National
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How working from home has impacted property professionals
Working from home during the pandemic was an easy adjustment for most property professionals, with many saying they were more productive away from the office and felt empowered by the opportunity, a new survey revealed. Real estate software solutions company MRI Software conducted a survey of 721 residential, commercial and strata industry professionals in April to understand how working from…
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realestate.com.au sets new audience record
11.2 million people visited realestate.com.au in April setting a new audience record for REA Group, underpinned by a strong increase in buyer activity across the site. The result was up 55 per cent year-on-year, and backed up a total of 109 million visits (up 37 per cent), an increase of 37 per cent in traffic to the site’s buy section,…
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NZ property market losing steam, but full picture still unclear
Property values in New Zealand are losing momentum on the back of the pandemic, but according to the just-released May 2020 QV House Price Index it’s still too early to get a full picture of housing market performance. The HPI showed the number of residential property sales across New Zealand was extremely low through April and May, and the monthly…
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The RBA leaves rates on hold in June
The RBA has elected to keep the cash rate on hold at the record low level of 0.25 per cent. At its June meeting on Tuesday, the board decided to continue with a wait and see approach which was in line with what most analysts had been expecting. The RBA had slashed the official cash rate from 0.75 per cent…
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Michael Davoren steps aside
In a strategic move announced publicly today, RE/MAX Australia Managing Director Michael Davoren will take up the role of Chairman on the RE/MAX Australia Board, while Joel Davoren will assume the position of Managing Director. Under the changed leadership structure, which comes into effect from 1 July, Chris Chapman will retain the Finance Directorship and Josh Davoren will become Director of…
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Property prices remain ‘resilient’ in May despite lockdown
Property prices across Australia’s capital cities have fallen for the first time since June last year. Against the backdrop of wide-ranging shutdowns, the latest data from CoreLogic has shown the combined capital cities have fallen by 0.5 per cent in May. The results around the country were mixed, with Adelaide, Hobart and Canberra all recording price increases, while it was…
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Two-thirds of experts predict end of stamp duty by 2021
The majority of experts agree that stamp duty could soon be on its way out as the government grapples with the post-COVID economy, according to comparison site Finder. In this month’s Finder RBA Cash Rate Survey, 43 experts and economists weighed in on future cash rate moves and other issues related to the state of the Australian economy. While all 43 experts…
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@Realty launches OASIS platform for boutique agencies and sole operators
Coronavirus has accelerated the release of @realty’s new OASIS structure – an agency platform which could be a financial lifeline for smaller agencies and independents struggling in the current environment. OASIS – which stands for Online Agency Support and Integrated Systems -allows boutique real estate agencies and sole operators to access @realty’s national database and administrative services, while still operating…
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Clearance rate and auction volumes continue to strengthen
Auction volumes have continued to strengthen this week as the capital city clearance rate remains a heartening 65.9 per cent. Although the volume is still tracking at just over half that recorded during the same time in 2019, this week 867 capital city homes were scheduled for auction. The previous week saw 612 homes scheduled for auction and a final…
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Caution for building stimulus package
The Real Estate Institute of Australia has expressed caution over the Prime Minister’s announcement that the Treasurer and the Minister for Housing are working on a plan to support the residential building sector. “New home building at record levels has been a crucial support to economic growth over the previous three years,” REIA President Adrian Kelly said. “It stands to…
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Rent.com.au reports renters returning to market
There is increasing optimism in the rental market as the threat of coronavirus eases and restrictions are lifted, with early indications many renters are considering new moves in the coming months. In its trading update this week, Rent.com.au said its Renter Resume – which allows renters to upload a profile online – was starting to pick up after a slump…
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First Home Loan Deposit Scheme fully booked – but beware the hidden cost
The Australian Government’s First Home Loan Deposit Scheme has been fully reserved, but experts warn that borrowing on a five per cent deposit is now riskier than ever. New figures on the scheme show 5,500 guarantees have already been used to purchase properties, with a further 4,500 still in the process of finding their first home. For those who missed…
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Real estate professionals urged to join online sleepout
Real estate executives are invited to register for the first-ever online Vinnies CEO Sleepout, joining hundreds of high-profile Australians to support people experiencing or at risk of homelessness. In response to COVID-19, the Vinnies CEO Sleepout will be live-streamed online at ceosleepout.org.au/live2020 in an interactive broadcast hosted by television personality Dr Andrew Rochford. Instead of sleeping out in major cities…
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Clearance rate hits pre-Covid high as volumes continue to lift
The combined capital city clearance rate has rebounded to its highest level since early March, surpassing the 70 per cent mark as volumes also show signs of improving. This week, 613 auctions were scheduled across the capitals, marking an increase on previous weeks and returning a promising clearance rate of 70.9 per cent. CoreLogic notes this was the highest preliminary…
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What lies ahead for the 2020 property market
Despite the massive impact the COVID-19 pandemic is having on the economy worldwide, Australian property analysts say there are still reasons to be optimistic about the industry in 2020. According to CoreLogic‘s March Quarter Property Market & Economic Review, released this week, historically property values have remained relatively insulated in times of negative economic shock, but transaction numbers will likely…
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Doomsday housing price forecasts highly questionable
Forecasts of housing price drops of as much as 30 per cent are highly questionable and cannot be relied upon with any degree of confidence, according to the Real Estate Institute of Australia. REIA President Adrian Kelly said anyone who suggests they can forecast the future of the property industry “with any acceptable degree of probability” during this unprecedented time…
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Home loan cash backs heat up, but are they worth it?
More than a dozen lenders are offering cash incentives for home owners willing to move their business to a new lender, with Suncorp Bank, Reduce Home Loans and 86 400 the latest to put cash offers on the table. Suncorp Bank is now offering up to $3,000 to refinancers, plus an additional $1,000 for people working in essential services roles, such as doctors, nurses, teachers and police…
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Safe Work Australia updates guidelines for return to work
With many people beginning to return to work in big office buildings, Safe Work Australia (SWA) has released new guidelines on the ‘COVIDSafe’ use of lifts. The guideline was updated overnight to say: “there is no requirement to provide 4 square metres of space per person in lifts, however you must still ensure, as far as you reasonably can, that…
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Landlords offered incentives to negotiate on rent or tenants able to opt-out early
NSW landlords are being offered incentives to negotiate reduced rental rates for tenants facing financial difficulties as a result of coronavirus, and tenants whose landlords don’t come to the negotiating table may be able to end their tenancy early. As part of the NSW Government’s $440 million land tax relief scheme, landlords can now apply for land tax relief of…
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Console Cloud launches landlord satisfaction scoring feature
This quarter Console Cloud will launch its landlord satisfaction scoring tool, and with natural rent roll attrition hovering around 17 per cent per annum, it’s a feature many will welcome. The new landlord satisfaction scoring feature is set to enable property managers to find out which clients are disgruntled and who their biggest fans are. The tool will give property…
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Top accolades for RE/MAX performers
RE/MAX Australia has announced its first quarter high achievers at a virtual event entitled RE/MAX Evolve. Held on May 19, the event celebrated sales associates, sales teams and offices, who were ranked on performance each quarter in categories of commission generated and number of sales transactions. For the first time, the most recent event divided the network into 10 regions.…
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Australian property market: Decade in review
It commenced under the shadow of the GFC and with widespread floods around the country. It ended on the dawn of Covid-19 with some of the biggest bushfires in Australian history. Propertyology’s ‘Decade in Review [2010-2019] Report’ describes it as a decade of contrasts in many ways. Over the 10-year period, median house prices had increased from $530,000 to $972,000…
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On-site auctions resume but numbers still low
The number of homes scheduled for auction continues to trend lower, despite most states having lifted the ban on on-site auctions and inspections. Only 365 auctions are scheduled this week, lower than the 480 auctions last week – and it’s likely to be a few weeks before there’s an uplift in scheduled volumes due to agents generally running four-week marketing…
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Auction clearance rate jumps – is this the start of recovery?
Auction clearance rates have hit 59.9 per cent on the back of on-site auctions resuming in New South Wales last week – the highest clearance rate result since strict social distancing measures were rolled out across Australia. According to CoreLogic, the clearance rate for the week ending 10 May was up from 47.5 per cent the previous week and a…
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Navigating the PropTech minefield in a current and post COVID-19 World
If PropTech wasn’t on your radar before, the impact of COVID-19 has definitely steered our industry to look to technology for client engagement and to ensure the industry can continue to operate through this unprecedented time. But we often hear clients saying: “This company and that company do similar functions,” or “but this company integrates with that program but not…
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Ninety days to spring
Since the outset of the pandemic, RE/MAX Australia director Joel Davoren has led a weekly, or more frequent, on-line session with up to 200 participants from across Australia and New Zealand. He’s heard week-on-week agent comments about inquiry rates, which have remained encouragingly ‘better’ or ‘same’ as opposed to ‘worse’; and has also witnessed positive outcomes such as three sales…
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Openn Negotiation announce new integration with realestate.com.au
Following significant adoption of the Openn Negotiation selling method, realestate.com.au have launched an integration between the platforms, designed to provide a better experience for buyers. The REA Group released the online auction feature in response to the national ban on in-person auctions. The integration allows buyers to navigate directly to the Openn Negotiation listing and become qualified to participate in…
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Property Tree to feature Direct Connect integration
Cloud-based property management software Property Tree is set to feature a Direct Connect integration as the two proptech players look to further cement their longstanding relationship. Announcing the new integration, Direct Connect explained their relationship with Property Tree creator Rockend (now known as MRI software) had been longstanding and loyal. “Direct Connect have been exclusively partnered with Rest Professional for…
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Clearance rate lifts as on-site auctions ready for return
As auctions prepare to welcome back the public on-site, the clearance rate has enjoyed a boost. CoreLogic notes this week’s preliminary clearance bounced back to 64.5 per cent, marking the first time it has exceeded 60 per cent since late March. Volumes on the other hand, remain subdued. The past weekend saw 473 auctions scheduled, which was down on the…
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How property markets are responding to COVID-19 according to Herron Todd White
The COVID-19 crisis has thrown the national economy into turmoil, while property markets are still clearly trying to digest what it all means. Leading valuers Herron Todd White (HTW) have tabled their thoughts on what each state is facing and what might lie ahead for the nation’s residential property markets. NSWSydney has been at the forefront of the battle against…
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Tide turning on Chinese investor slump
Chinese investment in Australian real estate has hit its lowest level in six years, but experts say in the last few months Chinese buyers have been returning to the market. The Foreign Investment Review Board’s (FIRB) annual report for the 2018-19 financial year revealed foreign investors from around the globe spent a total of $88.5 billion on Australian commercial and…
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Report reveals lead indicators for property market’s return to form
A long-term study by MCG Quantity Surveyors is helping define investor trends which will flag the property market’s bounce back after COVID-19. MCG’s 1000 Assets report is a progressive, four-year analysis of investor direction and sentiment between January 2016 and December 2019. The report also took a pre-COVID snapshot of ‘normal market’ trends in place prior to the crisis. MCG Managing Director Mike Mortlock…
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Auction volumes still down but comeback on the way
Low sentiment, tough selling conditions and regulations preventing open homes and on-site auctions continue to push the number of scheduled auctions down this week – but an uplift could be coming sooner than expected. CoreLogic reports 424 capital city homes are scheduled for auction, down on the 612 homes auctioned last week. But with news the NSW and WA state…
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Auction withdrawals hit all-time high as vendors and agents adapt to COVID-19 regulations
Auction withdrawal has spiked to about eight times the usual rate and the clearance rate for the combined capital cities has reached record lows since on-site auctions and property inspections were banned in response to the COVID-19 crisis. CoreLogic reports from the week ending 29 March to the week ending 3 May, the portion of scheduled auction events withdrawn averaged…
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Prop20 to be reimagined as digital experience
REA Group’s industry event series Prop20 is being transformed into a digital experience that can be accessed by thousands of property professionals across the country. The new Prop20 virtual experience will deliver property industry insights, education and training online. The reimagining of Prop20 followed government COVID-19 restrictions which introduced a ban on events and social distancing measures. Prop20 offers property…
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