INDUSTRY NEWS
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Hmlet opens biggest co-living property in Sydney
Australia's largest co-living company is opening its biggest property to date in Sydney's inner suburb of St Peters. With 82 rooms, Hmlet St Peters will open in November 2019 and will further expand Hmlet's reach to meet the needs of Australians and expats looking for new living alternatives in Sydney. Having successfully opened eight properties in Sydney since launching in Australia in January 2019, Hmlet has anchored its presence in Sydney's…
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Weekend Auction Wrap: Supply shortages keep driving demand
The top-end buyers were once again out in force in Sydney with a lack of supply continuing to force buyers to pay higher prices. In Sydney, the preliminary auction clearance rate was again well above 80%, finishing up at 84.3% according to the latest data from CoreLogic. The result was up sharply on last week…
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m3property appoints new CEO
National independent valuer and advisor m3property has appointed David Martin as Chief Executive Officer. Mr Martin joins m3property following a long and distinguished career as a Chief Executive Officer including a successful stint at The Buchan Group that resulted in the creation of a global alliance with Nikken Sekkei. Grant Jackson, who has filled the…
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Report hopeful for future of real estate despite record low listings
An influential property figure has accused state governments of being “addicted to the revenue” they receive from stamp duty and fees, resulting in record low listings across the country. John McGrath this week released the McGrath Report 2020, in which he claimed upgraders in big cities were paying close to $100,000 in fees and “absurdly…
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Open for a haunted inspection
US-based real estate platform Bungalo is taking Haloween to the next level and will offer Paranormal Inspection Reports, as a part of its home inspection process for the month of October. Bungalo will be offering the special reports alongside its standard 160-point inspection. Every home for sale on the Bungalo platform in Charlotte, Dallas and…
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Rental returns still struggling despite sales resurgence
Despite a resurgence in house prices and strong auction results, the national rental market has continued to struggle in recent months. Across Australia, rents were -0.1% lower over the month to September 2019, with the median rental value being $436 per week. The weak rental rates have been trending lower of recent times, with the…
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REIWA welcomes changes to protect children from toppling furniture
REIWA and its members are delighted that the Consumer Protection Legislation Amendment Bill 2018 has been formally passed which amends the Residential Tenancies Act and allows renters to fix furniture to walls. REIWA President Damian Collins congratulates the government for passing this critical piece of legislation and commends them for listening to the concerns of the real estate industry…
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Leah Calnan takes the reigns at REIV
Leah Calnan has been elected as the new president of the Real Estate Institute of Victoria, for the 2019-2020 term. Ms Calnan has served as Vice President and Senior Vice President over the past two years and replaces Robyn Waters, who stepped down following a successful term as President. Ms Calnan is a titan of the property management and rental…
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HIA supports next steps for First Home Loan Deposit Scheme
The Housing Industry Association of Australia (HIA) has indicated its support for the First Home Loan Deposit Scheme after legislation was passed in the Senate on Tuesday. “Housing is a national priority and HIA welcomes the Senate passing legislation that will facilitate the next step in making the First Home Loan Deposit Scheme a reality,” stated HIA Managing Director, Graham…
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Auction Market Recap: The buyers return with force
With the footy finals out of the way, property buyers across the nation were out in force over the weekend, pushing the auction clearance rate straight back up to pre-finals levels. Sydney’s preliminary clearance rate surged back above 80 to finish at 82.3 per cent, while Melbourne was equally strong at 76.7 per cent, according to the latest CoreLogic data.…
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realestate.com.au walks through the 1form security upgrades
At realestate.com.au we’re constantly working to make sure we’re doing everything possible to protect your data and the data of your customers. With 1form specifically, we hold a very large amount of tenant data on your behalf, so we’d like to take you through an important security upgrade that we’re making to your 1form account. Over the coming months, we’ll…
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ACCC inquiry into residential mortgage prices
The Australian Competition and Consumer Commission (ACCC) is to undertake an inquiry into the pricing of residential mortgage products. The ACCC inquiry will ensure the pricing practices of Australia’s financial institutions are better understood and made more transparent by; Investigating the prices charged for residential mortgages across the entire market, including by major banks, smaller banks, and non-bank lenders,Considering how…
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Where are the strongest yields for investors: Herron Todd White
While new investors are almost always initially drawn to the potential for a property to generate significant capital gains, savvy investors have long been on the hunt for yield. Generating cash flow through strong rental returns might not be as exciting as picking the next hotspot, but it forms a strong foundation for many investors in the current market, given…
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NSW: Short-term rentals and changes to regulations
The short-term accommodation market, including renting property through platforms like Airbnb and Stayz, has proved lucrative for many property owners in NSW. Sydney ranks as one of Airbnb’s top 10 cities for most properties on the platform and NSW accounts for about half of the $31.3 billion the short-term industry was estimated to be worth nation-wide in 2016. Changes to…
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Australia’s six-star family estate for sale
Australia’s unrivalled six-star luxury riverfront property is on the market in Perth. The resort-style oasis at 89 Watkins Road, Dalkeith is famed for its impeccable lush grounds complete with orchards, tennis court and picture perfect 25m swimming pool. The 6406sqm estate is spread over six titles on a quiet cul-de-sac, overlooking the Swan River in Perth’s prominent waterside suburb of Dalkeith. The…
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Proposed land tax changes would “devastate” SA market: REISA
The Real Estate Institute of South Australia (REISA) has made a submission to the State Government expressing deep concerns about proposed changes to the land tax regime, which it believes would cripple the SA market. The submission is a culmination of results of REISA’s Land Tax Member Survey and reaction by its members, who represent a broad range of property…
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Hammer time for auctioneers’ annual showdown
Australia and New Zealand’s best auctioneers have been decided and are now set to compete at the annual Australasian Auctioneering Championships (AAC) later this month. State and territory Real Estate Institutes and the Real Estate Institute of New Zealand all completed their auctioneering competitions with their two best auctioneers qualifying for the competition at Melbourne’s Federation Square. REIA President Adrian…
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New campaign demands ‘Solar for All’ Australians
A coalition of more than 20 community groups has launched a ‘Solar for All’ campaign, calling on state governments to end ‘solar lock-out’ and give all Australians access to safe and affordable energy. According to the groups, more than one third of Australians are locked out of access to clean energy because they rent, live in apartments, have unsuitable rooftops, or…
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Banks slash fixed rates, pricing in Melbourne Cup cut
Tuesday 8 October, 2019: Three of the Big Four Banks have dropped rates on their fixed home loans in the past week, with NAB the latest major bank to cut its rates by up to 0.40 per cent today. In total, 17 lenders - including CBA and ANZ - have cut rates on fixed home loans…
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Land tax makes a move to digital
Land tax is going digital in NSW, giving property owners the ability to manage their land tax online. NSW Fair Trading announced the move this week, which will allow property owners to opt-in to receive their future Notice of Assessment via email, as well as lodge a return, request an exemption or make any changes to property details. The system…
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CoreLogic expands valuation service to rural areas
Appraisals of rural properties are set to become easier for lenders, brokers and government bodies following the launch of the latest iteration of valuation software, ValConnect. CoreLogic developed the Rural Desktop software in response to growing demand for a lightweight alternative to standard rural valuations, which require full inspections, lengthy turnaround times and complicated reports. CoreLogic Head of Product Tim…
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Confidence steady for NSW property industry
The latest ANZ/Property Council Survey has shown NSW property industry confidence decreased slightly overall mainly due to concerns over worsening macroeconomic conditions and a reduction in forward work expectations. NSW property industry confidence has decreased 10 index points from 126 to 116 over the quarter and has fallen four index points over the 12 months…
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Which cities worldwide are at greatest bubble risk?
A global study of real estate bubbles has revealed a bubble risk or a significant overvaluation of housing markets in half of all evaluated cities. Bubble risk appears greatest in Munich, followed by Toronto, Hong Kong and Amsterdam, according to the UBS Global Real Estate Bubble Index 2019, a yearly study by UBS Global Wealth Management’s Chief Investment Office. Frankfurt,…
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The RBA cuts rates to 0.75 per cent
The Reserve Bank of Australia has cut official interest rates by 25 basis points to a record low of 0.75 per cent. Going into the meeting of the RBA, markets were predicting that there was a 79 per cent chance that there would be a rate cut at the October meeting. This year, the RBA has cut rates three times,…
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House prices are booming again in Melbourne and Sydney
House prices across the nation have seen their biggest jump since March of 2017 in what is a return to boom times for many capital cities. Once again Sydney and Melbourne led the way, both jumping 1.7 per cent for the month of September, while Canberra was the other strong performer leaping 1 per cent, according to the latest data…
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Harcourts International strengthens leadership with new CEO appointment
Global real estate franchise group, Harcourts International, today announced the appointment of Steve Caradoc-Davies as Chief Executive Officer to lead the 132-year-old company into the next era. Mr Caradoc-Davies will take over leadership of the 900-office network and approximately 10,000 team members in nine countries, from Mike Green, who takes on a new focus within the business. Both…
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Abbie Galvin announced as first female NSW Government Architect
Planning and Public Spaces Minister Rob Stokes has announced the appointment of Abbie Galvin as the 24th NSW Government Architect. “I’m delighted Ms Galvin will be our new Government Architect and the first woman to hold the position since it was created more than 200 years ago,” Mr Stokes said. “The Government Architect has been one of the state’s most…
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Resellers continue to see healthy profits
Resellers of homes continue to make healthy profits right across the nation, with 9 out of 10 properties making their owners a profit when resold. According to the latest Corelogic Pain and Gain Report, 87.1% of properties resold in the June quarter achieved a higher sale price compared to their original purchase price. As has been the case recently, it…
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New regulator appointment vows to protect Queenslanders
An award-winning and prominent builder with a lifetime’s experience and expertise in building and construction has joined the Queensland Building and Construction Commission (QBCC) as the new Assistant Commissioner – Technical. Yvonne Pengilly has had an extensive career in the industry from subcontract brick and blockwork to a company director overseeing high end resort and multi-storey apartment developments. Ms Pengilly…
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Sydney CBD strata office sales top $100M for first half of 2019
Sydney CBD strata office volumes for the first half of 2019 continued to be robust, with $101.77M recorded in sales, according to Ray White’s latest Between the Lines* research. Ray White Commercial NSW Associate Director Samuel Hadgelias said overall fundamentals of the Sydney CBD office market remained strong, but the overarching demand levels for purchasing strata stock were starting to show…
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Millennials struggling to leave home, according to affordability report
The ongoing affordability crisis is entrenching a generation dependent on parents for housing, with the number of Millennials giving up hope of moving out of home by 30 years of age surging, according to CoreLogic’s Perceptions of Housing Affordability report for 2019. The report identified the proportion of Australians who think they will be at least 30 years of age…
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Rural agent invited to gala awards dinner in the capital
Award-winning Ray White Parkes agent Kim Watts was recently invited to the AgriFutures Rural Women’s Award Dinner at Parliament House in Canberra. Ms Watts said she met lots of people in the rural space at the awards, which were set up to acknowledge and support the essential role women play in rural industries, businesses and communities. The awards provide a…
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realestate.com.au puts more data in agents’ hands
realestate.com.au has launched the first customer app that enables agents to track how their listings are performing anywhere, at any time, direct from their mobile device. Ignite will enable agents to link their profiles so they can view active listings and track their campaign performance whilst on the go. Agents will also be able to view and respond to buyer…
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Cameron Kusher to lead REA’s economic research
REA Group has appointed one of Australia’s most-respected and experienced property commentators Cameron Kusher to the newly-created role of Executive Director of Economic Research. Mr Kusher joins REA from CoreLogic, where he spent more than 10 years, most recently as the Head of Research. REA Group CEO Owen Wilson said Mr Kusher would work alongside REA’s well-established and influential Chief…
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Mayfair 101 confirms purchase of Dunk Island
Australian-owned international investment and corporate advisory group Mayfair 101 has confirmed it has purchased Queensland’s iconic Dunk Island. Alongside the purchase of Dunk Island, Mayfair 101 is also under contract to purchase over 200 tourism-related properties in and around Mission Beach as part of plans to revitalise tourism in the area. The combined value of these property commitments represents an…
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