National
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Capital city apartment values to be hit the hardest, experts predict
The latest Finder RBA Cash Rate Survey is out, and it’s not the best news for apartment owners. 43 experts and economists were asked to predict various aspects of the housing markets, including the projected values of apartments and houses in the eight capital cities. They predict price drops of between 7-8% price drops by the end of September for…
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The upside of COVID: More renters are now saving to buy property
Saving for a home deposit can be a tricky prospect, involving self-discipline, long-term goal setting, and sacrificing those little luxuries like eating out, going to live gigs, or indulging in weekend getaways. New research by Westpac into the financial trends of Australian renters during COVID-19 shows that government-enforced lockdowns, coupled with the closure of many businesses that rely on discretionary…
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Homely launches new Sold Hub drawing focus to Agent Ratings
Homely.com.au now features Agent Ratings in their Sold Hub and has released a new homepage design. Adam Spencer, Homely’s Co-Founder, said the Sold Hub prominently positions Agent Ratings and ‘Contact agent’ buttons, so consumers can identify top local agents and quickly get in touch with those who’ve had successful sales outcomes for comparable properties to theirs for an appraisal. “We…
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Preliminary clearance rate improves while fewer homes taken to auction
Preliminary clearance rate improves while fewer homes taken to auction As is traditionally the case, school holidays had a direct impact on auction volumes this week across the capitals, with a total of 1185 homes scheduled for auction compared to 1485 last week. While volumes were lower, the clearance rate trended higher, according to CoreLogic…
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Domain print titles to start publishing again
Domain Magazine will start republishing its print magazines this month.Production and distribution restrictions, coupled with a ban on live auctions, forced Domain to suspend print publishing at the end of March.Domain Magazine will restart publishing on Friday July 31 in the Australian Financial Review, and the following day in The Age and Sydney Morning Herald.Sydney…
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New strata data examines the growth of apartment living
Twenty per cent of Australians and five per cent of New Zealanders now live in strata-titled properties, according to a new report from UNSW’s City Futures Research Centre. Of the almost three million strata and community-titled properties in Australia, over 960,000 are in NSW, with the insured value of the properties nation-wide growing by over $100 million in the past…
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Values fall in June across the larger capital cities
Despite Australians beginning to take baby steps out in the world again, real estate values across the combined capitals have continued to drop for the second month in a row, falling 0.7 per cent in June, after a 0.4 per cent decline in May. But it’s not all bad news for owners – especially those in Hobart and Darwin. The…
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EBM RentCover stresses importance of following rent freeze process
EBM RentCover is stressing the importance of following the government’s rent freeze process after receiving an influx of inquiries from landlords relating to COVID-19. EBM RentCover Managing Director Sharon Fox-Slater explained while there hadn’t been a notable rise in insurance claims during the past couple months, there had been a significant uptick in inquiries from landlords seeking clarity on what…
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Super and first home buyer schemes restart tomorrow but are they a good idea?
Two major government schemes restart tomorrow as the new financial year begins but comparison site RateCity.com.au is warning Australians to think before they jump in. From July 1, eligible Australians financially affected by COVID-19 will be able to access up to $10,000 extra from their superannuation. Round two of the First Home Loan Deposit Scheme…
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Home loan rates hit new record low of 1.99%
Fixed home loan rates continue to tumble, with Bank of Us the first lender to offer the average Australian a fixed home loan rate under 2 per cent. Bank of Us has announced the record-breaking rate of 1.99 per cent, fixed for 1 to 3 years, for owner-occupiers paying principal and interest repayments with a…
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ATO offers tax time tips for rentals
With the end of the financial year imminent, the Australian Taxation Office (ATO) has sought to assist landlords with clear guidelines on what to do this tax time including what you can and cannot claim. Noting the ATO was aware residential rental property owners might be concerned about how COVID-19, floods, or bushfires had reduced…
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Positive signs for spending when restrictions ease
Australians who had reduced spending on items including eating out and recreational activities due to COVID-19 are expecting this to increase when restrictions ease, according to latest data from the Australian Bureau of Statistics (ABS). However, the sixth Household Impacts of COVID-19 Survey found that people who had spent less on items including household furnishings, clothing and…
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Seller confidence on the up as clearance rate holds steady
Seller confidence continues to improve with the capitals reporting the highest number of auctions in nine weeks on Saturday, along with volume and clearance that exceeded this time a year ago. CoreLogic reported 1424 homes went to auction at the weekend, returning a preliminary clearance rate of 64.5 per cent. “This was the highest number…
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Prop-tech startup Yabonza makes first acquisition with Easyshare
Australian-founded prop-tech startup Yabonza has acquired sharehouse payments startup Easyshare in a bid to simplify rental payments on its property management platform. The cash and equity deal is the first acquisition for Yabonza and is a move that aligns closely with the platform’s tech, growth and leadership objectives. Easyshare was founded in 2015, with the goal of making payments for…
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Australia’s variable rate hits new record low
An online lender has become the new leader in the mortgage rate wars as variable home loan rates continue to drop, hitting a new record low. Freedom Lend is now offering a variable rate of 2.17 per cent, for new customers with a deposit of 30 per cent of more. RateCity.com.au Research Director Sally Tindall said home loan rates have…
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Automated connection services to benefit Qld agencies and tenants
The Real Estate Institute of Queensland is set to launch a new automated utilities connection service which will save agencies time and money, and deliver a better experience for tenants. Part of REIQ‘s Realworks platform powered by Hutly, the new feature uses One Touch Execution and enables real estate agencies to nominate their default utilities connection provider so that all…
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Australian expats looking to buy ‘back home’ in the luxury market
Australian expats are increasingly looking to purchase property ‘back home’ as the impact of Covid-19 unfolds, and many of those are looking to buy at the higher end of the residential market, according to a Knight Frank survey. The survey, carried out amongst Knight Frank’s global network of prime agents, found 64 per cent said the lockdown had influenced expats’…
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Homely hits 400 partners across the country
A milestone 400 launch partners – including many industry heavyweights – have signed on to Homely’s Agent Participation Program nationally, helping the company on its way to its goal of providing an affordable digital real estate marketplace in Australia. The program, which provides agents with a financial interest in a major national real estate portal, aims to create a new…
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Clearance rate continues to climb on the back of higher volumes
Both auction volumes and the clearance rate lifted this week, with 1262 homes scheduled for auction in the capitals, returning a preliminary clearance rate of 66.1 per cent. CoreLogic reported this was up from the 63.3 per cent preliminary clearance rate returned last week across 1181 auctions, which later revised down to 59.3 per cent…
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Pandemic doesn’t stop real estate professionals changing lives across the water
When the not-for-profit program Digital Live was conceived in 2017, Steve Carroll was determined to make a difference to the lives of children in need across the water. And he knew exactly who to call on to help make this vision a reality: the passionate Australian real estate industry. Fast forward to 2020 and the achievements are astounding. In just…
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Laura Shooter of SJ Shooter Real Estate named Transform 2020 winner
SJ Real Estate Managing Director Laura Shooter has been named the winner of Elite Agent’s Transform challenge for 2020. Receiving the welcome news on Friday, Ms Shooter said was “very excited,” and “quite surprised” to take out the title over a field of 306 participants who completed this year’s 30-day virtual course. “I didn’t go…
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Rex reveals brand refresh and updated vision
The Rex team has announced a refresh of its core brand elements. Reflecting the growth and evolution of Rex as a leading Customer Relationship Management system which provides workflow and marketing solutions for real estate agencies, the rebrand elevates the focus on the company’s strength, stability and transformation, and includes a new logo, positioning and future vision. “It’s a major…
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Call for ‘mega’ project fast-track to be applied to across the board
Australia’s leading property advocate has called for the fast-tracking of approvals for nation-building infrastructure projects to be adopted across the board by all levels of government involved in planning and construction approvals. The Property Council of Australia welcomed the Prime Minister’s commitment of additional funding to get new local infrastructure projects out of the ground and accelerate approvals for ‘mega’…
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Real estate agents identify key areas of support
The extension of stimulus packages and scrapping stamp duty were among nine key areas of support identified by real estate agents across the country as the industry grapples with the challenges that have arisen during the pandemic. The suggestions were the result of a survey of Real Estate Institute of Australia members about measures that will assist the sector to…
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Variable home loan rates tumble to record low
The home loan rate war continued to heat up this week as the lowest variable rate in Australia dropped to 2.19 per cent – and experts predict the competition will only intensify. The special from Reduce Home Loans is for owner-occupier variable customers with loans up to $850,000. Analysis from RateCity.com.au shows that at the end of March just 19…
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Preliminary auction clearance rate rises as volumes increase
The preliminary clearance rate lifted to 63.3 per cent this week as volumes also showed further signs of increasing. Across the capitals, CoreLogic reported 1164 properties were scheduled for auction; the busiest week for auctions since the week ending 19 April. Last week, there were 711 scheduled auctions with a preliminary clearance rate of 59.8 per cent, which later revised…
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Where are the latest home renovation hotspots?
On the back of the new Federal Government HomeBuilder package, property valuation group Herron Todd White has taken a look at the areas in each Australian capital city that are leading the way with renovations. The new HomeBuilder package gives $25,000 to renovators who are looking at spending over $150,000 to improve their home. However, to qualify you need to…
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New home lending takes a dive in pandemic
Home lending has plunged in the wake of COVID-19, with the value of home loans falling dramatically in April – and the worst could be yet to come. The Australian Bureau of Statistics lending indicator data released this week shows new lending dropped by $935.5 million (or 4.80 per cent) compared to March 2020, according to the seasonally adjusted data.…
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Westpac Group cuts new customer rates in a bid to boost its home loan book
Australia’s second largest bank, Westpac, has cut its basic variable rate to 2.69 per cent, but the offer is solely reserved for new customers with a deposit of more than 30 per cent. Westpac’s new rate is now the lowest variable home loan offered by a big four bank. Westpac Flexi First Option Home Loan changes: Note: above rates are…
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Auctions soften over long weekend
The long weekend delivered both a lower volume of auctions and a softer clearance rate as most states and territories kicked back to enjoy the Queen’s Birthday public holiday. This week, CoreLogic reported 694 capital city homes were scheduled for auction, with preliminary results returning a 59.8 per cent clearance rate. The previous week saw 856 homes scheduled for auction…
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Real Estate sector honoured in Queen’s Birthday list
The Queen’s Birthday honour roll has seen some of the property sector’s most notable names honoured, along with a host of other famous Australians and New Zealanders. In total, 993 Aussie’s were congratulated by the Queen in her annual Queen’s Birthday Honours. A number of real estate agents and business were among them, acknowledged for their history of services to…
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@realty to offer agents full commission
@realty has this week unveiled a new earning scheme for agents, who will have the ability to move from @realty’s standard 93 per cent commission to 100 per cent. Under the new scheme, once agents have paid $20,000 in service fees through their standard commission, they will be eligible to retain 100 per cent of commission earned on any further…
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REIA welcomes Federal Government Housing Stimulus package
The Real Estate Institute of Australia has welcomed the Government’s announcement of the ‘HomeBuilder’ package to support the residential building sector by providing assistance to owner occupiers to build new homes and renovate existing ones. “The REIA believes that the Federal Government’s announcement of the HomeBuilder scheme today will be a massive boost to the employment of home builders and their tradesmen…
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realestate.com.au introduces buyer demand index
REA Group has launched a new residential buyer demand index, to help consumers understand the ebbs and flows of the market, including when to buy and sell. REA Insights Weekly Demand Index is part of the group’s dedicated data and insights function, and showcases the deep and unique insights potential buyers can expect on the property market. The launch comes as…
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New home builds to hit GDP in coming months
New home building activity is expected to weigh further on Australia’s GDP growth in the second half of 2020 after already detracting from GDP for the last 18 months prior to COVID-19. Housing Industry Association Chief Economist Tim Reardon said following this week’s negative GDP result for the March quarter – and the expected negative result for the June quarter…
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