INDUSTRY NEWS
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Rental management platform Cubbi launches Instant Payments
Rental management platform Cubbi has launched instant rental payments as part of a series of new features aimed at offering an improved rental experience for owners and tenants. Cubbi’s co-founder and co-CEO, Jason Gilbert explained many in the rental proptech space were focussed on taking property management online, but Cubbi’s new features were designed to address common issues encountered by…
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Spirited rise in regional property markets
Distilleries are giving a spirited boost to the property markets in regional Victorian towns, according to an analysis by the Real Estate Institute of Victoria. REIV President Robyn Waters said the study showed that median house prices have soared over recent years in regional towns where distilleries have been established. “Victorians’ love affair with all things artisan has seen gin…
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More borrowers enticed to commit to a fixed term: Mortgage Choice
Demand for fixed rate home loans is on the rise as rates hit all-time lows and lenders target borrowers with aggressive discounting. According to Mortgage Choice’s national home loan approval data, fixed rate loans accounted for 22.47 per cent of all home loans written in May, and 21.81 per cent of all loans written in the past 12 months. Mortgage…
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Brisbane agent ranked 9th commercial agent globally
An impressive 30 entries from Australia and New Zealand have made real estate giant RE/MAX’s Global Top 100 lists for the 2019 first quarter, with one Aussie agent ranking in the top 10. Brisbane-based commercial real estate specialist, Deepen Khagram came in at ninth spot in the Global Top 100 Commercial Agents list. Mr Khagram specialises in services stations and retail developments,…
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WA to host Home-Grown Heroes real estate conference
West Australian agents are set to enjoy a real estate conference specifically tailored for their needs, courtesy of the Home-Grown Heroes conference on August 14. To be held at Crown Perth, Home-Grown Heroes is a conference that focuses on local West Australian real estate agents who are making their mark. The event was inspired by real estate coach and agent…
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Budget supports growing communities despite tightened purse strings
Treasurer Dominic Perrottet’s third NSW Budget delivers a record infrastructure spend, strong spending in health and education and a solid outlook for growth despite reduced stamp duty revenue, according to Property Council of Australia. A smaller surplus of $802 million in 2019-20 and averaging $1.7 billion in forward years, has produced a sensible budget, one that is a product of…
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Clock’s tickin’ – Qld and SA in recovery as NSW continues its decline, according to Herron Todd White
The Sunshine Coast and Bathurst are among areas sitting at the top of the property clock, bucking a trend which sees most of New South Wales in a steady decline, while much of regional Queensland begins its recovery. These are the latest insights from independent valuation and advisory firm Herron Todd White who also had some good news for much…
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RE/MAX announces its top global performers
Global real estate giant, RE/MAX, has just announced its top performers for the 2019 first quarter, with a staggering 30 entries from Australia and New Zealand in the Global Top 100 lists. “Here the designation ‘Global’ represents all agents outside of the United States and Canada,” explained Michael Davoren, Managing Director of RE/MAX Australia and RE/MAX New Zealand, “which is…
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The Agency achieves significant growth
The Agency Group has reported continued growth, notching up $402 million worth of property sales in April and May, and $34.8 million in year-to date Gross Commission Income (GCI) to the end of May, 2019. West Coast operations, which incorporate The Agency and SLP brands, achieved the highest GCI of $1.3m in May, while the group delivered a total of…
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REIWA calls for WA to take action and abolish stamp duty
REIWA has welcomed Productivity Commission Chairman, Michael Brennan’s recommendation for state governments to abolish stamp duty and has strongly urged the Western Australian government to take action. REIWA President Damian Collins said stamp duty was an inefficient tax and one of the biggest imposts to home ownership. “Despite WA currently being the most affordable state in the nation, many still…
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Partnership gives renters a fair go with bond
Renters will be empowered with greater financial flexibility and convenience when funding their next rental bond thanks to a joint venture between Australia’s leading rental property website and a finance company. Fair Go Finance has partnered with rent.com.au to develop and fund convenient financial products aimed at more than 600,000 renters who visit RENT’s App and website each month. The…
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Simon Norris elected National President of the HIA
Housing Industry Association (HIA) National Vice President Simon Norris has been elected the industry body’s President following the recent departure of Pino Monaco. Mr Norris boasts more than two decade’s association with the HIA, including a former stint as Queensland President. “Simon’s involvement with the HIA has spanned over 20 years, in various roles including as Queensland Executive Committee member,…
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Short term growth forecasts for affordable suburbs
New research by research group sellorhold.com.au has uncovered 15 affordable suburbs around Australia, where they say buyers are tipped to make at least $50,000 in three years after offloading underperforming properties elsewhere. Head of Research Jeremy Sheppard said low growth forecasts were common in a number of suburbs in Darwin and Perth, which means that investors would likely be better…
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Local heroes honoured in community campaign
Laing+Simmons has revealed its 10 Real Heroes: the coaches, carers, volunteers and regular Aussie battlers who have each now received $5,000 as part of the company’s campaign honouring the ‘unreal efforts of real people’ in the community. The Real Heroes campaign saw Laing+Simmons give away $50,000 to 10 local heroes in the community after receiving hundreds of nominations from across…
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The best of the best on show at AREC’s Australasian Auctioneering Competition
After the resounding success of last year’s inaugural competition, the AREC Australasian Auctioneering competition has now established itself as an integral part of the Australian Real Estate Conference. Under the direction of AREC founder John McGrath, the competition was judged by an independent panel of four, who awarded the AREC 2019 Australasian Auctioneer to New South Welshman, Jason Andrew from…
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Housing affordability improves while rental affordability declines: REIA
Housing affordability marginally improved across the country in the March quarter of 2019 with the exception of the Northern Territory, according to research from the Real Estate Institute of Australia and Adelaide Bank. REIA President Adrian Kelly said the March quarter 2019 edition of the Adelaide Bank/REIA Housing Affordability Report found New South Wales had the largest improvement in housing…
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UniLodge signs with Cohort Go to simplify student accommodation payments
International edtech company Cohort Go has partnered with UniLodge Australia to roll out custom-built payments software that will make it easier for students to pay for their accommodation. UniLodge, a specialist accommodation provider for universities, colleges and TAFEs, manages over 70 properties across Australia. The partnership enables UniLodge to eliminate manual reconciliation of fortnightly student payment records, thanks to the…
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RBA cuts cash rate to 1.25 per cent – industry reacts
In what was a widely expected move, the Reserve Bank of Australia has cut the cash rate to an all-time low of 1.25 per cent. At their monthly meeting on June 4, the Board elected to lower the cash rate by 25 basis points, explaining the decision was aimed at supporting employment growth and providing greater confidence that inflation would…
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Sales activity falls in all Australian regions: CoreLogic
The latest CoreLogic Regional Report reveals challenging property market performance across Australia’s regions, with falling sales activity in the 12 months to February 2019. Commenting on the regional report findings, CoreLogic research analyst Cameron Kusher said: “The regional markets are taking their lead from the capital cities, with the annual rate of value growth winding down across most regions. While…
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Hamish Mill wins 2019 Domain Golden Gavel Award
The Society of Auctioneers & Appraisers has recognised the best auctioneers and appraisers in South Australia at the Domain Golden Gavel Awards. Held in Adelaide, the night saw the organisation present awards for categories such as ‘Top Real Estate Auctioneer’ and ‘Top Principal Auction Marketer’. Among the list of winners was Harcourts Williams sales consultant and auctioneer Hamish Mill who…
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Leasing activity up 13 per cent in May: REIWA
New reiwa.com rental data has revealed Perth tenant activity increased 13 per cent in May, with 4,316 properties leased during the month. REIWA Deputy President Lisa Joyce said activity in the Perth rental market had enjoyed a strong rebound this month, following a more subdued April. “In May, the suburbs that saw the biggest spike in leasing activity were Warnbro,…
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Housing downturn losing steam: CoreLogic
The CoreLogic May 2019 home value index results have shown national dwelling values were down 0.4 per cent, the smallest month-on-month decline since May 2018. Although at a broad level dwelling values are still trending lower across the regions of Australia, the pace of declines eased further in May, continuing a trend that has been evident since the beginning of…
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End to part-time work for commission-only employees
Part-time commission-only real estate employment is set to be phased out following a recent decision from the Fair Work Commission (FWC). What has changed? Senior Employment Relations Adviser from Employsure, Sophie Joselyn said the Real Estate Industry Award 2010 was thrown into the spotlight during the FWC’s four-year review, which ruled that part-time commission-only employment was ‘neither useful nor relevant’.…
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REIQ hits the road for the ‘Real Tour’
The Real Estate Institute of Queensland (REIQ) is set to hit the road with an educational road-trip tour around regional Queensland. The ‘Real Tour’ is a day-long program of entertaining, educational sessions, closing with a fun networking session with all of the speakers. REIQ CEO Antonia Mercorella said the road trip was designed to bring the best of the REIQ…
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Lessons from Purplebricks: A New Zealand perspective
After two-and-a-half years of trading in Australia, the UK-based real estate start-up Purplebricks announced on 7 May this year that it was exiting the market. There is a lesson here for the real estate industry generally, and not just in Australia. It’s a lesson in real estate modelling. Take notice of what happens when the discount model comes to play…
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New leadership for Savills Project Management
Savills Australia has announced the appointment of Ken Ng as new National Head to lead its Project Management division. Ken is charged with the position after 15 years with Savills, having joined the team as a Project Director in 2010 when the business acquired Incoll. He was appointed to Queensland State Director in 2015 and Savills Australia CEO Paul Craig said…
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Finalists for national property management awards announced
The nation’s top property managers have been revealed, with 60 contenders listed as finalists in the PPM National Property Management Awards. The awards are renowned as the property management sector’s ‘night of nights’ and this year’s event will take place on 23 June on the Gold coast, in conjunction with the PPM Group’s National Property Management Conference. More than 120…
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Agents safer in the field thanks to ground-breaking technology
Fully integrating workforces in the field with head office management and keeping tabs on vehicles and assets has always been problematic. Inputting operational field data into IT systems has been mired by the lack of real-time information, often being reliant on paper forms and regular data entry. It also comes with problems like non-compliance, inaccuracies, and week-long delays, leaving management…
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Five suburbs set to lead Sydney price rises
Analysis by a Sydney buyer’s agent has revealed five leading-indicator suburbs set to be at the forefront of price gains during the city’s next growth cycle. Principal and buyer’s agent at Buyers Domain, Nick Viner, said by studying the data and applying on-the-ground knowledge, he has identified locations he considers beacons of overall price rises. “The facts are that certain…
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REIWA supports Western Australians sleeping rough
The Real Estate Institute of Western Australia (REIWA) is working with the Salvation Army in support of the charity’s 2019 Sleeping Bag Appeal. The annual initiative provides warm sleeping bags and blankets for those doing it tough on the streets of WA and REIWA has been involved with the appeal for the past five years. “Most of us take for…
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REISA unveils plans for 2020 and beyond
The Real Estate Industry of South Australia (REISA) has revealed a future focus on technology will be a major part of its centenary review. Last week REISA announced the review as part of its 100-year celebrations, with REISA President Brett Roenfeldt OAM later noting technology would be the body’s main focus. “The world is changing faster with less predictability and…
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New software solution launched with Jeffery Gray as CEO
Jeffery Gray has been appointed the CEO of a new end-to-end real estate software solution called Propic. Mr Gray has previously worked with companies such as Dexar Group and will now work alongside Propic COO Peter Hutchison, leading a team of 40 with offices in Sydney and Melbourne. In a statement, the company noted that to date, Software as a…
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Luke Banitsiotis claims auctioneer title for second consecutive year
Luke Banitsiotis of Woodards Blackburn has won the title of 2019 REIV Senior Auctioneer of the Year for the second year in a row. Organised by the Real Estate Institute of Victoria (REIV), the Senior Auctioneer of the Year Competition is a two-day event, testing auctioneers on their knowledge of best practice and legislation. It also tests their performance in a…
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Property Exchange Australia recognises leaders in digital property settlement
The annual PropertyX Awards, presented by Property Exchange Australia (PEXA), have recognised some of the best digital property settlement players in Australia. Now in its second year, the event saw property developers, conveyancers, lawyers and lenders come together to celebrate businesses leading the digitisation of property settlements. Awards were given to businesses that have demonstrated leadership, innovation and customer-centricity in…
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APRA proposes loan providers to set their own floor rate, allowing bigger mortgages
The Australian Prudential Regulation Authority (APRA) has announced a possible revision to its 7 per cent ‘stress test’ buffer on home loans. In a letter issued to authorised deposit-taking institutions (ADIs), APRA has proposed removing its guidance and allowing ADIs to review and set their own minimum interest rate floor for use in serviceability assessments. In the letter, the regulator…
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