INDUSTRY NEWS
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RBA leaves rates on hold at 0.75 per cent for February
The Reserve Bank of Australia (RBA) has left the cash rate on hold at 0.75 per cent at its February meeting, in what was a decision that was widely expected by the market. Over the past few weeks, economic data has been on the improve and that has made a strong case for rates to be left unchanged. We’ve seen…
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New Real Estate Portal Zango Launches in Canberra
A new listing portal focused on the Canberra property market is getting set to launch in a bid to change the way locals view real estate. Zango has been developed in collaboration with a group of local real estate agents in Canberra, who were wanting to create a wholly-owned local platform. Zango will focus on…
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Rent.com.au celebrates improved performance
Rent.com.au has reported its best operating performance to date, with the second quarter of 2019-20 financial year revealing a 19 per cent improvement on the period prior. The renting website released its latest financial report last week, with CEO Greg Bader celebrating the results. “To finish 2019 with a record-breaking EBITDA quarter is exceptionally pleasing, especially when you factor in…
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NSW tenancy reforms turn up heat for landlords and tenantsÂ
If you didn’t know already, the NSW Residential Tenancy Act and Regulations were updated and passed through parliament unopposed on 19 December, 2019. The new laws proposed by the State Government Innovation and Better Regulation office begin on 23 March, 2020, were aimed at providing an improved residential tenancy system. But will it achieve that? Only time will tell, but…
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How will the bushfire crisis impact property prices?
There is no escaping the effect the recent bushfire crisis will have on property prices, but an independent property research company claims the impact will depend on the state of the market in the suburb prior to the bushfires as well as how badly the areas were hit. RiskWise Property Research has identified three ‘severity’ categories with greatly varied impacts…
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Hobart leads the way as resale prices on the rise
Almost nine out of 10 property resales over the September 2019 quarter sold for more than their previous price, delivering a gross profit of $18.7 billion for resellers across Australia. The latest CoreLogic Pain and Gain report showed overall 87.4 per cent of property sold above its previous price, and reveals a slight increase in profitable resales (0.1 per cent)…
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Sydney kicks off 2020 with increase in rental vacancy
Vacancy rates increased in Sydney during the month of December, rising 0.2% to 3.4%. This is particularly evident in Sydney’s Inner Ring where rates increased from 2.4% to 3.4% suggesting tenants are experiencing a rise in availability across the metropolitan areas. In the Middle and Outer Rings rates dropped suggesting these areas are proving more…
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Victorian property market sets new records
House values in metropolitan Victoria have surpassed $850,000 for the first time as the state continued its strong run, smashing price records in the December 2019 quarter. The results come on the back of two consecutive quarters with growth of more than 3 per cent each, according to the latest Real Estate Institute Victoria quarterly median price data. Melbourne house…
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Best regional towns for annual price growth revealed
New research has identified the best major regional locations for average annual house price growth over the past two decades. The in-depth analysis by property market research firm and buyer’s agency Propertyology found that, contrary to popular opinion, many towns across the country produced median house price growth as robust as capital cities over the 20-year period. Alice Springs in…
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REA Group unveils national event series
REA Group will bring thousands of its customers together at a unique new industry event series to be held in Melbourne, Sydney, Brisbane, Adelaide and Perth this year. Prop20, to be held throughout March and April, will give agents, property managers, developers and marketing teams with access to leading industry experts, while allowing REA customers to build their own agenda.…
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Top 20 locations house prices tipped to rise most in 2020
Tasmania is leading the way for median house price rises in 2020 – one of several locations across the country tipped to record a rise of up to $200,000, according to new research. The analysis by SuburbGrowth.com.au – part of the Select Residential Property Research Group (SRP) – identified the top 20 locations where median house prices are tipped to…
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Console Cloud integrates with Victorian forms provider
Australian software firm Console Australia has integrated Victorian forms provider Forms Live with Console Cloud in a move that will save real estate professionals across the state significant administration and double-handling of data. Console Cloud is Console’s flagship SaaS enterprise software product, providing trust accounting, property management and real estate software in Australia and New Zealand. Console Cloud is the…
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First home buyers back at highest level in almost a decade
First home buyers are making the comeback of a decade with new figures showing the highest level of new lending in almost 10 years. The latest Australian Bureau of Statistics figures show a 19.71 per cent increase in the value of new owner-occupier loans taken out in November, year-on-year in seasonally-adjusted terms While investors slipped back slightly in November with…
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Domain supports agents in bushfire-affected areas
Property marketer Domain Group is offering a package to support real estate agents who have been affected by the nationwide bushfire crisis. Domain said the package was open to any customers who were operating within affected bushfire areas and experiencing a negative impact on their business as a result. “It’s hard to comprehend the scale of these bushfires that have…
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Real Estate industry unites to support victims of the bushfire crisis
Within days of launch, almost 30 real estate industry brands have united behind the Beyond the Bricks campaign as part of an industry-wide response to the devastation caused by the bushfires. With a focus on a three-phase response that encompasses the pillars of ‘relief, rebuild, restore’, the group has already pledged more than $900,000 with four preferred charities flagged for…
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Bushfires may intensify housing shortage
The bushfire crisis is likely to further impact the already tough housing market in regional Victoria, according to the REIV. Fierce fires continue to ravage Eastern Victoria, with over 75,000 private dwellings under threat. Meanwhile, locals will soon return to their homes and try and rebuild their lives. REIV President Leah Calnan said, with many homes impacted, a lot of…
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REA Group joins the global support of Australia’s bushfire relief efforts
As Australia’s bushfire crisis continues, REA Group is introducing relief initiatives to help provide assistance to those affected by the devastation. REA Group CEO, Owen Wilson said like all Australians, the REA had been shocked and saddened by the overwhelming impact Australia’s bushfires are having on local communities and the environment. “We know nothing can take away the devastation experienced…
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Knight Frank appoints new Head of Queensland
Knight Frank has appointed Shaun Witherow as its new Head of Queensland. Mr Witherow has been acting Head of Queensland since October, with the role becoming permanent from December 16 following a thorough internal and external recruitment process. He was previously Knight Frank Queensland’s Head of Asset Management Services (AMS) and has been with the company for nearly four years.…
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Research shows consumers prefer SMS marketing
New Australian research shows nearly three-quarters of consumers say an SMS message from a business is more likely to get their attention than email or an app notification. Mobile business messaging provider MessageMedia said around the world, many businesses are already reaping the benefits of SMS-driven customer interactions, as demonstrated by the incredible growth in SMS statistics. In 2017 there were 8.3…
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Sydney auction clearance spike positive for Gold Coast
The emerging recovery of Sydney’s property market is good news for the Gold Coast as it heads into the peak selling season, according to Ray White Surfers Paradise CEO Andrew Bell. With auction clearance rates in Sydney posting their best November results since 2016, Mr Bell said the Gold Coast is in line for its share of the gains at…
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REIA re-elects President for second term
The Real Estate Institute of Australia (REIA) re-elected Adrian Kelly from Tasmania as President for a second term at its Annual General Meeting in Canberra in last week. Mr Kelly was born and raised in Hobart and has worked in the Tasmanian real estate industry since 1990. He is the founder and CEO of View Real Estate, an independent agency…
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Lenders sign up to First Home Loan Deposit Scheme
Twenty-seven lenders have now been endorsed to participate in the First Home Loan Deposit Scheme in the lead up to the scheme starting on 1 January 2020. The scheme, which will provide support for up to 10,000 first home loan guarantees for eligible first home buyers each financial year, aims to help first home buyers purchase a home faster. HIA…
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Top 10 Sydney suburbs to watch in 2020
1. KensingtonJust a stone’s throw away from the CBD and Centennial Park, and with the University of New South Wales on its doorstep, Kensington ticks all the boxes for buyers looking to live near the city and Sydney’s eastern beaches. The long-awaited light rail network, set to open this week, will see interest in the area grow exponentially. I believe…
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Sydney and Melbourne drive housing recovery
Australia’s two largest capital cities are leading a housing recovery, according to the Real Estate Institute of Australia. REIA Real Estate Market Facts for the September quarter 2019 said the weighted average median price for houses for the eight capital cities increased to $743,776. REIA President Adrian Kelly said the increase was driven by the larger property markets of Sydney…
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Beyond Blue and HIA continue mental health push
Beyond Blue and the Housing Industry Association (HIA) have extended their partnership to continue supporting the mental health of people working in the residential building industry. HIA Managing Director, Graham Wolfe, said for five years the HIA Charitable Foundation has supported Beyond Blue in improving access to mental health resources for people in the building industry. “By extending this partnership…
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Jamie Durrant launches Regional Homes Australia
Essentials Magazine Australia editor, Jamie Durrant, has launched a digital property and lifestyle magazine, along with a property marketing service. Entitled Regional Homes Australia, the online publication will feature building, design, regional personalities, lifestyle experiences, and curated Australian residential real estate listings. As the name suggests, Regional Homes Australia focuses on properties situated outside of Australia’s capital cities. Regional centres…
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HTW monthly update – Property prices deliver strong end to 2019
As 2019 draws to a close Herron Todd White have assessed where the nation’s property markets currently sit and how their predictions stacked up over the course of the year. We saw a slow start for property in 2019 thanks to an uncertain regulatory environment and the federal election which had big implications for property investors. Since that point, market…
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The major changes in our cities that will kick off the 2020s
A drop in car ownership, smaller houses, walkability impacting property prices, residential blocks atop shopping centres, and ‘mini Melbournes’ in outer suburbs. These are the city trends that will begin to emerge next year and mark the commencement of a new decade in urban planning. The forecasts come from one of Australia’s most experienced, recognised and multi-award winning urban planners…
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Victorian Government opens doors to 100 new homes for those in need
Tenants once at risk of homelessness have begun moving into 100 new and affordable homes thanks to the Victorian Government. Victorian Minister for Housing Richard Wynne visited some of the new properties in Moonee Ponds and met residents this week. “Everyone deserves the safety and security of a roof over their head. This program is about making sure people at…
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Prime waterfront properties command 63 per cent premium
Prime absolute waterfront properties in Australia are worth up to 63% more than their inland counterparts on average, according to Knight Frank’s latest Australian Prime Waterfront Index. The Index, which measures how much uplift value an absolute waterfront location can add to a property, found the premium was the greatest in Sydney, with up to 94.9%…
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Lack of family homes driving prices skyward
An imbalance in supply of family homes to population growth is a major contributing factor to housing affordability challenges in Sydney and Melbourne. A 30 per cent reduction in dwelling commencements and dwelling approvals was predicted by RiskWise Property Research one year ago, with significant impact on both the broader economy and, particularly, GDP growth. RiskWise CEO Doron Peleg said lending restrictions,…
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REIQ announces Awards for Excellence finalists
The Real Estate Institute of Queensland has announced the finalists in its 2020 Awards for Excellence which recognise best practice in the real estate profession in the Sunshine State. REIQ CEO Antonia Mercorella said the competition is set to be fierce, with 106 finalists across varying individual, agency and external categories. “We are continually heartened by the quality of the…
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Affordability prompts highest number of first home buyers
Housing affordability has improved across the country resulting in the highest percentage of first home buyers in the marketplace in eight years, according to research from the Real Estate Institute of Australia. REIA President Adrian Kelly said the September quarter 2019 edition of the REIA Housing Affordability Report found housing affordability improved in all states and territories, except Tasmania, while rental affordability improved across…
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The RBA leaves rates on hold at 0.75% at December meeting
The Reserve Bank of Australia has left the official cash rate on hold at 0.75 per cent in the final meeting of the year. Headed into today’s announcement, there was only a five per cent chance of a cut to the cash rate. We’ve already seen three 25 basis point cuts this year, however, there is still the expectation that…
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Perth dwelling value records first rise since April 2018
CoreLogic’s November Home Value Index has revealed that Perth’s dwelling value has increased 0.4 per cent in the last month – the first increase in over 18 months. REIWA President Damian Collins said that while the rental market has been the highlight of 2019 due to steady leasing activity levels and a plummeting vacancy rate, they are now starting to…
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