has joined Ray White Ascot, in the role of sales agent and auctioneer. The former Brisbane Lions player enjoyed a stellar 248-game career, kicking 263 goals over the years. Now he is returning to the state that made him famous, but in an entirely different role. “Having a professional purpose, the ability…
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Unused buildings will make good housing in the world of COVID-19
We are entering an era of profound change in how we work, learn, socialise and live with COVID-19. Many people will adjust to this new world order and work remotely at home if they don’t have to attend an office or other workplace. This, in turn, will create an opportunity to adapt unused buildings, which were needed for the previous…
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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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Susie O’Neill’s riverfront home on the market
Eight-time Olympic medallist turned breakfast radio host, Susie O’Neill has put her family home of two decades on the market. Christine Rudolph of Ray White New Farm is selling the Yeronga home, which overlooks the Brisbane River. O’Neill and her ophthalmologist husband Cliff Fairley bought the house 19 years ago. “We have loved this house since we bought it back…
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CBA boss expects a 10-12% drop in housing prices
Yesterday, the Commonwealth Bank delivered a full-year cash profit of $7.3 billion, along with welcome news that the property market had been more resilient than first feared. In May, CBA chief executive Matt Comyn detailed a worst-case scenario, in which values would drop by 30 per cent. Yesterday, he was more optimistic. “I think a reduction…in the order of 10…
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Wage growth slumps to new national low
Wage growth is now at the lowest point on record, with the Australian Bureau of Statistics (ABS) reporting the national wage price index (WPI) increased by only 0.2 per cent in the June quarter, up 1.8 per cent over the past year. “After a steady period of wage growth over the previous 12 months, wages recorded the lowest annual growth…
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The Sydney suburbs with the most million-dollar mortgages
A study of Sydney’s housing market has revealed that 20 per cent of homeowners across the city are currently facing mortgage debt of over $1 million. According to findings by Digital Finance Analytics (DFA), over 20,000 homeowners have mortgages in the millions, a figure higher than anywhere else in Australia. It is also a historical record. The research, based on…
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Australia starting to feel the HomeBuilder effect
The last two months of data suggests that HomeBuilder has been successful in bolstering new builds and protecting jobs in the short term. And although HIA are cautious of over interpreting data from only two months, they believe these two months are “a clear indication that HomeBuilder will help protect jobs in the sector in the second half of 2020…
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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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