Industry News
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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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Property Council welcomes ‘business hibernation’ plan
The Property Council has welcomed the commitment of the Commonwealth, state and territory governments to develop a package of measures to help Australian businesses get through the current economic crisis caused by the coronavirus outbreak. "The Prime Minister's proposal for a 'business hibernation' package recognises the critical importance of helping as many Australian businesses make…
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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”…
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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,…
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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…
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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…
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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…
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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…
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Property reforms commence in NSW today
The real estate and property reforms start today - Monday, 23 March 2020.If you have a certificate of registration or a licence to work in the property services industry in NSW the following changes have occurred. If you are currently a nominated LIC or a sole trader and have notified Fair Trading you are now…
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Tenants may get rent relief but landlords need protection too
The Australian Government, in conjunction with the State Governments is considering new measures to protect tenants who are unable to pay their rent due to COVID-19.
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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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Government announces further measures for business to save jobs during coronavirus crisis
The Federal Government has released the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. A total of $189 billion is being injected into the economy by all arms of government in order to keep Australians in work and businesses in business. This…
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NSW and Victoria propose lockdown of non-essential services
The inevitable escalation of measures to control the spread of coronavirus across Australia will have a profound impact on business and the economy for many months to come. With New South Wales and Victoria now proposing a lock-down of non-essential services within the next 48 hours it is reasonable to assume other states and territories…
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UK Government provides protection for renters affected by coronavirus
The Ministry of Housing in the UK has announced a radical package of measures to protect renters and landlords affected by coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time. The government department, in a press release, said that emergency legislation…
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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 –…
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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…
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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…
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REIV works with Government to assist landlords and tenants
With real estate agents, landlords and tenants all facing uncertainty due to the spread of coronavirus, the Real Estate Institute of Victoria is investigating concerns from conducting inspections safely through to dealing with rental arrears. REIV is seeking clarification from Consumer Affairs Victoria regarding some current practical matters to provide some clarity to all stakeholders.…
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REIWA calls for safeguards in wake of coronavirus
REIWA is urging the state government to consider additional rent assistance for residential tenants who lose their jobs and safeguards for landlords if the tenant can no longer afford to pay rent as a result of the coronavirus pandemic. It comes as welfare and arts bodies call for a ban on housing evictions over the…
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AREC 2020 deferred due to virus
Total Real Estate Training (TRET) has today advised that due to the risks associated with the Coronavirus pandemic, The Australasian Real Estate Conference (AREC 2020) that was to have been held on the Gold Coast on Sunday 31st May and Monday, June 1, will be deferred. Nichola Byrne, General Manager of TRET, the organiser of…
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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…
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realtor.com to show three value estimates for sale and off-market homes
In the US, realtor.com has announced it will now display estimated property values from three widely respected sources on for-sale and off-market properties. To provide more insight into a home's value, realtor.com is partnering with the same trusted data providers used by lenders and insurance companies to estimate a property's value. While not an appraisal, this data…
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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…
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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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Hannah Gill named an ACT Telstra Business Woman of the Year
The Managing Director of a Canberra property management business has been named as one of five Telstra Business Women of the Year in the Australian Capital Territory. Independent Property Management's Hannah Gill won the medium and large business award this week and will go on to the National Awards in Sydney in May. Ms Gill…
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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…
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Realtor.com’s introduces noise indicator
There are many things you can determine from a property listing - a home's size, location, aesthetics, school districts and much more. However, there are some things you simply can't see - such as how noisy or quiet a property may be. That's why US real estate listings website, realtor.com has introduced a new noise…
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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…
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