INDUSTRY NEWS
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Co-working company WeWork announces a move into brokerage services
A year ago WeWork launched a real estate investment fund; now they’re furthering their interest in the space with a real estate advisory business offering brokerage services in the US. The company is piloting WeWork Space Services, which will act as a representative for companies to help them find office space outside of WeWork’s locations. Currently the plan is only…
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Bronte Manuel takes out REISA Auctioneering Championship
REISA’s fourth Auctioneering Championships has concluded with a Gala Presentation Dinner at the Stamford Grand in Glenelg. Toop & Toop’s Bronte Manuel was the winner for 2018 – his fourth win in a row – and will represent South Australia at the Australasian Auctioneering Championships in New Zealand in October. Simon Jones from Harcourts Plus finished in second place and…
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2018 REINSW Awards for Excellence finalists announced
The Real Estate Institute of New South Wales has announced the finalists for its 21st annual Awards for Excellence. REINSW President Leanne Pilkington said it was exciting to see the breadth of talent showcased as finalists for the 2018 awards. “Our awards continue to go from strength to strength, with the best, bravest and brightest that work across the industry…
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US brokerage Redfin announce plans to raise up to $239 million for technology and acquisitions
Online-centric brokerage Redfin has announced a plan to raise up to US$239 million (AU$322 million) through a combined stock and debt offering. The funding will take place in In two separate offerings; initially through selling 4.025 million shares of stock at a price of $23.69, totaling $95,332,125, before selling $143.75 million in “convertible senior notes,” which can later be converted…
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City planning and management needs to step up to meet the growing population: Property Council of Australia
While Australia’s cities are growing fast – three quarters of our population growth is occurring in just our four largest cities – so are many other international cities and we need to learn lessons of how to grow cities successfully. “Population growth, including immigration, has been an essential part of the Australian story and has delivered real economic and social…
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Property management agency Leah Jay appoints new Director
Property management agency Leah Jay has appointed current Operations Manager Cassandra Lantry to the role of Director. The addition of another director marks a new era for the company, which has run under the existing structure for the past 24 years. Ms Lantry joined the company in 2005 as a commercial property assistant, progressing through a variety of roles and…
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Residents say ‘goodbye’ to capital city suburbs
Long-time residents are moving away from capital city suburbs, with many shifting to regional Australia, according to analysis by buyers’ agency, Propertyology. A deep dive by the firm into ABS data revealed tens-of-thousands of big city residents are deciding it’s time to move on to areas such as Bendigo, Cairns, Tamworth and Wodonga. The numbers uncovered 33 regional locations where…
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Amber Werchon Property celebrates 10-year anniversary
More than 100 guests packed The Dock Mooloolaba on Friday evening to celebrate Amber Werchon Property’s 10-year anniversary. Amber Werchon addressed the crowd and thanked her longstanding clients, as well as her supportive family and award winning team, saying that without their support the company wouldn’t be where it is today. Amber Werchon Property began in 2008 and has grown…
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Global cities record weakest price growth since 2015: Knight Frank
According to the latest Global Residential Cities Index from Knight Frank, despite the global economy’s strong performance, property price growth is restrained, with urban prices rising at their slowest rate since the third quarter of 2015. The Global Residential Cities Index tracks movement in average residential prices across 150 cities around the world. A year ago the report saw 12…
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Hobart surges as Sydney suffers in new property outlook report
The growing divide between Australia’s property markets has been highlighted again in a new report from realestate.com.au. The latest Property Outlook Report shows that while prices across Australia have risen 0.9 per cent on average, that figure does little to highlight the growing differences between the major capital cities. Data from realestate.com.au and CoreLogic shows that while the Sydney and…
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Online offer management system gets high profile agent shareholder
Market Buy, an online offer management system that aims to streamline real estate transactions, has caught the eye of Queensland agent Chris Gilmour who’s joined the company as an equity partner and shareholder. Mr Gilmour is one of the founders of All Properties Group, and a regular speaker at real estate seminars around Australia. He brings a wealth of experience to…
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Rents still on the rise, but the pace has slowed
According to the latest Quarterly Rental Review from CoreLogic, rents are still on the rise, but at a slower pace than they were 12 months ago. The June 2018 report tracks median rents across the capital cities and region for the second quarter of the year and shows a general slowdown in the rate of rental growth. Historically the second…
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July 2018: Interest rates on hold, Industry reaction
At its meeting yesterday (3rd July 2018), the RBA Board decided to leave the cash rate unchanged at 1.50 per cent for its 21st consecutive meeting. “Nationwide measures of housing prices are little changed over the past six months,” says RBA Governor Dr Philip Lowe. “Conditions in the Sydney and Melbourne housing markets have eased, with prices declining in both markets.…
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Google MD Jason Pellegrino appointed Domain CEO
Domain have announced Jason Pellegrino will step into the role of Managing Director and CEO, effective 27 August 2018. Mr Pellegrino joins Domain from Google where he has been Managing Director Australia and New Zealand since May 2016 and a member of the Asia-Pacific regional leadership team. On behalf of the Domain Board, Chairman Nick Falloon said: “We are delighted…
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Values continues to trend lower in June as investor activity continues to fall
CoreLogic has released its June home value index results which show, at a national level, values fell for the ninth consecutive month in June, taking national dwelling values 1.3 per cent below their September 2017 peak. The results revealed that Australian dwelling values tracked lower in June, down 0.2 per cent over the month to be 0.8 per cent lower…
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Actor takes out 2018 REINSW Novice Auctioneers Competition
An actor hoping to break into auctioneering won the final of the 2018 REINSW Novice Auctioneers Competition last night. REINSW President Leanne Pilkington said the Novice Auctioneers Competition raised more than $25,000 for suicide prevention awareness charity, R U OK. “The 2018 Novice Auctioneers competition was a great success with more than 30 auctioneers battling it out over the course…
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Stamp Duty Revenue Hits New Record
“Australian homebuyers paid out over $21 billion in stamp duty to state governments during the 2017/18 financial year – and the total cost of the tax is expected to get even bigger over the next few years,” explained HIA Senior Economist, Shane Garrett. HIA’s Stamp Duty Watch report, released today, reviews the latest developments around stamp duty across Australia’s eight…
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Everything you need to know about changes coming into place from July 1
Federal GST changes for property After July 1 2018 buyers of new residential houses, apartments and land blocks will be responsible for making sure the GST on their purchase is paid to the ATO as part of the settlement process. This GST will not be an additional cost to buyers, it’s already part of any contracted purchase, but prior to…
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New report shows foreign buyer taxes on the decline worldwide
According to a new Juwai.com report the world will see fewer new foreign buyer restrictions imposed in top Chinese property destinations in the year ahead than in any of the prior three years. The Foreign Buyer Restrictions Report 2018-19 points out that Canada’s two largest provinces, six of Australia’s eight states and territories, and Australia’s national government have all increased…
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New report reveals first home buyer hotspots
Domain has released its First Home Buyers Report, revealing the locations offering the quickest path to purchase (based on time to save a 20 per cent deposit) and the lowest entry prices for first home buyers across Australia’s capital cities. “The report aims to make it easier for home hunters to determine the areas that offer the most promise based…
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PEXA responds to reported hacking, says system is more secure than paper method
National e-conveyancing platform PEXA has responded to the hacking scandal which made headlines earlier this week, saying that their platform was not compromised and that the econveyancing method continues to be safer than paper transactions. As reported by Fairfax Media, Masterchef finalist Dani Venn and her family lost $250,000 from the proceeds of their home sale late last week when…
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Virtual tour startup teams up with realestate.com.au
As technology changes the face of the real estate industry, buyers and renters begin to expect added extras on their listings. Enter virtual tours, allowing customers to experience property in a new way, all from the comfort of their living rooms. Currently only three per cent of all listings offer a virtual tour option, whereas Virtual Tours Creator (VTC) founder…
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Federal budget changes to soften property market: MCG
The latest Federal Budget changes to depreciation rules have halved new investor benefits resulting in ongoing consequences for already softening property markets, according to analysis by MCG Quantity Surveyors. A comprehensive study of tax depreciation schedules by MCG revealed the results of depreciation benefits being slashed in the 2017 Federal Budget. MCG’s report found the average first-year claim for properties…
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Real estate trailblazer Di Jones passes away
Real estate industry pioneer Diane Lenore Jones passed away on Saturday surrounded by family. Di Jones CEO Rob Ward paid tribute to Di Jones, who opened her first agency in Woollahra in 1992 and played an active role as brand ambassador until her death. “Di Jones was a remarkable and generous woman who was an inspiration to many,” he said.…
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C21 marks global rebrand with largest marketing campaign in brand its history
Century 21 Australasia will launch the largest and most aggressive marketing campaign in its history this July. Outlined at the network’s annual convention on Hamilton Island this month, the seven figure marketing spend will leverage television, cinema, social media, billboards, public relations and events to promote the group’s new brand repositioning, message and vision for the future. The campaign comes…
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Ray White agents master customer experience at Super Sales Day
The underlying fundamentals of the Sydney housing market remain strong and agents have every reason to be optimistic but they need to change as their customers have changed, according to social researcher Mark McCrindle. Mr McCrindle of McCrindle Research reminded more than 300 Ray White agents at the group’s Super Sales Day – The Modern Customer last week, that they…
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VIEW.com.au appoints new CEO
VIEW.com.au has appointed Toby Balazs as their new CEO. Mr Balazs will take over from current CEO Enzo Raimondo mid-July. Mr Balazs joins from REA where he was a member of their leadership and online strategy teams since 2004. His role involved work with property developers and project marketers, most recently acting as manager of online strategy and execution for…
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Top agents head to Melbourne for Ray White industry event
Agents from all over Australia this week attended an industry function in Melbourne hosted by the leading property group Ray White. More than 100 real estate agents from many different brands – both boutique and other franchise groups – travelled from Adelaide, Perth, Brisbane, Sydney and across Melbourne to compare notes on their markets and performance amid the backdrop of…
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Small deposit loans hit historic low as credit crunch sets in
New data out today shows banks have officially put the brakes on risky home buyers as the value of small deposit loans hits a record low. APRA’s quarterly property exposures statistics released today show that the value of new mortgages written in the March quarter with a loan-to-value ratio of more than 90 per cent have sunk to $5.79 billion…
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Adam Piller wins 2018 REIWA Auctioneering Championships
REIWA’s annual Gift of the Gavel Auctioneering Championships concluded yesterday, with Adam Piller from Caporn Young Estate Agents taking out first place. REIWA CEO Neville Pozzi said the Auctioneering Championships showcased WA’s talent in the auction space. “While auctions remain a niche segment of the Western Australian sales market, they are becoming increasingly popular with sellers who are wanting their…
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How footy preferences are driving migration choices
It might be hard to believe, but your footy code preference may well influence where you end up living, according to new research by property market analysts Propertyology. The market research firm and award-winning buyers’ agency analysed interstate migration trends over the past 20 years and found a significant correlation depending on whether you are a rugby league or an…
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2018-19 state budget wrap up: What it means for the property sector
With the majority of states (South Australia will need to wait until September due to their change in government) receiving their 2018-19 budgets, here’s how the property industry fared across the nation. New South Wales The second NSW budget handed down by Treasurer Dominic Perrottet had an aim to tackle transport, health and education projects, but left a lot to…
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New research identifies next suburbs to gentrify
New research released by the Property Investment Professionals of Australia (PIPA) has revealed the next city suburbs set to gentrify. The research, by PIPA chairman Peter Koulizos, looked for similar signs that could help homebuyers and investors pick the next suburbs to gentrify. Mr Koulizos said the research will help homebuyers and investors maximise their capital growth potential by purchasing…
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Industry body looks to split real estate profession
The Real Estate Institute of Australia (REIA) has declared it will split the industry with its latest move, as it forges forwards with its Pathway to Professionalism plans. REIA President Malcolm Gunning announced this morning that the REIA has applied to the Professional Standards Authority for admission as a profession. “The Authority is an independent statutory body established with specific…
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PPM National Property Management Awards announced
The PPM Group held its annual awards last night at the Marriott Hotel, Surfers Paradise, QLD. Congratulations to the following list of winners: Support team member of the year Annabel Noonan – Di Jones real estate Leasing Consultant of the year Connie Morton – rental results Client service award of the year McGrath Estate Agents port Macquarie Social media and…
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