INDUSTRY NEWS
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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 the end of September for…
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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 Government is offering a range…
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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 businesses that rely on discretionary…
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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 theirs for an appraisal. “We…
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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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Kevin Rudd has bought Pat Rafter’s former $17m Noosa mansion
While a lot of Aussies assumed we'd be watching week two of Wimbleton at the moment, nobody could have predicted that the mystery buyer for Aussie tennis legend Pat Rafter's $16m Noosa mansion is none other than Therese Rein, the wife of former PM Kevin Rudd.
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Are you eligible for a $3000 Small Business Recovery Grant?
As we all know all too well, the real estate industry has been hit hard by COVID-19. Luckily, things are improving, but many businesses still need a cash boost in order to make the transition back to normal.If you are a small business owner, you may be eligible for a grant of up to $3000 from the NSW Government.The Small…
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Domain print titles to start publishing again
Domain Magazine will start republishing its print magazines this month.Production and distribution restrictions, coupled with a ban on live auctions, forced Domain to suspend print publishing at the end of March.Domain Magazine will restart publishing on Friday July 31 in the Australian Financial Review, and the following day in The Age and Sydney Morning Herald.Sydney…
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New strata data examines the growth of apartment living
Twenty per cent of Australians and five per cent of New Zealanders now live in strata-titled properties, according to a new report from UNSW’s City Futures Research Centre. Of the almost three million strata and community-titled properties in Australia, over 960,000 are in NSW, with the insured value of the properties nation-wide growing by over $100 million in the past…
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Are you in a HomeBuilder boom area?
The Federal Government's Home Builder Grant looks set to stimulate the economy, with the December deadline to sign with a builder causing many to leap into home ownership.Wealthi's co-founder Domenic Nesci has pinpointed the areas most likely to see a boom in production."Western Sydney is perfectly placed to benefit from the incentives, new investments in…
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Perth sales hit a five-year high
Perth is coming off its strongest month for sales since 2015, with transactions in June up 55.1 per cent from May. REIWA data shows that land sales in particular rose a striking 289 per cent from the previous month, with 1471 blocks sold. Dwelling transactions rose 15 per cent from May, with 3990 properties changing hands. While any comparative statistics…
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Thodey report recommends land tax, not stamp duty
NSW stamp duty should be replaced by land tax, according to a recommendation of the Thodey Report, which was released today. Instigated in 2019 by NSW Treasurer Dominic Perrottet and chaired by former Telstra Boss David Thodey, one of the draft report’s key recommendations is that broad-based land tax is more efficient and equitable than…
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Values fall in June across the larger capital cities
Despite Australians beginning to take baby steps out in the world again, real estate values across the combined capitals have continued to drop for the second month in a row, falling 0.7 per cent in June, after a 0.4 per cent decline in May. But it’s not all bad news for owners – especially those in Hobart and Darwin. The…
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Real estate goes online in Covid-19 hotspots
The Victorian Government on Tuesday announced that in light of rising cases of Coronavirus, ten postcodes with the highest amount of incidents would return to Stage 3 restrictions. REIV President Leah Calnan said real estate business will adapt their processes by reverting to inspections by appointment and online auctions in Melbourne’s ten COVID-19 hotspots. “Any return of restrictions is frustrating…
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Planning Development Unit a huge win for good growth in NSW
The Property Council of Australia has today welcomed the announcement from the NSW Government on the new Planning Delivery Unit (PDU) which will work with government agencies to unblock planning projects stuck in the system and streamline planning processes. “Today’s announcement is a significant win for the property and construction industry, and a positive step towards fixing the planning system…
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EBM RentCover stresses importance of following rent freeze process
EBM RentCover is stressing the importance of following the government’s rent freeze process after receiving an influx of inquiries from landlords relating to COVID-19. EBM RentCover Managing Director Sharon Fox-Slater explained while there hadn’t been a notable rise in insurance claims during the past couple months, there had been a significant uptick in inquiries from landlords seeking clarity on what…
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Auctions go back online for some suburbs in Victoria
Public auctions and open for inspections have been taken off the agenda in Melbourne's current coronavirus hotspots. While Victorian Premier Daniel Andrews has ordered the establishment of into the operation of the hotel quarantine program thought to be the cause of the community transmissions, it's a case of back to the future for the real…
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HomeBuilder a potential win-win across six key areas
The federal government’s new HomeBuilder scheme offers eligible Australians money to renovate or build a home. While it’s attracted controversy, HomeBuilder does offer a much-needed opportunity to make old homes more energy-efficient. Research released in March showed the energy performance of housing must improve by an average 44-48% in the next decade for Australia to reach net…
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Super and first home buyer schemes restart tomorrow but are they a good idea?
Two major government schemes restart tomorrow as the new financial year begins but comparison site RateCity.com.au is warning Australians to think before they jump in. From July 1, eligible Australians financially affected by COVID-19 will be able to access up to $10,000 extra from their superannuation. Round two of the First Home Loan Deposit Scheme…
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Agents urged to remain vigilant on social distancing requirements
After a return to stricter controls in Victoria, the REINSW is urging agents to remain vigilant when it comes to social distancing. Noting the current situation in Victoria is a timely reminder for all that COVID-19 has not been put to rest, they’re calling on agents to exercise caution, especially at a time when the property market is proving buoyant. …
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Home loan rates hit new record low of 1.99%
Fixed home loan rates continue to tumble, with Bank of Us the first lender to offer the average Australian a fixed home loan rate under 2 per cent. Bank of Us has announced the record-breaking rate of 1.99 per cent, fixed for 1 to 3 years, for owner-occupiers paying principal and interest repayments with a…
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Positive signs for spending when restrictions ease
Australians who had reduced spending on items including eating out and recreational activities due to COVID-19 are expecting this to increase when restrictions ease, according to latest data from the Australian Bureau of Statistics (ABS). However, the sixth Household Impacts of COVID-19 Survey found that people who had spent less on items including household furnishings, clothing and…
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Seller confidence on the up as clearance rate holds steady
Seller confidence continues to improve with the capitals reporting the highest number of auctions in nine weeks on Saturday, along with volume and clearance that exceeded this time a year ago. CoreLogic reported 1424 homes went to auction at the weekend, returning a preliminary clearance rate of 64.5 per cent. “This was the highest number…
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Homely has joined Harcourts Coastal to co-sponsor the Gold Coast Titans
Real estate portal homely.com.au has teamed up with Harcourts Coastal to become the front-of-shorts sponsor for the Gold Coast Titans NRL team. Homely will appear as the front-of-shorts sponsor on the Titans’ away playing kit while Harcourts Coastal will feature on the home playing kit during the 2020 NRL Telstra Premiership season. Homely Co-Founder, Jason Spencer said he was extremely…
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Noosa scores Qld’s priciest properties and Mackay market soars
Queensland’s residential property market continues to show strong and relatively stable results, with regional markets leading the charge. According to the Real Estate Institute of Queensland (REIQ), the first three-monthly quarter (1 January 2020 – 31 March 2020) indicates the Sunshine State remains resilient. The state’s capital, which achieved the highest number of annual sales, saw modest price increases in…
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Real estate sector focused on selling and renting safely
Real Estate Institute of Victoria (REIV) President Leah Calnan has vowed the real estate sector will continue to do everything it can to help fight Covid-19 as further restrictions were announced across Victoria. In response to an increase in cases of Coronavirus, the Victorian Government announced a return to tighter restrictions which means that crowds at auctions and open house…
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Homebuilder and infrastructure help stimulate buyer activity
The recently announced HomeBuilder grant and major infrastructure projects are attracting committed buyers to entry-level markets in Australia’s capital cities, according to Raine & Horne. HomeBuilder provides eligible owner-occupiers, including first home buyers, with a grant of $25,000 to build a new home or substantially renovate an existing home. To be eligible for the grant, a couple must earn less than $200,000…
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Prop-tech startup Yabonza makes first acquisition with Easyshare
Australian-founded prop-tech startup Yabonza has acquired sharehouse payments startup Easyshare in a bid to simplify rental payments on its property management platform. The cash and equity deal is the first acquisition for Yabonza and is a move that aligns closely with the platform’s tech, growth and leadership objectives. Easyshare was founded in 2015, with the goal of making payments for…
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Australia’s variable rate hits new record low
An online lender has become the new leader in the mortgage rate wars as variable home loan rates continue to drop, hitting a new record low. Freedom Lend is now offering a variable rate of 2.17 per cent, for new customers with a deposit of 30 per cent of more. RateCity.com.au Research Director Sally Tindall said home loan rates have…
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Never say never: Bond villa up for sale
Sir Sean Connery was the quintessential James Bond. The screen’s original 007: smart, handsome, refined, debonair and the most popular of the nine actors who took on the classic-spy role created by British-naval-intelligence-officer Ian Fleming in 1953. Instantly recognized by most people through the James Bond film franchise of the 1960s to ‘80s including Goldfinger, Diamonds are Forever, Dr.…
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Automated connection services to benefit Qld agencies and tenants
The Real Estate Institute of Queensland is set to launch a new automated utilities connection service which will save agencies time and money, and deliver a better experience for tenants. Part of REIQ‘s Realworks platform powered by Hutly, the new feature uses One Touch Execution and enables real estate agencies to nominate their default utilities connection provider so that all…
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REIV welcomes new minister
Real Estate Institute of Victoria President Leah Calnan has welcomed the appointment of the Hon Melissa Horne as Minister for Consumer Affairs, Liquor and Gaming Regulation. The Victorian Government yesterday unveiled its new ministry with Minister Horne appointed to the portfolio that oversees the real estate profession. The REIV has written to the Minister, congratulating her on the appointment. Ms…
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Perth weekly sales transactions hit seven-year high
Data from reiwa.com has revealed over 1000 sales transactions occurred in greater Perth for the week ending 21 June 2020 – almost double the 52-week average of 539 sales per week and the highest level of activity seen since June 2013. REIWA President Damian Collins said the Perth metro market has certainly started to pick back up and is not…
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Australian expats looking to buy ‘back home’ in the luxury market
Australian expats are increasingly looking to purchase property ‘back home’ as the impact of Covid-19 unfolds, and many of those are looking to buy at the higher end of the residential market, according to a Knight Frank survey. The survey, carried out amongst Knight Frank’s global network of prime agents, found 64 per cent said the lockdown had influenced expats’…
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Homely hits 400 partners across the country
A milestone 400 launch partners – including many industry heavyweights – have signed on to Homely’s Agent Participation Program nationally, helping the company on its way to its goal of providing an affordable digital real estate marketplace in Australia. The program, which provides agents with a financial interest in a major national real estate portal, aims to create a new…
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