INDUSTRY NEWS
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Clearance rate hits pre-Covid high as volumes continue to lift
The combined capital city clearance rate has rebounded to its highest level since early March, surpassing the 70 per cent mark as volumes also show signs of improving. This week, 613 auctions were scheduled across the capitals, marking an increase on previous weeks and returning a promising clearance rate of 70.9 per cent. CoreLogic notes this was the highest preliminary…
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REIWA hopeful stamp duty on the WA election agenda
The REIWA has welcomed the West Australian Liberal Party’s commitment to a state tax reform, in the hope the removal of stamp duty may be on their agenda. REIWA President Damian Collins said stamp duty is the single biggest hurdle for prospective home owners and a reform is urgently needed to help recover from the impacts of Covid-19. reiwa.com data…
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What lies ahead for the 2020 property market
Despite the massive impact the COVID-19 pandemic is having on the economy worldwide, Australian property analysts say there are still reasons to be optimistic about the industry in 2020. According to CoreLogic‘s March Quarter Property Market & Economic Review, released this week, historically property values have remained relatively insulated in times of negative economic shock, but transaction numbers will likely…
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Doomsday housing price forecasts highly questionable
Forecasts of housing price drops of as much as 30 per cent are highly questionable and cannot be relied upon with any degree of confidence, according to the Real Estate Institute of Australia. REIA President Adrian Kelly said anyone who suggests they can forecast the future of the property industry “with any acceptable degree of probability” during this unprecedented time…
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Victorian real estate weathers coronavirus storm
Victoria’s property market seems to be holding its ground well during the COVID-19 pandemic according to the latest REIV Residential Market Index (RMX) figures. The RMX is a residential property price index (RPPI) designed to provide an up-to-date and simple insight into real property price trends in Victoria. An RPPI measures the price change of the stock of residential dwellings…
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Home loan cash backs heat up, but are they worth it?
More than a dozen lenders are offering cash incentives for home owners willing to move their business to a new lender, with Suncorp Bank, Reduce Home Loans and 86 400 the latest to put cash offers on the table. Suncorp Bank is now offering up to $3,000 to refinancers, plus an additional $1,000 for people working in essential services roles, such as doctors, nurses, teachers and police…
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Crown Group breaks record selling three penthouses and $63M worth of apartments
Leading Australian property developer Crown Group has sold $63 million worth of luxury apartments and broken its own record by selling three penthouses in three months, despite government restrictions on visitors to display suites and open homes. Crown Group Director of Sales Prisca Edwards said now that restrictions have been lifted at its Mastery and Waterfall by Crown Group display suites…
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Safe Work Australia updates guidelines for return to work
With many people beginning to return to work in big office buildings, Safe Work Australia (SWA) has released new guidelines on the ‘COVIDSafe’ use of lifts. The guideline was updated overnight to say: “there is no requirement to provide 4 square metres of space per person in lifts, however you must still ensure, as far as you reasonably can, that…
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Landlords offered incentives to negotiate on rent or tenants able to opt-out early
NSW landlords are being offered incentives to negotiate reduced rental rates for tenants facing financial difficulties as a result of coronavirus, and tenants whose landlords don’t come to the negotiating table may be able to end their tenancy early. As part of the NSW Government’s $440 million land tax relief scheme, landlords can now apply for land tax relief of…
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Property industry can help kickstart economic recovery
Australia’s leaders have taken decisive action in response to coronavirus which has protected Australians from the terrible health outcomes seen in other countries. But this has also taken a toll on our economy, the effects of which are still largely unknown. In response, The Property Council says the industry should play an important role in Australia’s economy recovery and ongoing…
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Console Cloud launches landlord satisfaction scoring feature
This quarter Console Cloud will launch its landlord satisfaction scoring tool, and with natural rent roll attrition hovering around 17 per cent per annum, it’s a feature many will welcome. The new landlord satisfaction scoring feature is set to enable property managers to find out which clients are disgruntled and who their biggest fans are. The tool will give property…
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Australian property market: Decade in review
It commenced under the shadow of the GFC and with widespread floods around the country. It ended on the dawn of Covid-19 with some of the biggest bushfires in Australian history. Propertyology’s ‘Decade in Review [2010-2019] Report’ describes it as a decade of contrasts in many ways. Over the 10-year period, median house prices had increased from $530,000 to $972,000…
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Clearance rate strengthens on the back of eased restrictions
Relaxed social distancing regulations are showing early signs of positively impacting the auction market, with Sydney this week bouncing back to a preliminary clearance rate of 73.4 per cent. The welcome bolster to Sydney’s results helped lift the capital city clearance above 60 per cent, but CoreLogic is urging caution when analysing the results, with volumes still trending lower. Their…
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On-site auctions resume but numbers still low
The number of homes scheduled for auction continues to trend lower, despite most states having lifted the ban on on-site auctions and inspections. Only 365 auctions are scheduled this week, lower than the 480 auctions last week – and it’s likely to be a few weeks before there’s an uplift in scheduled volumes due to agents generally running four-week marketing…
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Auction clearance rate jumps – is this the start of recovery?
Auction clearance rates have hit 59.9 per cent on the back of on-site auctions resuming in New South Wales last week – the highest clearance rate result since strict social distancing measures were rolled out across Australia. According to CoreLogic, the clearance rate for the week ending 10 May was up from 47.5 per cent the previous week and a…
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Auctions and open for inspections are coming back!
Real Estate Institute of Victoria President Leah Calnan has welcomed the Victorian Government’s decision to allow on-site property auctions and open for inspections to return to in Victoria with restrictions. The State Government this week announced their plans to ease COVID-19 restrictions in Victoria, which included the welcome news that property auctions and open for inspections can return as of…
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Openn Negotiation announce new integration with realestate.com.au
Following significant adoption of the Openn Negotiation selling method, realestate.com.au have launched an integration between the platforms, designed to provide a better experience for buyers. The REA Group released the online auction feature in response to the national ban on in-person auctions. The integration allows buyers to navigate directly to the Openn Negotiation listing and become qualified to participate in…
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Property Tree to feature Direct Connect integration
Cloud-based property management software Property Tree is set to feature a Direct Connect integration as the two proptech players look to further cement their longstanding relationship. Announcing the new integration, Direct Connect explained their relationship with Property Tree creator Rockend (now known as MRI software) had been longstanding and loyal. “Direct Connect have been exclusively partnered with Rest Professional for…
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Clearance rate lifts as on-site auctions ready for return
As auctions prepare to welcome back the public on-site, the clearance rate has enjoyed a boost. CoreLogic notes this week’s preliminary clearance bounced back to 64.5 per cent, marking the first time it has exceeded 60 per cent since late March. Volumes on the other hand, remain subdued. The past weekend saw 473 auctions scheduled, which was down on the…
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How property markets are responding to COVID-19 according to Herron Todd White
The COVID-19 crisis has thrown the national economy into turmoil, while property markets are still clearly trying to digest what it all means. Leading valuers Herron Todd White (HTW) have tabled their thoughts on what each state is facing and what might lie ahead for the nation’s residential property markets. NSWSydney has been at the forefront of the battle against…
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Tide turning on Chinese investor slump
Chinese investment in Australian real estate has hit its lowest level in six years, but experts say in the last few months Chinese buyers have been returning to the market. The Foreign Investment Review Board’s (FIRB) annual report for the 2018-19 financial year revealed foreign investors from around the globe spent a total of $88.5 billion on Australian commercial and…
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Auction volumes still down but comeback on the way
Low sentiment, tough selling conditions and regulations preventing open homes and on-site auctions continue to push the number of scheduled auctions down this week – but an uplift could be coming sooner than expected. CoreLogic reports 424 capital city homes are scheduled for auction, down on the 612 homes auctioned last week. But with news the NSW and WA state…
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Auction withdrawals hit all-time high as vendors and agents adapt to COVID-19 regulations
Auction withdrawal has spiked to about eight times the usual rate and the clearance rate for the combined capital cities has reached record lows since on-site auctions and property inspections were banned in response to the COVID-19 crisis. CoreLogic reports from the week ending 29 March to the week ending 3 May, the portion of scheduled auction events withdrawn averaged…
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Prop20 to be reimagined as digital experience
REA Group’s industry event series Prop20 is being transformed into a digital experience that can be accessed by thousands of property professionals across the country. The new Prop20 virtual experience will deliver property industry insights, education and training online. The reimagining of Prop20 followed government COVID-19 restrictions which introduced a ban on events and social distancing measures. Prop20 offers property…
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New standard to transform Australian homes
An ambitious new standard for Australian homes will help drive the transformation of the housing market to ensure new homes are built to a higher standard which is focused on health, resilience and net zero energy. As part of a webinar on future homes, the Green Building Council of Australia (GBCA) has released the report Green Star for Homes: A strategy for…
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RBA keeps interest rates at record-low 0.25 per cent
With the Australian economy still feeling the full impact of social distancing measures, the RBA has made the decision to leave interest at a record-low 0.25 per cent. The RBA made two rate cuts in March, including an emergency cut that saw the official cash rate fall to its lowest level on record. It was widely expected that the RBA…
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Construction sector devastated by impact of COVID-19
Up to 43,000 new homes will not be built in the next 12 months as a result of COVID-19, according to new economic modelling released today. Denita Wawn, CEO of Master Builders Australia said new modelling conducted by Master Builders Australia showed the devastating impact that lockdown was having on the building industry, the economy and the community. “In the…
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The Real Estate Institutes respond to COVID-19 impact on Australian property
As the far-reaching impacts of COVID-19 continue to be felt, the heads of the nation’s Real Estate Institutes have had their say on how they expect it will impact the Australian property industry. Responding to Ripehouse Advisory’s Whitepaper COVID-19 vs Australian Property, most industry heads are on the same page, remaining cautiously optimistic. Across the board, the consensus has been…
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Finder survey says…cash rate hold and international borders to remain closed
The cash rate is anticipated to remain on hold and Australia is projected to lose $25 billion in foreign spending, according to a recent survey by Finder. In this month’s Finder RBA Cash Rate Survey – the largest of its kind in Australia – 42 experts and economists weighed in on future cash rate moves and other issues related to the state…
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Time for change: Body language experts’ prediction for new global greeting
The traditional handshake – we do it because our parents taught us and their parents taught them to do it. Its origins are in Roman Military greetings 2000 years ago, and Westerners and Europeans accept it as ‘normal’. But in places like Asia and Japan it’s still a relatively new concept that many people in those countries have only seen…
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Rental Heroes introduces AI-chatbot ‘Alex’
Rental Heroes has introduced an AI-chatbot named “Alex” who is designed to help property managers by communicating directly with tenants to handle everyday requests and issues, including maintenance. The Melbourne-based proptech co rolled Alex out recently and explains the technology allows every property manager to have their very own property assistant. Rental Heroes has a focus on helping property managers…
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House prices remain steady as transactions slow
Despite the nation-wide shutdown that has made life tough-going for most real estate agents, house prices have remained stable throughout April. According to the latest data from CoreLogic, house prices nationwide ticked higher, up 0.3 per cent. House prices in Sydney increased by 0.4 per cent, however, values did ease in Melbourne, with prices down -0.3 per cent over the…
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Auction volumes to remain low for foreseeable future
Auction volumes are likely to continue at a lower rate for the foreseeable future, according to CoreLogic, with just 590 properties scheduled for auction across the capitals this weekend resulting in a clearance rate of 59.6 per cent. Volumes were up slightly on the week prior when 413 homes were scheduled for auction and a final clearance rate of 41.1…
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Auctions and opens are back for NSW
Treasurer Dominic Perrottet and Minister for Health Brad Hazzard said the relaxing of restrictions was a sign of the ongoing success in limiting the spread of COVID-19, but warned there was no place for complacency, with community safety and social distancing to remain an ongoing priority.“Choosing a home is one of the biggest decisions anybody makes, and easing the restrictions…
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Which rental markets are most impacted by COVID-19?
COVID-19 is having varied impacts on residential property, but arguably the biggest impact could be in the rental space. According to CoreLogic, prior to COVID-19, the Australian rental market was already weak and with new challenges like Australian borders remaining closed to tourists and government policies restricting short-term rental arrangements, some Airbnb rentals are converting to long-term rental supply. CoreLogic…
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