National
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REIA announces 2020 REIA National Awards for Excellence winners
The Real Estate Institute of Australia (REIA) announce the winners of the 15th National Awards for Excellence. Due to the measures currently in place surrounding COVID-19, the event planned to be held in Darwin on 2 April 2020 was cancelled. REIA President Adrian Kelly said whilst this was disappointing it was inevitable for the safety and wellbeing of all concerned. …
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realestate.com.au launches digital inspections
realestate.com.au has announced the launch of a new digital feature to support real estate agents. The move is in response to the government's stricter social distancing measures and allows agents to connect with more consumers in a way that reflects today’s environment with limited social interactions. In light of new government restrictions on group open-for-inspections,…
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How to make your business more financially resilient
John Knight is a qualified accountant and business strategist who shared his tips on business resilience in the face of Coronavirus with Sam McLean
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Open homes and auctions halted
Real estate auctions and open homes are the latest casualties of the COVID-19 pandemic, with Prime Minister Scott Morrison tonight announcing these were among the events that “cannot continue” in a bid to combat Coronavirus. In an address to the nation, the PM labelled 2020 the toughest year for Australians “Our goal is to combat this together by following common-sense…
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Ray White lobbies for ‘essential’ real estate services
The Ray White Group, along with all major real estate brands, is set to lobby the Federal Government in order for its national members to be deemed an “essential service”, the same as the financial services industry, in a bid to prevent a catastrophic fallout in the property sector. Ray White Group Managing Director Dan…
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Conduct of open homes and public auctions by real estate agents
On Sunday night, the Prime Minister made it very clear that all Australians should immediately cease unnecessary travel and cease all unnecessary social interaction in order to limit the spread of the Coronavirus. With this in mind, the Real Estate Institute of Australia is now calling on all real estate agents across Australia to make significant changes to the way…
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REIA Awards for Excellence cancelled
The recently postponed REIA National Awards for Excellence have now been cancelled completely for 2020. President Adrian Kelly said, considering all the unknown factors of the coronavirus pandemic, it was the wisest course of action to take. “Postponing the awards until October is still too risky when we don’t know what the future holds, particularly in terms of public gatherings…
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Auctions busy, but clearance rate slows
This week proved the second busiest for auction activity in 2020, however the preliminary clearance rate took a hit as a result of continued uncertainty around COVID-19. According to the latest figures from CoreLogic, this weekend saw 2,539 homes taken to auction across the combined capital cities, returning a preliminary auction clearance rate of 61.3…
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‘New normal’ continues to create competition at auction
The agility of Ray White members to adapt to the new rules surrounding large gatherings passed its first hurdle this week with many successful auction events safely held across the country. Ray White‘s members had 101 auctions scheduled on Wednesday night and the early indications are that 69 per cent have sold, with more 3.8 registered bidders per property and…
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Vendor Paid Advertising works – don’t kill it
The emerging trend of ‘off-market’ sales is putting some vendors at risk of underselling their properties, one real estate CEO has warned the industry. Starr Partners CEO Douglas Driscoll said it’s not inconceivable that some people could be underselling their homes by as much as five per cent, which, on a $1 million property – the median price of a…
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How real estate agents can market property in the age of COVID-19
With an estimated 115,000 listings on the market (according to CoreLogic), agencies are looking for solutions that allow them to continue to transact property – particularly if consumers are subject to further isolation and quarantine measures which can make the familiar arrangements a challenge. Strategies to contain the spread of the virus, such as enforced isolation and public gathering restrictions,…
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Coronavirus fallout prompts RBA to slash rates
The RBA has officially cut interest rates to their lowest level on record in the fight against the economic fallout from the coronavirus. In an emergency meeting yesterday, the RBA reduced the official cash rate to 0.25 per cent down from 0.5 per cent. The RBA has only recently cut the cash rate from 0.75 per cent at its monthly…
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LJ Hooker launches new brand tagline
LJ Hooker has announced its new brand tagline which looks to connect with consumers of today during their big life moments, such as buying or selling their home. The new tagline ‘When you know, you know’ empowers the consumer and refers to the instinctual side of decision-making, while also encapsulating LJ Hooker’s industry knowledge and experience. The tagline is a…
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Whatever it takes – RBA looks to expansionary monetary policy
In the wake of the COVID-19 pandemic, the Reserve Bank of Australia has announced it is re-starting quantitative easing measures to support Australia’s financial system. A statement today from Governer Philip Lowe says the RBA is working closely with the Australian Government to ensure that Australia’s financial markets continue to operate effectively and that credit is available to households and…
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Auctions continue to defy doom and gloom
Auction markets remain strong despite coronavirus concerns, with 2220 properties taken to auction across the capitals this week, returning a preliminary clearance rate of 70.6 per cent. CoreLogic notes this figure is well above last week’s national volume when 1,494 auctions returned a final clearance rate of 68.6 per cent. “After the remaining results are collected it is likely that…
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Stimulus supports property industry – but will it be enough?
“HIA welcomes the Australian Government stimulus package, particularly the support provided for apprentices,” said HIA Chief Economist, Tim Reardon. “The residential building industry has contracted by around 20 per cent from its peak during the May 2018 quarter and most indicators showed an improvement in conditions in the second half of 2019. “Australia is emerging…
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Ray White plans pawsome day to connect with community
Property group Ray White is planning a national Backyard Pooch Party event with offices across the country joining in to raise funds for various animal focused charities such as RSPCA and the World Wildlife Fund. Held at local parks and open to anyone to join on March 29 across Australia, will consist of a picnic…
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14 Aussie wine regions set to outperform Sydney’s market
New research by national advisory firm Propertyology has revealed there are 14 wine-producing regions where property price growth looks set to keep outperforming the Sydney market. Head of research at Propertyology, Simon Pressley, said investors who’d already removed their regional biases and actually studied the data had been well rewarded. “I’ve run the numbers and these regions smashed Sydney on…
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Why your profit has disappeared
Why self-interest and an over simplification of how real estate agency's make money has caused profit to dry up in today's real estate industry. There are three good indicators you are making a record profit. You have recorded settlements beyond your own expectations, and not increased your cost base, you have larger cash reserves than…
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Expats set to lose their CGT exemption
Australian residents living overseas will now lose the capital gains tax (CGT) exemption on their family home after new laws were passed by Parliament. The new changes mean that foreign residents who don’t file income taxes will now be forced to pay capital gains tax when they choose to sell the family home. Previously the family home wouldn’t have attracted…
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Melbourne and Sydney dominate luxury price growth
Luxury residential price growth in Australia is highest in Sydney and Melbourne, according to the results of the Prime International Residential Index (PIRI 100) in Knight Frank’s The Wealth Report 2020, released today. The PIRI 100, which tracks the movement of luxury residential prices in 100 cities and second home markets globally between December 2018…
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Farewell to Jock Kreitals, CEO REIA
REIA CEO Jock Kreitals is set to bid farewell after five years at the helm of the organisation and 12 years in total at the Real Estate Institute of Australia. President, Adrian Kelly said he has been very appreciative of Mr Kreitals’ contribution over the past decade and thankful for the excellent shape that he is leaving the REIA in.…
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Rent.com.au & Novatti partner to develop RentPay
Rent.com.au has partnered with global software group Novatti to deliver RentPay. According to an ASX announcement, the agreements comprise a Subscription Agreement and a Software as a Service agreement. The partnership is slated to deliver: a 36-month SaaS Agreement with Novatti to build and operate payments backend. Novatti’s payments scale and potential banking capability allow for compelling customer offer. Key…
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Rental values on the up
A quarterly review of national rents by CoreLogic showed that rents surged 0.5% higher over the month to January 2020 to record a current median rental value of $440/week. According to Eliza Owen who heads up the company’s residential research division, this was the highest monthly growth rate in the national rental index since January…
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Airbnb promotes party prevention
Short-term rental platform Airbnb is encouraging its hosts to use third-party surveillance devices in a bid to cut down on disruptive behaviour. Airbnb came under fire last year for incidents in the US where guests have damaged properties and thrown wild parties – and now the company is taking a stance. Starting today, we are banning “party houses” and we…
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Short-term property management company MadeComfy expands to Canberra
Short-term rental management company and official Airbnb partner MadeComfy has recently announced its expansion into the Canberra market. Currently operating across Sydney, Melbourne, Brisbane, the Gold Coast and Sunshine Coast. the short-term management specialist has found strong demand for quality accommodation in the nation’s capital, with occupancy rates among the highest in the country, consistently averaging between 80-90 per cent.…
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Economy up 0.5 per cent in December quarter
The Australian economy grew 0.5 per cent in seasonally adjusted chain volume terms in the December quarter 2019 and 2.2 per cent through the year, according to figures released by the Australian Bureau of Statistics (ABS). ABS Chief Economist Bruce Hockman said domestic demand remained subdued with 0.1 per cent growth in the December quarter, while a pick up in…
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Housing affordability down 2 per cent in December quarter
As interest rates continue to shrink on home loans, the ability for people to buy their own home has also reduced. According to the REIA Housing Affordability Report for the December 2019 quarter, affordability has declined another two per cent. In practical terms this means the proportion of income required to meet loan repayments has increased to 34.7 per cent,…
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Movers and Shakers
New offices, brand expansion and experienced agents taking on fresh roles…it’s been a couple of weeks of movers and shakers. Here’s a quick run down of recent moves and changes across the country.
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Take a stand for your health: VariDesk
According to the World Health Organization, the average adult spends about a third of their life at work, and in a sedentary era ruled by technology, chances are much of that is spent sitting. In real estate it’s no exception and it’s little secret that’s no good for your health. “The term ‘sitting disease’ is a phrase that is being…
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Rising star appointed to lead Ray White Commercial
Ray White Commercial has appointed Andrew Freeman, who has been with the family group for 18 years, as the new Head of Agency Operations. Mr Freeman has had an illustrious career with the family-owned and led brand, and after sitting down with Ray White Group Managing Director Dan White, was convinced his next step would be into the commercial network.“I’d often…
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MyDesktop acquired by Real Estate Investar to create “CRM of the future”
Domain has announced the sale of its customer relationship management product, MyDesktop, for $14 million to Real Estate Investar. Domain Group Chief Executive Officer and Managing Director, Jason Pellegrino, said the sale was a continuation of Domain’s objective to simplify and optimise the business, and deliver the best value to agents. “We recognise the importance of CRM systems to every…
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Coronavirus fears force the RBA to cut rates to 0.5%
Fears that the coronavirus will weigh on both the local and global economies has forced the RBA to slash the official cash rate by 25 basis points to 0.5 per cent. The RBA made the decision to cut interest rates to a record low level in what is the fourth cut in 12 months. The unprecedented fallout from the coronavirus…
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More regions in positive territory: Herron Todd White
More of the nation’s regions have progressed into positive property value territory, according to the latest findings from Herron Todd White. This week their market data indicates housing in Canberra and the New South Wales central west continues to sit at the peak of the property market, while Sydney, the Sunshine Coast, Gold Coast and Rockhampton are fresh faces on…
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House price rebound continues with new highs in sight
House prices across the country have continued to grow in value in February, with Sydney and Melbourne again the strongest markets in the country. According to the latest data from CoreLogic, median house prices across the combined capital cities jumped 1.2 per cent in February. Again it was Australia’s two major cities, Sydney and Melbourne that are doing the bulk…
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