INDUSTRY NEWS
-
Victorian government announces initiative to get young people into their own home
The Victorian Government’s announcement that it will be soon accepting applications for its shared equity scheme known as HomesVic has been welcomed by HIA – it is a positive scheme that addresses the rising problem of housing affordability and will help see young people achieve the Aussie dream of owning their own home faster,” senior spokesperson for HIA Kristen Brookfield said. “The…
Read More » -
Property industry now NSW’s biggest employer say AEC Group
The property industry now employs more people than any other sector in NSW, according to new analysis by AEC Group released today. Creating more than 390,000 jobs, the property industry has overtaken health care and social assistance as the biggest direct contributor to employment in NSW by industry. Employment in the property industry grew by 25 per cent from 2013-14…
Read More » -
Nation building in the spotlight at national Property Council awards
From convention centres to master-planned communities, from heritage overhauls to new hospitals, the nation’s best buildings and brightest talent are once again in the spotlight. This year, 137 finalists in 20 categories have been named ahead of the 2018 Property Council of Australia / Rider Levett Bucknall Innovation and Excellence Awards in May. The awards program, now in its 36th…
Read More » -
Di Jones appoints Anna Egri as Human Resources, Governance and Compliance Manager
The team at Di Jones Real Estate has been expanded with the appointment of Anna Egri as Human Resources, Governance and Compliance Manager. Di Jones CEO Rob Ward said Ms Egri, formally Senior Workplace Relations Advisor for the Real Estate Employers’ Federation, is an HR and workplace relations specialist. “In her new role at Di Jones, Anna is the agency’s…
Read More » -
New Australian Housing and Urban Research Institute report dispels negative gearing myth
A report released last week by the Australian Housing and Urban Research Institute (AHURI) joins others in confirming that negative gearing is not responsible for high home prices. The report undertakes an in-depth review of the private rental market in Australia and nine other comparable countries, considering tax and finance settings, demand and supply and regulation of landlords and tenants. Property Council Chief…
Read More » -
Millennials to eclipse baby boomer real estate spending in next 5 years: First National Real Estate
Despite 74% of millennials requiring more help than usual in understanding the buying process, it is anticipated that the next five years will see millennials eclipse baby boomers’ real estate spending power with 66.1% of those born between 1982 – 2002 choosing property over lifestyle. With millennials earning more money than earlier generations, their buying budgets are anticipated to be…
Read More » -
Premier Berejiklian must maintain momentum to fix housing affordability, says Property Council
One year into Premier Berejiklian’s time as Premier, the NSW Government must continue to embrace progress and implement reforms to improve housing affordability in NSW, according to the Property Council of Australia. “The Berejiklian Government has made good headway creating and consulting on policies and plans to boost housing supply, but we need decisions made and reforms implemented to give…
Read More » -
Ray White Joint Chairman pays tribute to Australian Auctioneering Legend
Tony Fountain – one of the key establishment figures for the Ray White Group in its Australian expansion – passed away yesterday at the age of 72. In a statement to the Ray White group yesterday, Joint Chairman Brian White paid tribute to Fountain noting his key role in establishing ‘an auction culture’ in the group back in 1988. “He…
Read More » -
McGrath takes back the reins
Major change is occuring at McGrath Estate Agents with its chief executive officer Cameron Judson and almost its entire board resigning after another profit warning, with founder John McGrath to take back the reins of the company as interim executive chair when the company’s interim results are released next month. In an ASX announcement today McGrath Limited said the “half…
Read More » -
Domain CEO Antony Catalano Resigns
Domain chief executive officer Antony Catalano has announced his resignation not three months after the company listed on the share market. Mr Catalano cited family reasons as being behind the departure. “When I re-joined Fairfax in November 2013, I made a commitment to my young family that I could be there for them and do the job,” he said in…
Read More » -
‘Granny Flats’ no longer just for Grannys, now available online
One Australian company says they are revolutionising the granny flat industry by offering their unique service online from the space of their office in Mudjimba, Queensland. Heather Field, co-founder of Classic Kit Homes, said granny flats are no longer just for granny. “Anyone with a bit of space in their back yard who wants to provide a home for an…
Read More » -
Your say: Real Estate and Politics – Should they mix?
It was reported in the SMH last week that “real estate agents are pushing PM Malcolm Turnbull to introduce a new ‘property services minister’ to bring the nations multi-billion dollar housing and development industry closer to the heart of government.” The proposal was floated by the REIA, believe that there should be someone in the house of Reps or at…
Read More » -
Nine in ten Australian properties are ‘flipped’ for a profit, says new CoreLogic report
Global data analytics provider CoreLogic has released its first Property Flipping Report, which provides a national analysis of properties that were ‘flipped’ (bought and re-sold within a short time frame with the purpose of making a profit) in 2017. The research measures flips within one year of purchase and within one to two years of purchase. It also tracks national…
Read More » -
Off to a smart start: realestate.com.au announces artificial intelligence for Amazon Alexa
A decade ago we held the first touchscreen mobile phones tentatively in our hands and now artificial intelligence allows us to talk to computers and for them to answer us. REA Group has launched Australia’s first property news report for Amazon Alexa and Kylie Dulhunty spoke to chief inventor Nigel Dalton about just how AI can, and could, help real…
Read More » -
Queensland Sotheby’s International Realty signs Barbara Wolveridge for new office
Barbara Wolveridge has been appointed to the position of Director of Queensland Sotheby’s International Realty – Tropical North Queensland, based out of a new Port Douglas office. “I am honoured to be bringing the reputable luxury brand of Sotheby’s International Realty to Port Douglas and its surrounds,” Ms Wolveridge said. Since entering the real estate industry in 1984, Ms Wolveridge…
Read More » -
Housing affordability improves for buyers and tenants in WA
A new housing affordability report has found Western Australia is the most affordable state in the country for tenants and home buyers. Only the Northern Territory and the Australian Capital Territory are more affordable. The Real Estate Institute of Australia supported by Adelaide Bank released their latest Housing Affordability Report yesterday, with the findings revealing affordability in WA’s housing and…
Read More » -
First home buyers benefitting from stable market: REIA
Housing finance figures released by the Australian Bureau of Statistics (ABS) show that first home buyers continue to steadily increase their presence in the housing market, according to the Real Estate Institute of Australia (REIA). “The proportion of first home buyers, as part of the total owner-occupied housing finance commitments, increased to 18.0 per cent in November 2017, the highest…
Read More » -
Mixed market conditions for tenants and investors for 2018: Domain rental report
Key data findings Sydney median unit rental prices drop from the price peak by $5, falling back below median house rental prices for the first time in six months House rental prices in Melbourne rise 1.2 per cent over the quarter, hitting a new high House rental prices remain steady over the quarter in Sydney, Brisbane and Perth Hobart has strongest annual growth in house rental prices on…
Read More » -
Home buyers to be better protected by Australian-first defect bond scheme
Home buyers will be better protected thanks to an Australian first defect bond scheme, Minister for Better Regulation Matt Kean said. The Strata Building Bond and Inspections Scheme (the Scheme), the first of its kind in Australia, provides a structured process to rectify defects early in the building lifecycle. Mr Kean said the new Scheme follows extensive industry consultation, and…
Read More » -
Get ready. The employment landscape is about to change: Bryan Wilcox
After three long years of negotiations, submissions and representations, the Fair Work Commission is about to hand down its final decision following the review of the Real Estate Industry Award. The new Real Estate Industry Award will commence operation on 2 April 2018. With D Day fast approaching, every real estate employer needs to be aware of the changes and…
Read More » -
Di Jones contributes midwives through supporting the Barbara May Foundation
Barbara May Foundation General Manager Joanne Crowley said $3400 was raised from candles donated by Di Jones at the Bowral Christmas Carols held in December. “It is a credit to Di Jones and its culture that its teams are empowered to volunteer in their local communities,” she said. “The funds raised will train three midwives in the city of Barhir…
Read More » -
Academic paper won’t help housing policy debate, says the Property Council
The Property Council of Australia says that an academic paper prepared by Melbourne University, as part of an RBA workshop reaches some bizarre and questionable conclusions on the potential impacts of removing negative gearing. Property Council of Australia Chief Executive Ken Morrison said any meaningful interrogation of the paper immediately raises serious questions as to the credibility of its findings, saying, “contributions to…
Read More » -
Ray White Chairman weighs in on the negative gearing debate
Mr White’s comments come in the wake of recently released documents which contained Treasury advice to the government warning of a “softening” effect on property prices as the predicted impact of Labor’s restrictive changes to housing policy. At the time, the real estate industry rallied together, led by Brian White, to oppose any changes to negative gearing policy, a hot-button…
Read More » -
London Edges Out NY as Top City Among Foreign RE Investors
Among foreign investors, interest in New York has slipped and London has assumed first place as the number one global city for their real estate investments. For the first time, Los Angeles has tied New York as the number one city in the US, according to the results of a new survey taken among the members of the Association of Foreign Investors…
Read More » -
More Aussies are prepared to give up dream locations in favour of affordable homes: State Custodians
New research from non-bank lender State Custodians Home Loans, finds more than half (54 per cent) of Australians who own or are buying their own home say they’re prepared to live in a more affordable or cheaper location, even one not on their wish list, to obtain the house they need or want. In contrast 26 per cent of Australians…
Read More » -
Bottom of the property market cycle is not a time for panic: Raine & Horne
“Investment firm AMP Capital1 last week indicated that the Darwin real estate market has bottomed, which means that local owners should feel less pressure to take the first offer from a buyer,” said Glenn Grantham, General Manager, Raine & Horne Darwin. “The Darwin property market in fact reached the bottom of the price cycle a few months ago, yet there still…
Read More » -
Cooling market highlights quality of flat fee agents: REINSW
REINSW President Leanne Pilkington said with the cooling market consumers are at risk of paying even when their property does not sell. “There had been a lot of press surrounding companies that offer a flat fee upfront to sell a consumer’s home rather than the traditional commission model,” she said. “There is no motivation or incentive for these agents to…
Read More » -
New home approvals hit a 15 month high based on strong growth in Victoria
Today’s Australian Bureau of Statistics data shows the total value of Victorian building approvals increased by 28.5 per cent to $4.6 billion in November 2017, and is up 67.2 per cent over the year, the highest level since August 2016. Victoria, Tasmania and WA are the three states showing the largest increases, with Victoria by far showing the strongest growth…
Read More » -
New Home Sales Cooled in 2017: HIA
“The consistent feature of new home sales in 2017 is that the market is cooling,” stated HIA’s Principal Economist, Tim Reardon. “The HIA New Homes Sales Report – a survey of Australia’s largest home builders – highlights that there has been a fall in the number of new homes sold in 2017, but the industry remains at relatively healthy levels…
Read More » -
Sydney rental market stable: REINSW
REINSW President Leanne Pilkington said the November 2017 REINSW Vacancy Rate Survey saw availability in the Sydney metropolitan area steady at 2.1 per cent. “Vacancy rates in Middle Sydney remained unchanged at 2.2 per cent, while Inner and Middle Sydney both saw an increase of 0.1 percentage points to 2.2 per cent,” Ms Pilkington said. The Hunter increased 0.2 percentage points at…
Read More » -
Purple gain and pain – revenue up but losses double
Purplebricks Group plc (“Purplebricks”), have announced their Interim Results for the six months ended 31 October 2017, including the Australian and US divisions of the group. In Australia, revenue for the period was recorded at £6.8m, up from the corresponding period last year at £0.4m. Adjusted EBITDA shows a loss of £5.1m, twice that of the same period last year.…
Read More » -
The Agency Group acquires Sell Lease Property, brands to run separately in the market
The Agency Group Australia Limited (formerly named Ausnet Financial Services Limited) (ASX: AU1) have expanded their national footprint with entry into an agreement to acquire three wholly-owned subsidiaries of ServTech Global Holdings Ltd (ASX: SVT). The Agency Group Australia Limited will pay up to $950,000 for the acquisition, subject to due diligence. Via a share sale agreement, the transaction includes…
Read More » -
Auction volumes decrease across the combined capital cities returning a 64.2 percent preliminary clearance rate
National auction clearance results for the week ending 17/12/2017 courtesy of CoreLogic. The number of homes taken to auction fell this week, after the surge in activity recorded over the 4 weeks prior when volumes remained consistently above the 3,000 level. There were a total of 2,865 auctions held this week, down on last week when 3,371 auctions where held across the…
Read More » -
Stamp duty boosts surplus for NSW Government
The massive surplus of $3.3 billion for the 2017-18 financial year announced today by NSW Treasurer Dominic Perrottet in his half yearly budget update is good news for the health of our State’s economy, yet this government’s reliance on property taxes to boost the budget bottom line is something that must change. “Treasurer Perrottet has announced a massive surplus and…
Read More » -
The Power of Connection: Rik Rushton’s new book available for purchase
We might live in a world that is more connected, switched on, plugged in and constant than ever before, but how do you combat the fact many people are clocking in and checking out? This is the question posed and answered by renowned real estate and business advisor Rik Rushton in his latest book: The Power of Connection – How to…
Read More »