INDUSTRY NEWS
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Ouwens Casserly appoint new COO
Ouwens Casserly Real Estate has expanded its senior leadership team with the appointment of John Thompson. Mr Thompson joins OC in the newly created role of Chief Operating Officer (COO), offering strategic support and leadership across all divisions of the business. “John has been managing a hugely successful recruitment business that has more than tripled in revenue over his seven-year…
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REIWA says east coast property woes won’t impact WA
Despite property woes in capital cities across the east coast, Real Estate Institute of WA (REIWA) president Damian Collins cannot see Western Australian property prices following the same trend. “Any agent in Perth they will tell you they are reasonably optimistic because stock is selling at better prices than six months ago,” he said. “Our days on market are down…
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Australian housing at its most affordable since 1999
HIA’s Housing Affordability Index for the June Quarter 2020 indicates national property prices are at their most affordable since 1999. HIA’s Affordability Index is calculated for each of the eight capital cities and regional areas on a quarterly basis and takes into account the latest dwelling prices, mortgage interest rates, and wage developments. Housing affordability improved in the June quarter…
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Harvard economist: Australia has most overvalued property prices in world
Leading Harvard economist Harry Dent has warned he believes Australian property prices are set for a huge fall. Dent is a Harvard MBA graduate, a Fortune 100 consultant, a New York Times bestseller, and claims to have correctly predicted “nearly every major economic event in the past three decades including the 90s recession, the decade-long bull market which followed it,…
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New online tool helps estimate reno costs
If you’ve been watching The Block recently, you may have noticed that Suncorp and CoreLogic are both among the sponsors. The pair have teamed up to launch a new renovation calculator, aimed at helping those inspired by The Block work out the cost of home renovations, according to the room, renovation type, and particular suburb you are renovating in. The…
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Domain launches new spring campaign
Domain have launched their latest lighthearted campaign, ‘see the possibilities’, which plays on those ‘it’s time’ moments, when people know they need to make a property change that’s a better fit for their current lifestyle. The campaign is “centered on the human truths underpinned by changing search behaviour” from needing a proper home office to wanting more natural light. The…
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REIV: Lack of info from Daniel Andrews ‘extremely frustrating’
Real Estate Institute of Victoria (REIV) president Leah Calnan has spoken out against the lack of consultation between the government and the industry. “There’s been a real lack of communication with our industry — it’s extremely frustrating,” Ms Calnan said. “We need to know what’s going on so agents can start planning, so they can prepare contracts, engage solicitors, organise…
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Consumer connection the focus as Real Estate Industry Partners announce new CEO
First established about three years ago, REIP includes some of the sector’s biggest brands and independent agencies. Now they’re looking to improve the profile of the industry by working alongside the national and state real estate industry (REI) bodies to offer a unified national voice at a consumer, industry, and government level. Set to commence the role on September 22,…
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Trouble at the mall as landlords and tenants ponder mutually assured destruction
“This is not a bluff,” Scott Evans, the chief executive of Mosaic Brands, has said of his threat to permanently close 300 to 500 stores in Australia unless landlords reduce rents. Mosiac’s network of about 1300 apparel stores includes Katies, Noni B, Rivers, Rockmans, Millers and Crossroads. With stores shuttered temporarily due to COVID-19 restrictions, it posted a A$170.5 million loss in the…
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realestate.com.au springs into fresh campaign
realestate.com.au has surged to an all-time audience high, reaching 12 million Australians in July, as the brand announced the launch of its new campaign. The campaign extends upon the successful ‘Millions More Buyers’ messages and continues to leverage the platform’s market leadership position of having the largest and most engaged audience of property seekers. REA Group Executive Manager, Consumer Marketing,…
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HIA: Home building slump will weigh down GDP
The decline in residential building work will “compound the contraction in Australia’s Gross Domestic Product in the June quarter,” according to HIA Senior Economist Geordan Murray. The total value of residential building work done declined by 5.5 per cent in the June quarter, and is down by 12.1 per cent compared with a year ago. Mr Murray notes that the total value…
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Animals will now be allowed to live in strata buildings
An amendment has passed in the NSW Upper House, stopping strata management from passing by-laws that “unreasonably prevent owners and occupiers from having companion animals”. Animal Justice Party MLC Emma Hurst passed the groundbreaking amendment, making the following statement: “There are apartment and townhouse complexes in NSW that have by-laws that prevent people from having a companion animal, and there…
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ANZ: Melbourne house prices to fall by 15%, Sydney not much better
Melbourne house prices will fall by 15 per cent, according to new predictions by ANZ’s economists. The bank also forecasts tough times for Sydney owners, with housing set to drop by an estimated 13 per cent. It predicts the bottoming out of prices will likely occur in the second half of 2021. The bank predicts a national price drop of…
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REIV announces new board of directors
Members of the REIV have chosen four new directors to serve on the board, with Jacob Caine, current president Leah Calnan, Adam Docking and Andrew Meehan all set to take up their positions from October 1, 2020. Current president Leah Calnan and senior vice president Adam Docking were re-elected for their third and second three-year terms respectively. Jacob Caine and…
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Why more companies are going dog friendly
Bringing pet dogs into the workplace is becoming increasingly common. Large companies like Google, Ticketmaster and challenger bank Monzo are just a few that have joined companies in the pet sector (like Pets at Home) that allow employees to bring their dogs to work. Dogs are even being labelled as a new “must-have accessory” in smart offices. But research shows that 64 per cent of workplaces do not…
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Crown Group CEO calls for ‘wellness’ to be integrated into building standards
Crown Group Chairman and CEO Iwan Sunito is calling for tenants’ physical and mental wellbeing to be considered and incorporated into building design standards in the post-COVID world. “Many people are spending more time working from home, studying from home, home-schooling their children and exercising and recreating,” Mr Sunito said. “People who live in well-designed homes that offer plenty of…
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REA launches new tools for self-managed landlords
REA Group has announced a new experience for self-managed landlords to either connect with an agency on realestate.com.au, or list their rental property directly on the site. Set to go live later this month, the move comes in response to research highlighting that over one third of investors now self-manage their rental properties, presenting an untapped segment for realestate.com.au consumers and customers to…
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Leading retail group to close up to 500 Australian stores
Mosaic Brands, the retail group that owns fashion brands such as Millers, Noni B, Rivers, Katies, Rockmans and more, has delivered a disastrous FY20 loss along with news it plans to shut as many as 500 stores over the next two years. The group owns 1332 Australian stores, employing 6800 people across the country. Today they announced an underlying loss…
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McGrath announces pleasing FY20 results
McGrath Limited has announced a significant turnaround in fortunes this past financial year. The company posted underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $3.7 million, excluding $2.2 million worth of government COVID-related grants, for the year to 30 June 2020. This is compared with a loss of $6.4 million in the previous year, and amounts to a…
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McGrath appoint new CEO after Geoff Lucas resigns
Geoff Lucas has stepped down from the role of Chief Executive Officer at McGrath Limited. Mr Lucas’ resignation was announced on the same day the company released their FY2020 financial results. “The Board had accepted Mr Lucas’ resignation and paid tribute to his service to the company during what has been a difficult two and a half years for the…
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Openn Negotation releases major app upgrade
Online real estate sales platform, Openn Negotiation, has released a major upgrade of its app – making transparent property sales even easier. With the release of Openn 3.0, it’s faster to navigate the platform, easier to find and manage properties, and when buyers are ready, to place a bid. The latest version of the Openn Negotiation app can be downloaded…
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Off-the-plan and new builds surge as stimulus takes hold
A sharp uptake in off-the-plan and new build sales is potentially underpinning the nation’s real estate market, with owner-occupiers taking advantage of various stimulus packages, according to LJ Hooker. Mathew Tiller, LJ Hooker’s Head of Research, credits “pent up demand” after the shutdown, record low interest rates, and the various state and federal-led stimulus packages for the surge in off-the-plan…
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VIC Government proposal will make real estate training harder and more costly
The Victorian Government has proposed massive changes to the educational qualifications for the real estate industry, and time is running out to oppose them. If implemented, these changes will require those planning to enter the industry to spend substantially more time and money gaining tertiary qualifications. Potential ‘Agent Representatives’ will be impacted the most, now required to complete 18 units…
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Hammer falls on another steady auction week
While Melbourne continues to fluctuate, Sydney’s preliminary clearance rate is on the rise, this week coming in at 71.9 per cent, while the national success rate held steady at 64.7 per cent. CoreLogic reports 1082…
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Commercial rental collection kept rising in July
CREDIA, a new online resource of commercial property leasing indicators from Re-Leased, has published Australian rental collection data for July which shows payment rates continue to improve. Throughout the month of July, 74 per cent of commercial rent was received by landlords within 30 days, compared to 71 per cent in June. The pre-COVID monthly average was 89 per cent. …
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Commercial tenancy code extension could spell disaster
An extension of the commercial leasing code of conduct by state and territory governments would impose an extra $4.8 billion in costs on commercial property owners, according to the Property Council of Australia. This is in addition to the $4 billion impact of the leasing code on commercial landlord revenues for the five-month period from April to September. This could…
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Lenders slashing investor interest rates, despite extra scrutiny
New RateCity data shows that 47 mortgage lenders in Australia have reduced investor interest rates over the past two months. This is despite both the extra scrutiny lenders now undergo when applying for such a loan, and the RBA holding steady on the 0.25 per cent official cash rate. Of those 47 lenders, the average reduction was 0.27 per cent…
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More urban sprawl while jobs cluster: working from home will reshape the nation
For most of us the experience of working from home this year has, on balance, been positive – enough that it may well become the norm after the COVID-19 crisis ends. But modelling by Victoria University’s Centre of Policy Studies shows there will be costs alongside the personal benefits, with more urban sprawl, job flight to the biggest cities and…
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Pause On Evictions Extended in Victoria
The Victorian Government yesterday announced an extended ban on evictions and rental increases until the end of the year, increase assistance and ensure tenant turnover is taken into account in rental negotiations – giving tenants certainty and security they won’t lose their home or workplace during the pandemic. Victorian Premier Daniel Andrews said, “No one should have to be worried…
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Offr platform to launch in Australia
A prop-tech platform that digitises the buying, selling and leasing process for real estate agents and buyers, has raised close to AU$5m in seed funding. Launched just 10 months ago, Offr digitises over 85 per cent of the process of buying and selling property for agents and their customers. It also makes international trading of property possible for buyers online,…
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Lenders shy away from commercial sector
A new report by CBRE has found a number of factors are making lenders more reticent in their lending practices for commercial properties. The report explains how increasing economic uncertainty brought about by the onset of COVID-19 has resulted in retailers struggling to stay open and pay the rent. Commercial rent in most Australian office markets has declined, and vacancy…
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Starting a rent roll the right way
So, you’re an amazing property manager. Your landlords love you. And now you’re ready to take the leap and start a rent roll of your own. There’s no doubt, owning a rent roll is one of the most rewarding things you can do in your property management career. But it comes with risks, potholes, and so many stresses that are…
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Shorter meetings but longer days – how COVID-19 has changed the way we work
One of the many things COVID-19 has had a dramatic impact on is the way many of us work. Those fortunate enough to be able to work from home have been able to adapt to this new reality – and it certainly has been “new”. Perhaps the biggest question for both employers and employees is whether working from home has…
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Barry Plant auction to support childhood cancer
For the third year in a row, Barry Plant is teaming up with Simonds Homes and Satterley developers for the ‘Home for a Cure’ campaign, raising much needed money to support the My Room Children’s Cancer Charity. The past two years have seen Jim Hatzimoisis, Director at Barry Plant Taylors Lakes auction off house and land packages, raising over $1.3…
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Josh Tesolin recruits three top agents for new Ray White office
Since joining the Ray White Group a little over a month ago, Josh Tesolin hasn’t let up for a minute. He has listed 30 properties, sold five, and this week recruited three top agents for his new Ray White Quakers Hill office. The new acquisitions are Taylor Bredin, Nathan Beazley, and Marc Haddad. “I am on a mission to be…
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