INDUSTRY NEWS
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James Pratt Auctions Group launched to serve international luxury markets
James spent time in LA over the years fostering relationships with brokers in the prestige real estate market. The move to launch JPA Group came after he had developed strong networks with a few “top-ranked luxury brokers in America”. “That gave me the confidence to say, as real estate is becoming a global game, the auction process which isn’t that…
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Tradies have ditched their bad behaviour according to ServiceSeeking.com.au survey
Tradies have long had an “image” issue. Smokos, wolf whistles, messy footprints through the house, Four ’N’ Twenty pies and the builder’s crack to name a few. Apparently, Aussie tradies have shifted their attitudes though according to new ServiceSeeking.com.au survey. They’ve ditched their bad behaviour to become health conscious and courteous. According to a recent survey of 1,700 users of trade…
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Domain launches new online series, The Circle
Created by Felix Williamson, co-director, screenplay author and star of Domain’s INMA-award winning video series Avalon Now, and brought to life by producer, Hamish Roxburgh, The Circle follows two couples who decide to leave their poky apartments in Sydney and Melbourne for a new, more affordable life in Queensland’s beautiful, sub-tropical Sunshine Coast. One character from Bondi decides to become…
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Andrews Government in Victoria promises to make renting ‘fairer’ for tenants
In a media release yesterday, the Andrews Labor Government has promised to make renting “fair” with “an unprecedented package of tenancy reforms” in response to a review of the State’s Residential Tenancies Act. Right now, more than one in four Victorians rent their home and that number is increasing as it becomes more difficult for Victorians to break into the…
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Auction volumes return to normal after long weekend
National auction clearance results for the week ending 08/10/2017 courtesy of CoreLogic Auction activity across the combined capital cities increased this week after last week’s grand final and public holiday slowdown. 2,286 homes were taken to auction, returning a preliminary auction clearance rate of 68.1 percent. The preliminary clearance was up from the 66.3 percent last week when volumes dipped significantly across…
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Haydn Groves reappointed REIWA president
The REIWA governing Council has re-elected Hayden Groves as the Institute’s President after his term officially ended in September. REIWA CEO Neville Pozzi offered his congratulations to Mr Groves on his re-election. “Mr Groves has provided exceptional leadership to the Institute over the last couple of years, and I’m delighted to have him on board for REIWA’s 2018 centenary year,”…
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Core Logic Property Pulse: household debt and asset wealth growing at the same time
Household debt and asset wealth is growing at the same time, according to RBA data analysed by CoreLogic. Household finance data released by the Reserve Bank (RBA) each quarter looks at the ratios of household debts and assets to disposable income. The latest RBA update shows that while households debt is growing, asset wealth is simultaneously increasing. According to the…
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Live-stream auction app Gavl secures $1.8 million in funding
Digital startup Gavl has secured $1.8 million in its Series A funding from Harris Capital, the investment office of Flight Centre founder Geoff Harris. Launched in December 2016, Gavl enables real-time bidding of live-streamed auctions from anywhere in the world. Founded by AFL player-turned-businessman Joel Smith with Leith Donaldson and Michael Artup, Gavl was launched with a $300,000 bootstrap from…
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REINSW recognises top performers for 2017
Real estate’s outstanding performers have been recognised at the 2017 Real Estate Institute of New South Wales Awards for Excellence Gala Dinner. REINSW President John Cunningham said in its 20th year the award winners highlight the professional standards that the real estate industry is striving for. “The winners across 20 categories are paving the way as our commitment to professionalism…
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Core Logic Home Values September: Sydney capital gains lose steam, rental returns rise
The September results confirmed that dwelling values edged 0.2% higher across Australia over the month, led by a 0.3% rise in capital city values and a 0.1% gain across the combined regional markets. The latest figures take national dwelling values 0.5% higher over the September quarter, which is the slowest rate of quarter-on-quarter growth since June 2016, and national values…
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Auction activity makes way for the footy and long weekend
National auction clearance results for the week ending 01/10/2017 courtesy of CoreLogic Despite lower auction volumes, clearance rates held firm, returning a preliminary result of 69.4 percent, rising from the 66.2 percent last week when final results saw volumes reach their highest level since May this year (2,782). Melbourne was the main driver of the strong clearance, with a preliminary result just…
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The wealth effect of housing: Core Logic Property Pulse
Mr Lawless said, “The strong capital gains evident across the Sydney and Melbourne housing markets have created a significant boost in wealth for home owners who were fortunate enough to own a property through the latest growth cycles. However, the rate of capital gain has been remarkably lower across other markets with home owners outside of Sydney and Melbourne now…
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Buy-Rent Index determines the best time to buy or rent in Perth
The Index, which will be released on a quarterly basis, is based on formulated economic assumptions that help identify the annual house price growth rate required for home ownership to be financially advantageous over renting. The June quarter 2017 figures indicate the median house price in Perth would need to appreciate by 4.3 per cent annually over the next 10…
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Are Golden Week holidays still as lucrative as they were in the past?
Golden Week holidays are important but less than they were in the past, suggests Carrie Law, the CEO of Juwai.com. The Chinese international real estate website said Golden Week has an impact on Chinese international real estate buying, but it is overstated by marketers. Golden Week is a week of public holiday in China during the first week of October…
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Evolve Housing launches “for purpose” real estate agency
Evolve Housing, one of the largest not-for-profit national Community Housing Providers in Australia, has launched a new for purpose real estate agency called Echo Realty, a new division designed with a difference to serve the growing demand for affordable housing solutions in NSW. Speaking at the official launch this week, Member for Parramatta, Dr Geoff Lee MP, said, “Affordable housing…
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Australian property investors remain confident about the benefits of residential real estate: PIPA survey
The national survey, which gathered insights from 742 property investors, shows that more than 70 per cent of respondents think now is a good time to invest in property, with 61 per cent looking to purchase a property in the next six to 12 months (up from 58 per cent last year). However, concerns over changes to investor lending policies…
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ABS reveals more people living in apartments than 25 years ago
The 2016 Census of Population and Housing found that 10 per cent of all people in Australia spent Census night in an apartment. There is now around one occupied apartment for every five occupied separate houses in Australia – compared with one to every seven, back in 1991. The growth in apartment living is primarily an urban phenomenon, concentrated within Australia’s…
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Di Jones adopts Pound Paws
Di Jones CEO Rob Ward said the aim of Pound Paws is to encourage the public to adopt puppies online and discourage backyard breeders that contribute to the oversupply of dogs and cats in Australia. “A visit from Wookie, a Lhasa Apso crossed with a Maltese and Jalepeno, a Kelpie cross, meant it was an exciting morning for our Di…
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Spring Selling auction volumes continue to rise across the combined capital cities
National auction clearance results for the week ending 24/09/2017 courtesy of CoreLogic Auction volumes have increased across all but one of the capital cities this week with a total of 2,759 homes taken to auction, making it the busiest week for auctions since the end of May. So far, 2,226 results have been reported to CoreLogic, returning a preliminary clearance rate of…
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Metricon Homes revealed as the nation’s number one residential builder
The HIA Housing 100 report shows Metricon Homes reported a total of 4,367 starts – two more than last year – across Victoria, Queensland, New South Wales and South Australia. This included 3,876 detached houses and 491 semi-detached dwellings. The number of new houses commenced in Australia has fallen over the last year, but the bar for entry into the…
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Melbourne may be the new hotspot for Chinese Investment: Juwai.com
Chinese buyer demand for Australian property by might be down from the boom period of the last two years but by no means will it taper off, according to Jon Ellis, CEO of Investorist. Mr Ellis, CEO of Investorist, says that buyer demand from Chinese investors is down in 2017, but needs to be seen in context. “Yes the…
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Sydney and Melbourne drive property price rise of 1.9 per cent
Price rises in Sydney (2.3 per cent) and Melbourne (3.0 per cent) were partially offset by falls in Perth (0.8 per cent) and Darwin (1.4 per cent). “Residential property prices, while continuing to rise in Melbourne and Sydney this quarter, have begun to moderate. Annual price movements ranged from -4.9 per cent in Darwin to +13.8 per cent in Sydney…
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Lenders slash home loan rates as competition for customers heats up ahead of spring selling season: Mozo
The financial comparison site found that 31 lenders have slashed variable rates since August 1, while competition in the fixed rate segment of the market is at its highest in almost 12 months. One in three lenders have cut at least one fixed rate term since the start of August. “Our database shows the number of fixed rate cuts has…
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How much is a postcode worth? REIV looks at price differences within suburbs
Buyers are often encouraged to purchase the worst house in the best street, but new REIV data suggests the postcode may be worth more than the street name – up to $836,000 more to be exact. In the year to June 30, homes on Beach Rd experienced the largest price discrepancy between postcodes with apartments in Hampton recording a median…
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Vacancy rates rise in Sydney for second month in a row: REINSW
Vacancy rates across Sydney rose for the second month in a row despite declines in Inner and Outer Sydney, according to the Real Estate Institute of New South Wales. REINSW Deputy President Leanne Pilkington said the August 2017 REINSW Vacancy Rate Survey saw availability in the Sydney metropolitan area rise 0.1 percentage points at 2.0 per cent. “It was a…
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Dulux predicts colour and design trends for 2018
‘Heartwood’ is a shade of pink described as between a “smoky taupe and dusky mauve” and isn’t a surprising choice given the design world’s obsession with ‘millennial pink’ and the shade’s popularity. While Dulux Australia hasn’t released a colour of the year, it has forecasted key colour trends and combinations that we will be seeing in homes. Dulux Australia says…
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Auction volumes increase with clearance rates remaining representative of the state of the market.
There were 2,490 auctions held across the combined capital cities this week, up from 2,258 last week, making it the busiest week for auctions since the beginning of June. Based on preliminary results, the combined capital city clearance rate was recorded at70.3 percent this week, up from 66.9 percent last week, although this will likely revise lower over the next…
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NSW Fair trading update on deadlines, by-laws, fire-safety, fraud prevention and holiday lettings
Real estate audit deadlines NSW Licensees are reminded that the deadline for real estate audits is 30 September 2017. The qualified audit must be lodged within 3 months after the end of the audit period and for most agents, must be submitted with the Director-General by the due date. If a qualified trust account audit is not lodged by the…
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Purplebricks launches in USA
Purplebricks Group plc via the London Stock Exchange announced a launch of it’s hybrid agency business model in Los Angeles, USA last Friday. In line with its planned region by region rollout which they say has been successfully adopted for entry in the UK and Australian markets, Los Angeles marks the entry point before extending across the state of California…
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Growth in owner occupier and investor finance continues price increase: REIA
REIA Real Estate Market Facts for the June quarter 2017 show the weighted average median price for houses for the eight capital cities increased to $768,227, with prices increasing everywhere except for Adelaide and Perth. “The weighted average median price for other dwellings increased to $604,456, again driven by median price increases in Melbourne and Sydney and, to lesser extent, in…
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CoreLogic Property Pulse: Affordability deteriorating at affordable end of housing market
Over the 12 months to August 2017, the most affordable 25% of residential properties nationally recorded value growth of 2.9% compared to growth of 8.0% across the middle 50% of suburbs, and 11.4% growth across the 25% of most expensive suburbs. According to analyst Cameron Kusher, across all market segments the national annual rate of value change has started to…
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Family and Community the winning combination for Kris Cunningham
The Josh Phegan team held their annual Blue-print conference in Queenstown at the base of the stunning Remarkables on Tuesday the 12th and Wednesday the 13th of September 2017. At the event, four incredible finalists from across New Zealand were invited to share their story of triumphs from humble beginnings in the annual Changed Agent Awards proudly supported by PropertyPress.…
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Queensland Government Going Digital by Default
For real estate agents, it is important to view the broader move to digitisation within the industry-specific movements. There is an intergovernmental agreement in place mandating a migration of property transfers from paperless to digital by 2019, and the topic of electronic signatures is gaining traction as we look towards a digital future. While the government is unlikely to face…
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Roomba the Robot Turns 15
Fifteen years ago, a tech and pop culture icon was born with the launch of the very first Roomba vacuuming robot from iRobot. Today, more than 20 million of the company’s home robots have been sold worldwide. iRobot forever changed how people clean their home with the launch of the first Roomba vacuum cleaner, disrupting an industry that had remained…
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Brisbane, Gold Coast and Sunshine Coast remain Queensland’s powerhouse markets
The latest REIQ Queensland Market Monitor reporting on the June Quarter median price shows that the Brisbane LGA median house price grew 3.6 per cent in the 12 months to June, to reach a new high of $655,000. The Gold Coast grew 6.8 per cent over the 12 months to June, reaching an annual median house price of $595,000. The…
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