Industry News
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Auction action drops in June quarter
The June quarter saw both auction volumes and the clearance rate drop as many sectors of Australian business were severely impacted by COVID-19, the latest CoreLogic data reveals. Social distancing measures were increased immediately prior to the June quarter, including a ban on all on-site auctions and inspections. Coupled with the economic crisis, many property…
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More of Sydney’s CBD to go pedestrian-only from next week
The City of Sydney has fast-tracked plans to turn more of George Street into a pedestrian-only boulevard, a move that will substantially change the heart of Australia's largest city. From Monday, the following changes will be made to the city. The extension of the existing southbound lane closure of George Street between Bathurst and Campbell…
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Record number of home loans refinanced in May
Both the total number and total value of refinanced home loans hit a new high in May. Finder analysis of recent ABS data reveals 33,712 Aussies refinanced their home loan in May, to the tune of $15.1 billion. These figures were up $12 billion from April - the previous record. Almost two third (64 per…
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HTW Month in Review sees southern capitals top of the property clock
Heron Todd White (HTW) has released their month in review, with a series of new suburbs entering different positions on the property clock courtesy of recent Covid-19 events. Top of the clock are a swag of new areas, with Adelaide, Melbourne, Canberra and Hobart among them, while Sydney continues to be positioned in the beginning…
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New home loan data may suggest a slight recovery
Data released last Thursday by the ABS showed the value of new loan commitments across Australia fell by 11.6 per cent over May, representing the largest single monthly drop on record. Despite the May figure sitting $2 billion below the average lending level of the past decade, CoreLogic's data suggests June results may indicate a…
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Leanne Druery joins RE/MAX Results team
Top Mackay real estate agent and Transform 2017 winner, Leanne Druery, has joined the RE/MAX Results team, bringing her award-winning talents to the global brand. Over the past seven years, Ms Druery has embedded herself into the tight-knit Mackay community, a situation that isn't set to change with her shift to RE/MAX. “I’m still the…
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LeBron James treats himself to a $56m Beverly Hills mansion
Since signing a four-year, A$221m deal with the L.A. Lakers in mid-2018, NBA superstar LeBron James has splashed out on three mansions in the city. His latest purchase is his most lavish yet, - a $56 million Beverly Hills pile, formerly owned by Lee Phillip Bell, creator of The Young and the Restless, and The…
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Mount Panorama property surrounded by iconic race track hits the market
Imagine being able to tell people your residential address is 489 Conrad Straight, Mount Panorama. The petrol-head's dream property has just come onto the market: 17 acres surrounded by the world-famous Mount Panorama Circuit, home to the Bathurst 1000. Despite its treacherous turns and high-octane reputation as one of the hardest tracks on earth to…
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Shopping mall vacancies hit 20-year high
It's not looking good for the future of the humble shopping mall, as coronavirus hastens the closure of stores inside centres around the country. New figures from JLL show the national vacancy rate in shopping malls rose to an average of 5.1% in June, after sitting at 3.8% just six months earlier. In CBD shopping…
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Preliminary clearance rate shows 62.2 per cent of homes sold at auction
As the weekend results continue to come in, the resumption of lockdowns in Melbourne appears to have had a mixed impact on the auction market, with the Victorian capital recording higher volumes than last year, an increased number of properties withdrawn and a preliminary clearance rate of 63.7 per cent. CoreLogic notes these results are…
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87.7% of homes sold for profit in March quarter
Less than 13 per cent of houses resold at a loss during the first quarter of 2020, despite floods, bushfires and COVID-19. New figures from CoreLogic analysed approximately 72,500 sales over the first three months of the year. It shows profit-making sales in March were only down 1 per cent from the December quarter, a…
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Housing markets tell a stronger tale of resilience: PM Scott Morrison
Prime Minister Scott Morrison has responded to recent data that reveals a record slump in new home loans, noting the drop was not unexpected and the Australian property sector remains resilient. Speaking on the Australian Bureau of Statistics data which indicated new loan commitments for housing dropped 11.6 per cent in May, Mr Morrison said…
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New home loans slump to lowest number on record in May
As expected, new home loans have fallen sharply in response to the COVID-19 crisis, with the latest Australian Bureau of Statistics figures indicating the value of new loan commitments for housing dropped 11.6 per cent in May. Noting this was the largest fall in the history of the series, ABS Chief Economist Bruce Hockman, said…
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Yes Victoria, you can still move during lockdown
REIV President Leah Calnan has welcomed clarification from the Victorian State Government that a person living outside of a restricted area can inspect a home inside a restricted area and vice versa. Many REIV members were left confused following the State Government's decision to enforce Stage Three restrictions in Metro Melbourne and Mitchell Shire and…
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NZ Government unveils huge emissions shake-up for building sector
The New Zealand Government has unveiled an impressive new program to reduce greenhouse gas emissions from the building and construction sector. The industry currently produces 20 per cent of New Zealand's total emissions, through the production of building materials, construction itself, and the energy used in the buildings. They have a goal to reach net…
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Sophie Monk’s Gold Coast mansion up for rent
If you're looking for a swanky bachelorette pad, or simply somewhere to watch The Bachelorette in style, Sophie Monk's Gold Coast mansion can be yours to rent for $1200 a week. The five-bedroom, three-bathroom home sits on 4,000 square metres of land, and boasts an in-ground pool, ocean access, a boat ramp (and boat storage…
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REIA welcomes loan deferral extension
REIA has welcomed the Australian Banking Association's decision to extend the loan repayment deferral period. "Supporting home owners during this phase where they may be finding it difficult to continue paying their mortgage, is to be applauded," said REIA president Adrian Kelly. "If owners and landlords are supported, then tenants, some of who are from…
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Rentals see biggest price drop in over 15 years
Rental prices have plummeted nationwide, with unit rentals experiencing their biggest price drop in over 15 years, according to new figures released by Domain that show a historic fall of 3.2 per cent over the June quarter. “The rental market has become highly fragmented in recent months," Domain Senior Research Analyst, Dr Nicola Powell said.…
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Tasmania first state to accept HomeBuilder applications
The Treasury has announced that, despite some initial hesitations, every Australian state and territory are now signatories to the HomeBuilder scheme. Tasmania is already accepting applications, becoming the first state to do so. ACT will provide information on how to apply next Monday, while QLD has promised information "shortly". Other states are expected to follow…
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REIV: Melbourne is prepared for new COVID restrictions
As Melbourne returns to stage three lockdown, local real estate agencies are feeling a sense of deja vu - which, luckily, makes them well prepared to deal with the recent shift in fortunes. “Real estate in Melbourne and Mitchell Shire will continue to service the community with online inspections returning along with online auctions,” REIV…
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Aussie cricket legend Steve Smith buys $6.6m Sydney property
Australian cricketer Steve Smith has added a luxurious Vaucluse pad to his bulging property portfolio. The former Australian captain paid $6.6 million for the six bathroom, four-bedroom property, which was initially listed for $6.8m. The beautiful property boasts views of Sydney Harbour, a large pool and cricket-friendly yard, a steam room and gym, a spacious…
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Finalists announced for REINSW 2020 Awards for Excellence
The Real Estate Institute of New South Wales has announced the finalists for its annual Awards for Excellence - the most prestigious awards night on the NSW real estate calendar. As REINSW President, Leanne Pilkington explains, it will take more than a worldwide pandemic to still this year's awards. “We have been astonished by the…
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COVID-19 impacts Queenstown, while NZ market activity returns to normal
Today's QV House Price Index (HPI) figures from CoreLogic have shown that COVID-19 has impacted property values to a mild degree, although nowhere near rates shown in Australia.Nationwide property values dropped 0.2%, with four of the six maincentres showing declines. Interestingly, Tauranga and Christchurch increased at the same rate as the national drop, rising 0.2%.…
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RBA Governor Philip Lowe issues July statement
SPOILER: No alarms and no surprises from the RBA. Philip Lowe's statement is below. At its meeting today, the Board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points. The global economy has experienced a severe downturn as…
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Good news: HomeBuilder has caused a boom in new home inquiries
The Federal Government's HomeBuilder scheme has led to a surge in new home inquiries since it was announced in early June. REA have today released their 'Insights New Homes Snapshot' for July, which shows inquiries to developers nationally jumped by almost 63% in June. Even more impressively, inquiries about land experienced a 93% lift over…
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Look inside Cate Blanchett’s $12m Sydney apartment
Cate Blanchett's Macquarie Street split-level apartment in the historical Astor is on the market, with a $12 million guide price. Blanchett bought the eighth floor abode in 2015 for roughly $8 million. The 400sqm property has a stunning view of Sydney Harbour, overlooking the sails of the Opera House. For a further touch of glamour,…
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Walkability: the new gold standard for urban planning
Once upon a time, the Australian dream was to buy a property in the suburbs, taking advantage of the vast networks of highways and the lowering costs of vehicles to get away from the rat race. The suburbs offered plenty of space to raise a family, even if it meant markedly more time in the…
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Rental markets near universities are suffering due to COVID-19
Australian universities are financially reliant on full-fee paying international students. COVID-19 has crippled many industries, but the university sector has been amongst the hardest hit, with Universities Australia predicting losses of $16 billion across our tertiary institutions over the next three years - a dire scenario. The knock-on effects for the rental markets near these…
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REIWA joins call to remove stamp duty
Following on from last week's Thodey Report, which recommended that NSW stamp duty should be replaced by land tax, REIWA has called upon Western Australia to do the same. "Described in the report as an 'unfair and damaging tax', stamp duty is the wrong tax for rebuilding the State Governments' capability to deliver for its…
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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…
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NSW Government offers free mental health work programs
Mental health is a growing concern in many industries, including real estate. The trauma of recent events has impacted workers far and wide, and the toll of such an upheaval in the day-to-day lives of all of us will be felt for some time to come. To help soften the impact of COVID-19, the NSW…
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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…
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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…
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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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