INDUSTRY NEWS
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Tentative Signs of Pickup in Mining Regions
There haven’t been many glimmers of hope for property owners in once-booming mining towns lately but an analysis released by CoreLogic yesterday may contain the first hints of an improvement since the end of the commodity boom. In its latest Property Pulse report CoreLogic found evidence of an uptick in sales volumes across a number of hard-hit mining areas…
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REA Group named one of Australia’s best places to work
REA Group has been named one of the best places to work in Australia for the second year in a row, according to the latest LinkedIn Top Companies list. LinkedIn yesterday announced the top 25 companies where Australians would love to work the most, based on an analysis of consumer behaviour to the professional networking site. Ranked 16th, REA Group…
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Who will you be rubbing shoulders with at AREC2017?
Delegate numbers up for AREC2017 as the focus this year is on “Super Growth”. With just 10 days to go, the diverse line-up of speakers is proving to be a drawcard with nearly 4,000 delegates already registered for the conference. Conference organisers Total Real Estate Training (TRET), have indicated this will prove to be the most popular AREC in its 20th…
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Cooley Auctions Golf Classic raises $500,000 for Youth off the Streets
The 10th and final Cooley Golf Classic was held on Friday 12 May at Bonnie Doon Golf Club raising over $65,000 for Youth Off The Streets. The goal for the final year of the event was to raise $500,000 over the 10-year period and Youth Off The Streets and Cooley Auctions are thrilled that that result was achieved. Prior to…
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Pressure being felt across Sydney rental market, REINSW
Residential vacancy rates across Sydney are showing no signs of relief, according to the Real Estate Institute of New South Wales. REINSW President John Cunningham said the April 2017 REINSW Vacancy Rate Survey saw the Sydney metropolitan area remain steady at 1.7 per cent, despite a decline of 0.2 per cent at 1.2 per cent in Middle Sydney. “A vacancy…
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New App Removes Price Barrier to Augmented Reality
The case for using augmented reality (AR) technology in the real estate industry has always been compelling but for many, implementation costs have put it way out of reach – until now. Imagine consumers being able to use Augmented Reality to see how their furniture might look in a new property at the touch of a button on their mobile devices;…
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LPMA 2017 Annual Award Winners Announced
The Leading Property Managers of Australia (LPMA) had their Annual Awards Dinner at The Star Gold Coast on 4 May 2017. Executive Director of LPMA, Bob Walters said “This year we had a record number of entrants and the calibre of entries was outstanding. It shows that the level of service, efficiency and professionalism of LPMA member firms gets better…
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Investor housing finance moderating
The latest housing finance figures released today by the Australian Bureau of Statistics (ABS) confirm that finance approvals for investor housing is moderating, according to the Real Estate Institute of Australia (REIA). “The value of investment housing commitments decreased by 0.3 per cent in March 2017 in trend terms. This is down from its 2015 peak,” Malcolm Gunning, REIA President…
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realestate.com.au Launches ‘property curation’ feature for users
realestate.com.au is making it even easier for Australians to find their next home or property thanks to the launch of Collections, available with the latest app update on the realestate.com.au iOS and Android apps. Signed in app users have for a long time been able to save their favourite searches, but now, with to Collections, they can also categorise and…
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New Program for Female Students
The property industry has come up with a smart idea to grab the attention of the next generation of potential recruits with the latest initiative in its campaign to promote diversity and equal opportunity in the sector. The Property Council of Australia yesterday kicked off a new pilot program in Sydney to introduce female high-school students to the range of…
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Chinese Buyers Still Dominate But Buying Fever Has Eased
The head of the world’s leading Chinese website for international real estate has praised the latest Foreign Investment Review Board annual report as proof the current system is working well. Juwai CEO Charles Pittar said it showed foreign investment was going right where Australia wanted it and was one of the few bright spots in the economy. FIRB chairman Brian…
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Auction volumes increasing with the combined preliminary clearance rate holding in the mid 70’s
Auction conditions remain strong with a rebound in auction volumes and higher preliminary clearance rate over the second week of May with 2,376 auctions nationally and a combined national auction clearance rate of 76.6 percent (76.2 percent weighted average) National auction clearance results for the week ending 14/05/2017 courtesy of CoreLogic Auction markets have remained resilient, with both volumes and the preliminary…
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WA heads towards deadline for mandated online property settlements
The WA land registry, Landgate, has announced a timeline for taking property transactions online, with a view to 100 per cent of transactions going digital. Deadlines for implementation of online transaction requirements apply to WA settlement agents in August, October and December 2017 for phasing in mandatory electronic settlements. Property Exchange Australia – PEXA – is the system that has…
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Property investors to lose in budget changes, says Bradley Beer
The 2017 Federal Budget, handed down by Treasurer Scott Morrison this week includes proposed changes which will affect residential property investors Australia-wide. The Australian Tax Office (ATO) allows owners of income producing property to claim depreciation deductions for the wear and tear that occurs to a building’s structure and the plant and equipment assets within. The proposed changes relate to…
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Stock Levels Rise as Demand Slows
Following years of frenetic activity in Australia’s hottest real estate markets, more signs are emerging that buyers might be ready to take a breather after CoreLogic reported stock levels are now outstripping demand in some cities. Months of Supply figures are used to predict how long it should take to clear volumes of stock currently on the market and found…
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Crown Group Reveals Australia’s Tallest Manmade Waterfall
Crown Group, the award-winning developer of distinctive residential and mixed-use properties across Sydney, today announced the highly-anticipated details of Waterfall by Crown Group, an iconic, grand-scale project in Sydney’s burgeoning Green Square precinct featuring Australia’s largest man-made waterfall. Eye-catching images and animation of the waterfall were revealed at an event held in Sydney today. “This development is something entirely unique…
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Online Property Listings Businesses Remain Buoyant
Australia’s two largest online property portals are still doing most of the ‘financial’ heavy lifting within their parent’s businesses. REA Group, part of News Corp and owner of realestate.com.au, announced an impressive 16 per cent growth in Australian revenue for the March quarter compared with the same period last year. Its ASX announcement noted the result was driven by the strength…
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Overview of budget implications for housing and housing affordability: Tim Lawless
With so much debate about housing affordability it was always going to be the case that the 2017 budget included key policies aimed at improving the affordability of housing and addressing some of the systemic issues that have pushed housing prices out of reach for many Australians. At face value, the budget measures present a good attempt at improving housing…
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The Eight Best Budget Moments from #Budget17: Sarah Bell
The 2017 Federal budget has been mostly received well judging from commentary by property pundits so far. A goldilocks attempt to temper the forces of supply and demand; of foreign investment and affordable housing without causing economic shockwaves. But, Federal Treasurer Scott Morrison or #ScoMo as he is trending was going to have a difficult time pleasing everyone. “The government is…
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Meet the AREAs judges: a who’s who of property & media
With the countdown on, REA Group is pleased to announce the first 15 judges of the Annual REA Excellence Awards. Coming from the media, property, data, technology and not-for-profit sectors, the first judges to be announced are some of the most respected and experienced in their professions: Ange Ferguson, Group Managing Director, Asia Pacific at ThoughtWorks Chris Gray, leading investment…
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New Home Approvals Cycling Down
Building approvals data for March 2017, released today by the ABS indicate that residential building is set to slow, according to the Housing Industry Association (HIA). HIA Acting Chief Economist Warwick Temby said “the 13 per cent decline in new dwelling approvals during March (seasonally adjusted) confirms HIA’s forecasts for a slowing in new residential building projects through 2017. “From the record…
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Affordability Crisis Could Lead to the First ‘Cubby House’ Generation: CoreLogic
The Federal Government has a big task ahead as it prepares to release its housing affordability strategy in today’s Budget after new research by CoreLogic has revealed the affordability crisis has created an entrenched pessimism about high prices and the prospects of future home ownership. The latest CoreLogic Perceptions of Housing Affordability survey showed nearly 90 per cent of non-home…
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2017 Budget preview – What’s in it for housing: Andrew Cocks
Scott Morrison’s 2017-18 Federal Budget would have to be one of the most anticipated in recent memory. Speculation about its content has generated enormous media coverage, as well as a lot of angst in response to the leaks and red herrings on the subject of housing affordability. It’s all the more remarkable given that the Commonwealth Government has limited means…
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What to expect from the 2017 Federal Budget (for property people): Sarah Bell
Just like The State of Origin night, Budget night draws a crowd of millions as the nation waits in anticipation to see what plays will be made by the rainmakers in their pin-striped suits….OK, that last bit is a stretch (*total lie)…but this is the hottest budget we have seen for a long time – and mostly because of the…
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Sydney apartments shine at 2017 national property Innovation & Excellence awards
A magnificent makeover of Bondi’s old Swiss Grand Hotel and a 42-storey apartment tower in Chatswood have taken home two prestigious awards at the 2017 Property Council of Australia / Rider Levett Bucknall Innovation and Excellence Awards. RLB has partnered with the Property Council of Australia to present the Innovation & Excellence Awards program since its inception in 1982.The 2017…
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Preliminary clearance rate holds firm around 74 percent on lower auction activity in the first week of May
This week, 1,662 capital city auctions were held and preliminary results show that 1,365 auctions have been reported so far, with a preliminary clearance rate of 74.6 percent, rising from a final clearance rate of 74.0 percent last week across 2,350 auctions. National auction clearance results for the week ending 07/05/2017 courtesy of CoreLogic While clearance rates remain above the long-term average…
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Are Governments becoming too reliant on property tax revenue?
The growing reliance of state and local governments on fat property tax revenues generated by the eastern states’ property boom has prompted analysts at CoreLogic to issue a warning – it may be time to consider a more sustainable model. Research analyst Cameron Kusher said the latest ABS data showed property taxes now accounted for a record 52% of the total…
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New Biometric Technology to Speed Up Loan Approvals
Property agents should appreciate the flow-on effects of ground-breaking new identity verification technology, based on facial recognition, that is set to streamline mortgage approvals and speed up the whole property transaction process. The solution, being hailed as Australia’s first fully digital verification of identity (VOI) process, is a response to the strict and time-consuming Know Your Client (KYC) identification requirements…
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Australians prefer to make mobile calls than get them: Roy Morgan Research
“Don’t call me, I’ll call you.” Over three million Australians say they love being able to contact others via mobile phone whenever and wherever it suits—but don’t enjoy being contacted themselves, Roy Morgan Research shows. When it comes to their mobile phones, 14.2 million Australians aged 14+ (72%) agree, “I love being able to contact my friends wherever I am”.…
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Inner Sydney Agency Chalks Up 40-year Milestone
Sydney property figure Warwick Williams is preparing to celebrate the 40th anniversary of the Drummoyne real estate business he founded in 1977. The agency has grown from a humble four-person operation with a modest rent roll to become one of the largest independent real estate operations in Sydney’s vibrant inner west. Today, Warwick Williams Real Estate is Drummoyne’s leading agency…
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REA Group launches Spacely, enabling Australians to work, their way
REA Group have announced the launch of Spacely, a new listings site that will make it easier for Australians to find short-term commercial rentals and co-working spaces that meet their needs. Spacely, available on spacely.com.au, will launch as a new beta experience and will evolve over the coming months. Multiple updates and improvements to the site are expected as more…
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REA Property Demand Index Falls in April
Attempts by the banking regulator to put a brake on an overheated housing market may finally be working after the latest REA Group Property Demand Index released yesterday revealed a 4.3 per cent drop in buyer demand for April. The biggest fall was in NSW (7.8%) followed by Queensland (5.4%). However, REA Group Chief Economist Nerida Conisbee said demand in…
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RBA leaves cash rate unchanged at 1.5 percent
The Reserve Bank of Australia (RBA) has announced they will leave the cash rate on hold at 1.5 percent after its monthly meeting yesterday. RBA Governor Philip Lowe said that there has been a broad-based pick up in the global economy since last year. “The Bank’s forecasts for the Australian economy are little changed. Growth is expected to increase gradually…
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Capital gains ease and month-on-month growth conditions slow: CoreLogic
Highlights over the three months to April 2017 Best performing capital city: Hobart +5.1 per cent Weakest performing capital city: Perth -2.4 per cent Highest rental yields: Hobart and Darwin houses with gross rental yield of 4.9 per cent and Hobart units at 5.4 per cent Lowest rental yields: Sydney and Melbourne houses with gross rental yield of 2.7 per…
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Peter Kakos to lead The Agency’s move into Victoria
Former Marshall White director and McGrath sales director, Peter Kakos will join The Agency as General Manager Victoria to champion the company’s growth into Victoria. He joins the company with high recommendations in the industry, having made a significant impact as a coach, mentor and business development over the course of his career. Matt Lahood, CEO, The Agency said of…
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