INDUSTRY NEWS
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Northern Territory announces business relief for payroll, power, rent and rates
The Northern Territory Government is offering incentives for commercial landlords to reduce rents during the COVID-19 crisis. An additional $180 million committed to the NT Jobs Rescue and Recovery Plan will help Territory businesses who need relief on the cost of their lease by offering extra support to commercial landlords so they in turn do the right thing by their tenants.…
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Mandatory code of conduct for Commercial Tenancies announced by Cabinet
Commercial Tenancies The National Cabinet agreed that states and territories would implement the attached mandatory Code of Conduct (the Code), including via legislation or regulation as appropriate, to implement the principles agreed on Friday 3 April. The Code builds on the draft codes submitted by landlord and tenant representative bodies in the commercial property sector.…
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The RBA Leaves the Cash Rate on Hold at 0.25 per cent
At its monthly meeting today, the RBA has decided to leave the cash rate on hold at 0.25 per cent. The move that was widely tipped by analysts will see the cash rate remain at historic lows for the foreseeable future. In mid-March, the RBA held its first emergency meeting since 1997 to slash the cash rate to current levels…
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ATO introduces claim shortcut for working from home
The ATO has announced people working from home as a result of COVID-19 can claim a rate of 80 cents per hour for all their running expenses, rather than calculating specific costs.
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REA’s new COVID-19 features and support recapped
REA Group has announced a raft of new features to assist agents as they navigate the COVID-19 landscape and this week they moved to clarify what is currently available along with ongoing support measures. Noting the situation continues to evolve, REA CEO Owen Wilson last week said the focus is clear: to provide customers with ongoing flexible support measuresto launch…
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Why property price growth always leads a crisis recovery
Just as it did with past crises, the adverse economic impact from this coronavirus health crisis will begin its rebound with a real estate surge before anything else. Safe as houses! Residential real estate is the one thing which is common to 25.5 million Australians. After all, shelter is an essential commodity. While we all take one for the team…
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Call for essential services clarity in strata management
Australia’s peak body for strata title properties has called on the Federal Health Department to clearly define the role of essential services in strata as its close-knit communities deal with the Coronavirus (COVID-19) pandemic.Strata Community Association (SCA) is the industry body for Body Corporate and Community Title Management (also referred to as Strata Management, Strata Title or Owners Corporation Management)…
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REIA seeks award variation from Fair Work to keep industry employed
The REIA, on behalf of the state and territory Real Estate Institutes, has made a submission to the Fair Work Commission to vary the Real Estate Industry Award 2020 in response to the COVID-19 pandemic to keep as many real estate salespeople employed as possible. “Currently the Award requires that an agent make at least $54.5k pa – the Minimum…
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Jon Snead of The Agency: The value of unexpected kindness
As more and more COVID-19 social restrictions came into play, Jon Snead of The Agency Neutral Bay found himself increasingly preoccupied with ways he could help – not just as an agent but as a member of his community. Ultimately, he created ‘rescue packs’ comprising essential items for the vulnerable. Beautiful in its simplicity, it has gone viral as a…
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Clearance rate weighed down by withdrawn auctions
Over 3000 properties were slated to go under the hammer this weekend. But according to CoreLogic 45 per cent were withdrawn from sale and a further 84 per cent of auctions sold prior to the event, resulting in a preliminary clearance rate of 48 per cent.
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Progress made on code of conduct for commercial tenancies
The Property Council of Australia has noted today's direction from the National Cabinet for the development of an industry code of conduct for commercial tenancy. "We have been engaging closely with the Commonwealth, state and territory governments on these issues, and will continue to do so to provide the certainty that landlords, tenants and governments…
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REIA president speaks out in support of the real estate industry
REIA President Adrian Kelly has addressed the comments made by Opposition Leader Anthony Albanese and his concerns over the actions of some real estate agents. Mr Kelly's comments come as "Firstly, I agree that estate agents providing financial advice to tenants is clearly illegal and the REIA doesn't condone it," said Mr Kelly. "To condemn…
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REIV calls for a 6-month moratorium on changes to rental laws
The Real Estate Institute of Victoria has called on the Andrews’ Government to push out the commencement date of more than 130 rental law changes due to commence on 1 July. REIV President Leah Calnan stressed that Victoria’s focus needs to be solely on battling Coronavirus and keeping jobs sustainable, and now is not the time to be introducing new…
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How to manage your finances through the pandemic
Concerning new research reveals 4.2 million working Australians were living hand to mouth well before the coronavirus crisis. Now, with potentially millions of people without savings facing unemployment in the wake of the shutdowns, experts are asking if the Government’s cash handouts can get struggling Aussies through the crisis? The findings come from an independent survey of a nationally representative…
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The real cost of a repayment pause – and how you can minimise the fallout
CBA's announcement today that customers who take a six-month repayment pause will be refunded interest-on-interest charges during this time will help families struggling to make ends meet. This measure, and the major banks' offer of a repayment pause for people in severe financial hardship will help thousands of Australians at a time when they need…
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Moratorium on evictions is not a free ride: Housing Minster
REIA president Adrian Kelly said he welcomed the Minister for Housing Michael Sukkar's words which were a clarification on what a moratorium on evictions means. "A moratorium on evictions doesn't mean rent is not payable, it is. If circumstances mean that payment in full is not possible it is a holding off from payments, not…
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House price growth begins to slow
Despite the unprecedented social distancing measures put in place to stop the spread of the coronavirus, home values across the country pushed higher in March. According to the latest data from CoreLogic, prices rose by 1.1 per cent in Sydney, 0.4 per cent in Melbourne, 0.6 per cent in Brisbane and Canberra, 0.5 per cent in Perth and 2 per…
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Safety, certainty and empathy: How real estate agents can help buyers and sellers during COVID-19
As part of our suite of tools for managing the business of real estate during COVID-19, Claudio Encina and Matt Lahood joined Sam McLean to share their insight into how agents can help buyers, sellers and their communities during COVID-19
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REIA president Adrian Kelly calls on stakeholders to step up over rent relief
As the real estate sector awaits a government announcement on rent relief, REIA president Adrian Kelly has issued an open letter to all stakeholders, urging them to step up and consider all sides of the equation. Addressing tenants, property owners, landlords, lobby groups, the industry and State Governments, Mr Kelly minced few words as he outlined the current state of…
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JobKeeper payment announced to help business retain employees
The Federal Government has injected a further $130 billion into the economy through the establishment of a JobKeeper payment in a bid to keep businesses operating and their employees in work. Announced on Monday, the latest tranche of support funding is specifically targeted at keeping people employed and is designed to support an estimated 6 million Australians through a new…
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The real estate industry turns to virtual tours to keep it moving forward
COVID-19 is seeing the real estate industry rapidly ramp up its use of technology, with virtual tours among the tools which are being embraced to keep transactions flowing.
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A six-month moratorium on rental evictions, but still no support for agents
Prime Minister Scott Morrison has formally announced a six-month moratorium on evictions for commercial and residential tenants. The announcement came late Sunday as cabinet continues to work on the release of a full rent relief package. Mr Morrison said the issue of commercial and residential tenants in distress had been further discussed at today’s national cabinet meeting, but there was…
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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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Additional $1.1B relief package to help battling Aussies
More help will be given to millions of Australians battling the devastating impacts of coronavirus with a $1.1 billion package which boosts mental health services, domestic violence support, Medicare assistance for people at home and emergency food relief. Prime Minister Scott Morrison said more support would be rolling out immediately to deal with the secondary…
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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 it through this extremely challenging…
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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” issue of commercial and residential…
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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, and could include a moratorium…
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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 wealth and help struggling individuals…
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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 this together by following common-sense…
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