National
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Property values holding on amid COVID-19 crisis – for now
While the COVID-19 downturn has had a dramatic impact on agent activity and listings volumes in residential real estate, reports indicate that so far the value of dwellings has been relatively resilient. It’s still likely that property values will fall amid the downturn, but according to CoreLogic the decline in momentum across property values has been mild relative to what…
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Auctions nosedive on back of pandemic and public holiday
The number of homes scheduled for auction this week took a dive, with only 314 properties scheduled for auction across the combined capital cities. According to CoreLogic, the lower volumes are partly due to coronavirus reducing the number of vendors serious about taking their property to auction in more challenging conditions, and also because Anzac Day falls on Saturday –…
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MRI Software appoints key executives to support global growth
Real estate software solutions company MRI Software has strengthened its leadership team with two key executive appointments. Roman Telerman has been promoted to Chief Financial Officer from Vice President of Finance, and experienced software executive David Bowie has joined the team as Senior Vice President and Managing Director, Asia Pacific. MRI Software’s Chief Executive Officer Patrick Ghilani said Mr Telerman…
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RBA offers sobering outlook for Australian economy
Reserve Bank of Australia Governor Philip Lowe has pulled few punches when it comes to the immediate future of the Australian economy, noting “over the first half of 2020 we are likely to experience the biggest contraction in national output and income that we have witnessed since the 1930s”. In a tough-love speech responding to a tough-love Covid-19 national lockdown,…
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Property experts share COVID-19 market predictions
A group of property experts have shared their views on how COVID-19 will impact Australia’s property market, with most indicating the greatest effect will be felt within three to 12 months but many still believe by this time next year prices could be higher than they are at present. As part of a survey by Ripehouse Advisory, 146 property professionals…
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Higher auction volumes again weighed down by withdrawals
Scheduled auction volumes increased this week, almost trebling in numbers after the Easter weekend, but as seen in previous weeks the results were weighed down by withdrawals, with the clearance rate coming in at 39.1 per cent. Across the capitals 1848 properties were listed for auction compared to 634 the week prior, according to CoreLogic’s figures. Of the 356 properties…
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Propic makes AI technology available for free during pandemic
Real estate software service provider Propic will make its AI technology available for free to all real estate businesses, irrespective of size, to support the industry through the COVID-19 pandemic. In response to the changing needs of businesses and customers, the AI technology has been trained to answer a variety of different coronavirus-related questions. Valued at thousands of dollars, Propic’s…
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New app reconnects property managers with tenants from a distance
The strict social distancing measures imposed nationally by the Government in response to COVID-19 have created a major dilemma for property managers. Their inability to conduct routine inspections, review reported or completed maintenance issues, and interview new tenants leaves them unable to fulfill their obligations to landlords and ensure the safety of tenants. In response to this dilemma, an Australian…
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Record realestate.com.au audience shows Australia’s property passion remains
Leading real estate website realestate.com.au has achieved a new record audience for March, with 10.7 million people visiting the site. The milestone comes as the real estate industry is being forced to operate under new guidelines in order to minimise the spread of COVID-19. Realestate.com.au has remained laser-focused on helping the property industry adapt to new operating requirements with limited face-to-face interactions.…
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REEF applies for industry award variation for commission-only salespeople
With COVID-19 likely to heavily impact commission-only agents, the Real Estate Employer’s Federation (REEF) has applied for a variation to the Industry Award in a bid to postpone next year’s annual Minimum Income Threshold Amount (MITA) reviews. REEF CEO Bryan Wilcox said the application to the Fair Work Commission was filed by REEF and the Real Estate Employer’s Federation of…
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McGrath CEO Geoff Lucas gives some insights of working from home as he leads a team of 1,800
While the ongoing COVID-19 pandemic impacts all of us greatly, and for many working remotely is a great challenge, my co-workers at McGrath were well prepared. We had already trialled our teams working from home to ensure our tools and systems were in place, so we were fortunate to be ahead of the curve in that respect. Real estate is…
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Subdued Easter auction market
The Easter long weekend delivered subdued auction results, with just 636 homes slated for auction across the combined capitals, returning a preliminary clearance rate of 29.3 per cent. CoreLogic noted the clearance rate was again dragged down by withdrawn properties, with 57 per cent of listings pulled “as the auction market continues to face challenges around social distancing measures banning…
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The RBA Leaves the Cash Rate on Hold at 0.25 per cent
At its monthly meeting today, the RBA has decided to leave the cash rate on hold at 0.25 per cent. The move that was widely tipped by analysts will see the cash rate remain at historic lows for the foreseeable future. In mid-March, the RBA held its first emergency meeting since 1997 to slash the cash rate to current levels…
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ATO introduces claim shortcut for working from home
The ATO has announced people working from home as a result of COVID-19 can claim a rate of 80 cents per hour for all their running expenses, rather than calculating specific costs.
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REA’s new COVID-19 features and support recapped
REA Group has announced a raft of new features to assist agents as they navigate the COVID-19 landscape and this week they moved to clarify what is currently available along with ongoing support measures. Noting the situation continues to evolve, REA CEO Owen Wilson last week said the focus is clear: to provide customers with ongoing flexible support measuresto launch…
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Why property price growth always leads a crisis recovery
Just as it did with past crises, the adverse economic impact from this coronavirus health crisis will begin its rebound with a real estate surge before anything else. Safe as houses! Residential real estate is the one thing which is common to 25.5 million Australians. After all, shelter is an essential commodity. While we all take one for the team…
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Call for essential services clarity in strata management
Australia’s peak body for strata title properties has called on the Federal Health Department to clearly define the role of essential services in strata as its close-knit communities deal with the Coronavirus (COVID-19) pandemic.Strata Community Association (SCA) is the industry body for Body Corporate and Community Title Management (also referred to as Strata Management, Strata Title or Owners Corporation Management)…
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Clearance rate weighed down by withdrawn auctions
Over 3000 properties were slated to go under the hammer this weekend. But according to CoreLogic 45 per cent were withdrawn from sale and a further 84 per cent of auctions sold prior to the event, resulting in a preliminary clearance rate of 48 per cent.
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How to manage your finances through the pandemic
Concerning new research reveals 4.2 million working Australians were living hand to mouth well before the coronavirus crisis. Now, with potentially millions of people without savings facing unemployment in the wake of the shutdowns, experts are asking if the Government’s cash handouts can get struggling Aussies through the crisis? The findings come from an independent survey of a nationally representative…
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The real cost of a repayment pause – and how you can minimise the fallout
CBA's announcement today that customers who take a six-month repayment pause will be refunded interest-on-interest charges during this time will help families struggling to make ends meet. This measure, and the major banks' offer of a repayment pause for people in severe financial hardship will help thousands of Australians at a time when they need…
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House price growth begins to slow
Despite the unprecedented social distancing measures put in place to stop the spread of the coronavirus, home values across the country pushed higher in March. According to the latest data from CoreLogic, prices rose by 1.1 per cent in Sydney, 0.4 per cent in Melbourne, 0.6 per cent in Brisbane and Canberra, 0.5 per cent in Perth and 2 per…
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RE/MAX unifies its national presence
RE/MAX Australia has consolidated its Australian reach with the West Australian RE/MAX network now aligned with the Australian master franchise. Leading RE/MAX Australia are managing director Michael Davoren and directors Chris Chapman, Joel Davoren and Josh Davoren. "Acquiring the West Australian network is an exciting step forward for the RE/MAX brand in Australia," said Michael…
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Safety, certainty and empathy: How real estate agents can help buyers and sellers during COVID-19
As part of our suite of tools for managing the business of real estate during COVID-19, Claudio Encina and Matt Lahood joined Sam McLean to share their insight into how agents can help buyers, sellers and their communities during COVID-19
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REIA president Adrian Kelly calls on stakeholders to step up over rent relief
As the real estate sector awaits a government announcement on rent relief, REIA president Adrian Kelly has issued an open letter to all stakeholders, urging them to step up and consider all sides of the equation. Addressing tenants, property owners, landlords, lobby groups, the industry and State Governments, Mr Kelly minced few words as he outlined the current state of…
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JobKeeper payment announced to help business retain employees
The Federal Government has injected a further $130 billion into the economy through the establishment of a JobKeeper payment in a bid to keep businesses operating and their employees in work. Announced on Monday, the latest tranche of support funding is specifically targeted at keeping people employed and is designed to support an estimated 6 million Australians through a new…
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The real estate industry turns to virtual tours to keep it moving forward
COVID-19 is seeing the real estate industry rapidly ramp up its use of technology, with virtual tours among the tools which are being embraced to keep transactions flowing.
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New remote property inspection app protects tenants and property managers
Leading property industry technology solutions firm - Realm Australia, is encouraging property managers to make use of its new Rental Property Self-Inspection app to help protect staff and tenants from possible exposure to the COVID-19 virus. The Rental Property Self-Inspection app uses innovative AI technology to facilitate tenants performing remote inspections, with a full report…
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A six-month moratorium on rental evictions, but still no support for agents
Prime Minister Scott Morrison has formally announced a six-month moratorium on evictions for commercial and residential tenants. The announcement came late Sunday as cabinet continues to work on the release of a full rent relief package. Mr Morrison said the issue of commercial and residential tenants in distress had been further discussed at today’s national cabinet meeting, but there was…
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High volumes, lower clearance as auctions go online
Auction volumes were high, but as expected, the preliminary clearance rate took a hit across the capitals this week, falling to 61.3 per cent amid continued uncertainty surrounding COVID-19. It wasn’t for lack of innovation, however as agents worked hard to adapt to a fast-changing environment. This week was the first to see all auctions…
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The Eview Group – Setting up for the comeback
It’s far from business as usual but Manos and Maria Findikakis note it is business non-the-less at their offices all over Australia. This weekend their agents managed to secure a number of contracts despite the challenge of no open homes and a government rent relief package that remains up in the air. In the interim,…
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Rent relief remains a work in progress: Scott Morrison
Formal action on rent relief remains a work in progress, with Prime Minister Scott Morrison today explaining it will form part of Australia’s “innovative” tranche three stimulus package which is designed to support business and individuals. Earlier today the PM met with premiers and chief ministers via a virtual national cabinet meeting, discussing the “contentious” issue of commercial and residential…
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Real Estate Industry waits for a COVID-19 rent relief decision
The real estate industry is just hours away from learning how the nation will handle rent distress for residential and commercial tenants. Due to be discussed in a national cabinet meeting this morning, the focus is expected to centre around rent relief including a possible national stimulus package to underwrite commercial rents, rates, and taxes, and could include a moratorium…
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Kylie Walsh of DiJONES – A stronger industry, embracing change
DiJONES’ general manager Kylie Walsh is no stranger to innovation, but in recent weeks she reflects the whole industry has been forced to innovate at speed. “As an industry, real estate has been very slow to change,” she notes. “But this event will force us to…
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How a pandemic will shape communities
COVID-19 is challenging many conventions within urban development across the globe. While the pandemic is seeing Australians adopt unprecedented social distancing measures, potential lockdowns require residents to live, work, learn, and shop for daily needs and undertake passive recreational activities within their own neighbourhoods. One of Australia’s leading urban planners and designers believes that the…
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Property valuers call for equity release during COVID-19 crisis
Australia’s largest independent property valuation and advisory firm has called for easier access to existing equity in homes and investment properties would to ease financial pressure for Aussies during the COVID-19 crisis. Herron Todd White CEO Gary Brinkworth said both the government and regulators must urgently work with financiers to unlock this source of stored wealth and help struggling individuals…
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