INDUSTRY NEWS
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Clearance rates remain below 70% for 5th consecutive month with volumes on par to last year
National auction clearance results for the week ending 12/11/2017 courtesy of CoreLogic Clearance rates have continued to track below 70 percent since June the year; this is a considerably softer trend than what was seen over the same period last year when clearance rates were tracking around the mid 70 percent range for most of the second half 2016.Results across each of…
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Sunshine brings higher auction prices: UTS
“There is a link between sentiment, or mood, as measured by consumer sentiment surveys, and asset prices – including house prices,” says Dr Adrian Lee, Senior Lecturer in Finance at UTS Business School. “Weather is known to affect mood, and some studies have shown a link between the weather and stock prices, so we decided to look at weather and house…
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CoreLogic Property Pulse: Non-capital city housing markers a real mixed bag
Prepared by CoreLogic research analyst Cameron Kusher, while the research showed that dwelling values were flat in October, they fell by -0.1% over the quarter and were 4.9% higher over the past 12 months. The quarterly decline in values was the largest fall since the three months to October 2014 while the 4.9% annual change was the lowest annual change…
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The worst is over for Perth property market: REIWA
REIWA President Hayden Groves says conditions in the September quarter had mirrored those experienced in the June quarter, which indicated the Perth property market may have finally found its floor. “We’ve observed six months of stable conditions, with both the June and September quarters posting consistent results. Historically, before a market improves there is a sustained period of level stock,…
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RBA leaves rates on hold in November meeting plus wrap up of industry commentary
Despite low inflation and weak wage growth, the decision comes as no surprise with some industry experts welcoming the decision. The RBA last changed its monetary policy settings in August 2016 when rates were edged down 0.25 percentage points to the current low of 1.5 per cent. “The Bank’s forecasts for growth in the Australian economy are largely unchanged,” RBA…
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Scaling down: two-bedroom homes are Melbourne’s top performers
The latest REIV figures show the citywide median price for a two-bedroom house increased 17.1 per cent over the year to September to $891,500 – $130,000 more than the same period last year. This was higher than the metropolitan Melbourne median price for any other property type, including four-bedroom homes at $831,000. REIV President Richard Simpson said growth for two-bedroom…
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Auction volumes normalise after last week’s lofty highs with a softening clearance rate
National auction clearance results for the week ending 05/11/2017 courtesy of CoreLogic There were a total of 2,019 auctions held returning a preliminary auction clearance rate of 66.8 percent, increasing on last week’s final clearance rate of 64.5 percent. Over the corresponding week last year, 73.6 percent of the 2,517 auction held were successful. Melbourne saw the most notable decrease in volumes;…
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Dwelling approvals rise by 1.8 per cent in September
Shane Garrett, HIA Senior Economist, said the figures are a positive indication, especially when considered in context of the whole quarter. “During the September 2017 quarter overall, total approvals for new dwellings were up by 5.1 per cent. This was driven by an expansion of 7.6 per cent in multi-unit projects,” Mr Garrett said. “Activity on the apartment side of…
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CoreLogic Property Pulse: Spring continues to see properties for sale climbing
Typically, the number of properties advertised for sale in spring climbs as vendors look to take advantage of the warmer climate and improved weather. Research analyst Cameron Kusher noted that as housing market conditions transition, stock levels remain tight across the strongest markets but are rising in areas where housing market conditions are softening. For this analysis, Mr Kusher measured…
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RBA’s seven-year itch: the growing number of borrowers who’ve never experienced a rate hike
Comparison website RateCity.com.au’s ‘Rate Forecaster’ found that 21 of the 23 indicators suggested the RBA would leave the official cash rate at a record-low 1.50 per cent, where it has been since August 2016. It’s now been seven years since the Reserve Bank lifted the official cash rate. RateCity money editor Sally Tindall said it is unlikely the RBA will…
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CoreLogic October Home Value Index: Growth conditions flat nationally but Sydney values fall
The CoreLogic October Home Value Index Results show that growth conditions remained flat on a national basis while Sydney values fall. Since moving through a peak rate of growth in November 2016, capital gains across Australia’s housing market have been losing momentum, with national dwelling values unchanged over the month of October. For October, conditions were flat across both the…
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New home sales decline further from peak: HIA
New home sales declined 6.1 per cent during September 2017, following a decline that started in 2015, according to the HIA. The results are according to the latest edition of the HIA New Home Sales Report which gauges sales activity in residential building across the five largest states. During September 2017, new detached house sales fell by 4.5 with a…
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REIQ wish list ahead of election
REIQ CEO Antonia Mercorella said the election offered voters an opportunity to cast a vote for a candidate who recognises the importance that the real estate sector plays in the state’s economy. “Real estate employs around 50,000 Queenslanders and this makes it of huge significance to the future fortunes of Queensland,” Ms Mercorella said. “Improving the health of the sector…
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Stamp duty is a “monster” tax that traps people, says REISA President Alex Ouwens after slow third quarter
REISA President Alex Ouwens said the results were not surprising given the third quarter is a traditionally slow period for sales. The figures showed a slight decrease in the median price from the previous quarter but also showed a 2.27% increase over the same quarter last year. In the September quarter, 4,028 houses settled across the Adelaide metropolitan area which…
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Record breaking auction volumes in VIC sees a new year-to-date high reached across the country
National auction clearance results for the week ending 29/10/2017 courtesy of CoreLogic This week, the combined capital cities saw the number of auctions held reached a new year-to-date high, with a total of 3,690 held, surpassing the previous 2017 high recorded over the week prior to Easter when 3,517 auctions were held. The higher volumes returned a preliminary auction clearance rate of…
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Di Jones Appoints Customer Service Specialist
Di Jones Real Estate has appointed Patrick Distapan to the newly created role of Customer Relationship Manager. Di Jones CEO Rob Ward said the role was an important step in ensuring that client’s needs across all aspects of the business, including buying and leasing, are being met. “Patrick will take the time to discover each client’s specific situation and will…
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REIQ Announces New Board of Directors
The REIQ has announced a new Board of Directors following its Annual General Meeting at the Cannon Hill offices last week. In accordance with the Institute’s Constitution and by-laws, two new Director positions were contested by a vote of the membership. The two new Board Directors are John Newlands and Damien Keyes. The full Board of Directors for the next…
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REIV celebrates their best for 2017
The Real Estate Institute of Victoria has awarded this year’s best in business, recognising industry leaders across more than 25 categories. This year’s award winners included: Large Residential Agency of the Year: Methven Professionals Mooroolbark Residential Salesperson of the Year (Executives): Matthew Scafidi, Noel Jones Mitcham Outstanding Young Agent of the Year: Bianca Butterworth, CBRE Buyer’s Agent of the Year:…
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Trades demand stabilises: HIA
“During the September 2017 quarter, the HIA Trades Availability Index indicated that there is a sufficient supply of skilled trades available to the housing industry,” said HIA’s Senior Economist, Shane Garrett. According to the HIA, in most situations, the trades required are readily available on the market. The HIA Trades Report provides a quarterly review of the availability of skilled…
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Construction surges, housing turnover falls and auction volumes soaring – CoreLogic Property Pulse
CoreLogic research analyst Cameron Kusher paired annual settled sales data with dwelling counts over time to show that the proportion of total housing stock turnover on an annual basis. Mr Kusher’s analysis found that over the 12 months to September 2017, just 5.0% of the national housing stock transacted; the lowest proportion of stock-turnover since April 2012 when it was…
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Combined wealth of Australia’s top 5 Property Young Rich Listers is $770 million
The 100 members of the 2017 Financial Review Young Rich List have enjoyed a stunning rise in wealth this year, with a booming property sector, technology market and beauty industry boosting overall wealth to a record $13.2 billion. The technology sector tops the list with Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar’s combined wealth of $6.08 billion. The technology duo’s…
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Victoria braces for record auction weekend
The previous record for auctions held in a single weekend was set in November 2015 when 1,712 auctions were held. A remarkable 1,826 auctions are scheduled for this Saturday alone with around 75 auctions being held on Sunday, including the five Block properties. In total, 1,935 homes will go to auction this week with high auction volumes in Camberwell (29…
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REIWA Information Service in high demand from tenants, landlords, buyers and sellers
REIWA Chief Executive Officer Neville Pozzi said the volume of calls placed to the REIWA Information Service so far in 2017 had exceeded those received at the same time last year. “The REIWA Information Service provides West Australians with direct access to local experts in the real estate industry who can educate them on areas they are unsure about and…
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Richard Simpson elected REIV President for 2017-18
He has also provided extensive input to a number of Institute committees, serving as Commercial & Industrial Chapter Chair for three years and Members Council Chair for two years. Mr Simpson is a partner in the family business W.B. Simpson & Son, located in North Melbourne with a history dating back over 145 years and both his father and grandfather…
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Real estate profession growing in Queensland and women dominate the industry
REIQ CEO Antonia Mercorella said the Census data, a count of employed people on Census night, aligned with expectations considering how well the market is performing lately. “We know that the profession grows when the market is performing well and the over the past five years the Queensland real estate market has delivered steady, sustainable growth, particularly in the southeast…
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Melbourne house price growth moderates as policies show positive impact for first homebuyers
New REIV data shows the metropolitan Melbourne house price recorded its lowest increase in almost two years, up just 0.7 per in the September quarter to $817,000. REIV Acting President Richard Simpson said the moderation was attributable to 44 per cent of all sales in the September quarter being below $600,000. “In the June quarter we saw vendors with houses…
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Adelaide takes investor attention off Melbourne and Sydney
Anna Porter, a property market author, commentator and former valuer who works with first time and experienced investors on building high-performance portfolios, says she is directing clients towards the forgotten state of South Australia. “For the past three years all eyes have been on Sydney and Melbourne as the markets that have been outperforming the national averages. Many suburbs across…
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Preliminary auction clearance rate remains below 70 while activity holds firm
National auction clearance results for the week ending 22/10/2017 courtesy of CoreLogic The trend towards softer auction market conditions has been led by the Sydney market where the final auction clearance rate has remained below 65% since the first week of October. Auction volumes were similar week-on-week, with 2,471 properties taken to auction, compared to 2,525 last week. This time last year,…
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Higher interest rates for investors eases housing affordability for owner-occupiers: HIA
“The HIA Housing Affordability index for Australia improved by 0.5 per cent in the September 2017 quarter but still remains 4.4 per cent below the level recorded a year ago,” said Tim Reardon, HIA’s Principal Economist. “Housing Affordability has been deteriorating in Australia for decades, particularly in capital cities, as demand for new housing greatly exceeded the supply. “Recent interventions…
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Purplebricks lands in hot water in the UK
The Telegraph in the UK reports that in the past 18 months, the Advertising Standards Authority has banned seven of Purplebricks’ adverts, and the number of complaints upheld by the advertising watchdog against all property companies for misleading adverts has grown by at least 45 per cent so far this year. The ASA said that its TV ad had not…
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House building boom in 1980’s set to bolster opportunities for reno market in next decade: HIA
HIA released its latest edition of the HIA Renovations Roundup Report yesterday. The Report is a review of Australia’s $32 billion home renovations market. The publication analyses latest developments in home renovations activity and reveals the results of the exclusive renovations market survey. The Report also provides state-by-state forecasts of future renovations activity. “Our analysis shows a strong correlation between…
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Sherrie Storor launches national coaching business
One of Queensland’s most prominent real estate agents has officially launched her national coaching business. As an astute and highly regarded industry identity, Sherrie Storor is constantly in demand to mentor agents on how to succeed without sacrifice. The former McGrath New Farm high-flyer has decided now is the right stage in her life to dedicate her full attention toward…
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South Australia celebrates high achievers at REISA Awards
REISA CEO, Greg Troughton, said the Awards are the pinnacle of real estate achievement in South Australia and highlight the passion and dedication that the real estate profession shows to its clients and consumers. “These are the most prestigious and recognised awards for real estate professionals in South Australia. We undertake a rigorous nomination, qualifying and judging process to ensure…
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Preliminary auction clearance rate above 70 percent on higher volumes
National auction clearance results for the week ending 15/10/2017 courtesy of CoreLogic There were 2,497 auctions held across the combined capital cities this week, up from 2,318 last week. So far, 2,007 results have been reported to CoreLogic, returning a preliminary clearance rate of 70.6 percent, increasing from last week when the final clearance rate slipped to 64.4 percent, the lowest clearance…
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First home buyers coming back to the market while investor lending and housing starts are cooling
REIA President Malcolm Gunning said the proportion of first home buyers, as part of the total owner-occupied housing finance commitments, rose to 17.2 per cent and is the highest proportion since July 2013. “The number of first home buyer commitments increased by 14.0 per cent for the month and is the highest since December 2009,” Mr Gunning said. “By contrast,…
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