INDUSTRY NEWS
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Clearance rate continues to climb on the back of higher volumes
Both auction volumes and the clearance rate lifted this week, with 1262 homes scheduled for auction in the capitals, returning a preliminary clearance rate of 66.1 per cent. CoreLogic reported this was up from the 63.3 per cent preliminary clearance rate returned last week across 1181 auctions, which later revised down to 59.3 per cent…
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Pandemic doesn’t stop real estate professionals changing lives across the water
When the not-for-profit program Digital Live was conceived in 2017, Steve Carroll was determined to make a difference to the lives of children in need across the water. And he knew exactly who to call on to help make this vision a reality: the passionate Australian real estate industry. Fast forward to 2020 and the achievements are astounding. In just…
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REIWA Awards recognise best in the west
REIWA has recognised Western Australia’s top real estate achievers for 2020, with this year’s event streamed to hundreds of people. REIWA CEO Neville Pozzi said during a difficult and evolutionary year within the industry, the awards were more important than ever to showcase the fantastic work that has been achieved. “The Awards for Excellence are the highest accolade that can…
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Rex reveals brand refresh and updated vision
The Rex team has announced a refresh of its core brand elements. Reflecting the growth and evolution of Rex as a leading Customer Relationship Management system which provides workflow and marketing solutions for real estate agencies, the rebrand elevates the focus on the company’s strength, stability and transformation, and includes a new logo, positioning and future vision. “It’s a major…
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‘Use grants wisely’: property investment consultancy advises first-home buyers
New building stimulus measures introduced by the Federal and WA State Governments are driving a significant rise in first-home buyer inquiry, according to reports from Perth-based property investment consultancy, Momentum Wealth. Combined with the existing First Home Owner Grant and duty concessions, the Federal HomeBuilder Scheme and State Building Bonus Package could see eligible first-home buyers in WA receive between…
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Call for ‘mega’ project fast-track to be applied to across the board
Australia’s leading property advocate has called for the fast-tracking of approvals for nation-building infrastructure projects to be adopted across the board by all levels of government involved in planning and construction approvals. The Property Council of Australia welcomed the Prime Minister’s commitment of additional funding to get new local infrastructure projects out of the ground and accelerate approvals for ‘mega’…
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Off-market listings app changing how WA buys and sells property
With an increasing number of sellers enquiring about off-market listings, an app has been modified to provide West Australians with a new and discreet way to buy and sell property which may not otherwise come to market. REIWA CEO Neville Pozzi said due to the current economic conditions many people were looking for cost-effective and productive ways to buy and…
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Real estate agents identify key areas of support
The extension of stimulus packages and scrapping stamp duty were among nine key areas of support identified by real estate agents across the country as the industry grapples with the challenges that have arisen during the pandemic. The suggestions were the result of a survey of Real Estate Institute of Australia members about measures that will assist the sector to…
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Variable home loan rates tumble to record low
The home loan rate war continued to heat up this week as the lowest variable rate in Australia dropped to 2.19 per cent – and experts predict the competition will only intensify. The special from Reduce Home Loans is for owner-occupier variable customers with loans up to $850,000. Analysis from RateCity.com.au shows that at the end of March just 19…
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Preliminary auction clearance rate rises as volumes increase
The preliminary clearance rate lifted to 63.3 per cent this week as volumes also showed further signs of increasing. Across the capitals, CoreLogic reported 1164 properties were scheduled for auction; the busiest week for auctions since the week ending 19 April. Last week, there were 711 scheduled auctions with a preliminary clearance rate of 59.8 per cent, which later revised…
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Where are the latest home renovation hotspots?
On the back of the new Federal Government HomeBuilder package, property valuation group Herron Todd White has taken a look at the areas in each Australian capital city that are leading the way with renovations. The new HomeBuilder package gives $25,000 to renovators who are looking at spending over $150,000 to improve their home. However, to qualify you need to…
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New home lending takes a dive in pandemic
Home lending has plunged in the wake of COVID-19, with the value of home loans falling dramatically in April – and the worst could be yet to come. The Australian Bureau of Statistics lending indicator data released this week shows new lending dropped by $935.5 million (or 4.80 per cent) compared to March 2020, according to the seasonally adjusted data.…
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Inner Sydney vacancies hit 18-year high, as uncertainty continues to impact residential rental market
The REINSW Vacancy Rate Survey results for May 2020 reveal that vacancies continue to rise across much of New South Wales as Covid-19 disruption continues to impact the residential rental market. Vacancies in Sydney increased for the third consecutive month and now sit at 4.1 per cent, up 0.3 per cent from April and 1.1 per cent from March. “Sydney’s…
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Westpac Group cuts new customer rates in a bid to boost its home loan book
Australia’s second largest bank, Westpac, has cut its basic variable rate to 2.69 per cent, but the offer is solely reserved for new customers with a deposit of more than 30 per cent. Westpac’s new rate is now the lowest variable home loan offered by a big four bank. Westpac Flexi First Option Home Loan changes: Note: above rates are…
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Auctions soften over long weekend
The long weekend delivered both a lower volume of auctions and a softer clearance rate as most states and territories kicked back to enjoy the Queen’s Birthday public holiday. This week, CoreLogic reported 694 capital city homes were scheduled for auction, with preliminary results returning a 59.8 per cent clearance rate. The previous week saw 856 homes scheduled for auction…
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Building bonus fails to address the big impediments to job creation: REIWA
REIWA has expressed disappointment that the Federal and State Government’s building bonus schemes failed to address the biggest impediment to job creation and hurts those who can afford it least. REIWA President Damian Collins said the Institute understands that HomeBuilder and the WA Building Bonus Scheme are aimed at providing short-term jobs at a crucial time, however both the Federal…
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Realtor.com names Rachel Morley as Chief Product Officer
Real estate technology platform Realtor.com has promoted Rachel Morley to Chief Product Officer, where she will lead product strategy for the company. For more than two decades, Ms Morley has helped companies conceive, create and evolve products and technology practices that help organisations and their customers succeed. David Doctorow, CEO of Move, Inc, operator of realtor.com, said Ms Morley is passionate about…
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realestate.com.au introduces buyer demand index
REA Group has launched a new residential buyer demand index, to help consumers understand the ebbs and flows of the market, including when to buy and sell. REA Insights Weekly Demand Index is part of the group’s dedicated data and insights function, and showcases the deep and unique insights potential buyers can expect on the property market. The launch comes as…
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HomeBuilder stimulus to switch on sentiment and save jobs
The Federal Government’s announcement of a new HomeBuilder scheme will be a relief to thousands of home builders and tradies around the country. Australians looking to build or renovate in the second half of the year will be able to apply for $25,000 from the federal government as part of a scheme aiming to keep the construction industry moving. The…
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New home builds to hit GDP in coming months
New home building activity is expected to weigh further on Australia’s GDP growth in the second half of 2020 after already detracting from GDP for the last 18 months prior to COVID-19. Housing Industry Association Chief Economist Tim Reardon said following this week’s negative GDP result for the March quarter – and the expected negative result for the June quarter…
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Perth rental stock dropping rapidly
Perth’s rental stock has been quickly absorbed, with listings falling by 17 per cent in May to 4,676 – the lowest they have been since November 2013. REIWA President Damian Collins said despite speculation about a potential challenging real estate market, according to the May reiwa.com data overall it is doing quite well. “The strong demand we have seen for…
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How working from home has impacted property professionals
Working from home during the pandemic was an easy adjustment for most property professionals, with many saying they were more productive away from the office and felt empowered by the opportunity, a new survey revealed. Real estate software solutions company MRI Software conducted a survey of 721 residential, commercial and strata industry professionals in April to understand how working from…
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realestate.com.au sets new audience record
11.2 million people visited realestate.com.au in April setting a new audience record for REA Group, underpinned by a strong increase in buyer activity across the site. The result was up 55 per cent year-on-year, and backed up a total of 109 million visits (up 37 per cent), an increase of 37 per cent in traffic to the site’s buy section,…
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NZ property market losing steam, but full picture still unclear
Property values in New Zealand are losing momentum on the back of the pandemic, but according to the just-released May 2020 QV House Price Index it’s still too early to get a full picture of housing market performance. The HPI showed the number of residential property sales across New Zealand was extremely low through April and May, and the monthly…
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The RBA leaves rates on hold in June
The RBA has elected to keep the cash rate on hold at the record low level of 0.25 per cent. At its June meeting on Tuesday, the board decided to continue with a wait and see approach which was in line with what most analysts had been expecting. The RBA had slashed the official cash rate from 0.75 per cent…
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Sylvester Stallone’s stunning California mansion
Sylvester Stallone has recently put his stunning Californian mansion on the market for US$3.35 million. According to TopTenRealEstateDeals.com, Stallone will retain bi-coastal residences in Los Angeles and Coconut Grove in Miami, but recently listed his golf club home in La Quinta, California. La Quinta, in suburban Los Angeles, is famous for its abundance of golf courses and is also where Frank…
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Property prices remain ‘resilient’ in May despite lockdown
Property prices across Australia’s capital cities have fallen for the first time since June last year. Against the backdrop of wide-ranging shutdowns, the latest data from CoreLogic has shown the combined capital cities have fallen by 0.5 per cent in May. The results around the country were mixed, with Adelaide, Hobart and Canberra all recording price increases, while it was…
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Two-thirds of experts predict end of stamp duty by 2021
The majority of experts agree that stamp duty could soon be on its way out as the government grapples with the post-COVID economy, according to comparison site Finder. In this month’s Finder RBA Cash Rate Survey, 43 experts and economists weighed in on future cash rate moves and other issues related to the state of the Australian economy. While all 43 experts…
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Clearance rate and auction volumes continue to strengthen
Auction volumes have continued to strengthen this week as the capital city clearance rate remains a heartening 65.9 per cent. Although the volume is still tracking at just over half that recorded during the same time in 2019, this week 867 capital city homes were scheduled for auction. The previous week saw 612 homes scheduled for auction and a final…
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Caution for building stimulus package
The Real Estate Institute of Australia has expressed caution over the Prime Minister’s announcement that the Treasurer and the Minister for Housing are working on a plan to support the residential building sector. “New home building at record levels has been a crucial support to economic growth over the previous three years,” REIA President Adrian Kelly said. “It stands to…
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Tassie tops regional market as WA outlook improves
The housing market in Tasmania has been the strongest performer across the entire country over the last five years – and the trend has not just been limited to Hobart. According to CoreLogic‘s quarterly regional review, which looks at capital growth over the year to April, Launceston and the North East region remain the top performer across both the house…
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Rent.com.au reports renters returning to market
There is increasing optimism in the rental market as the threat of coronavirus eases and restrictions are lifted, with early indications many renters are considering new moves in the coming months. In its trading update this week, Rent.com.au said its Renter Resume – which allows renters to upload a profile online – was starting to pick up after a slump…
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First Home Loan Deposit Scheme fully booked – but beware the hidden cost
The Australian Government’s First Home Loan Deposit Scheme has been fully reserved, but experts warn that borrowing on a five per cent deposit is now riskier than ever. New figures on the scheme show 5,500 guarantees have already been used to purchase properties, with a further 4,500 still in the process of finding their first home. For those who missed…
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Real estate professionals urged to join online sleepout
Real estate executives are invited to register for the first-ever online Vinnies CEO Sleepout, joining hundreds of high-profile Australians to support people experiencing or at risk of homelessness. In response to COVID-19, the Vinnies CEO Sleepout will be live-streamed online at ceosleepout.org.au/live2020 in an interactive broadcast hosted by television personality Dr Andrew Rochford. Instead of sleeping out in major cities…
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Buyers win online auction while camping
A Broome property has sold entirely online to buyers who were 934kms away, camping at Karijini National Park. Using the digital sales process Openn Negotiation, Lana Ziverts of First National Real Estate Broome facilitated the sale remotely while her sellers watched on from the other side of the country. The property, which is located at 44 Planigale Loop, Djugun, sold…
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