INDUSTRY NEWS
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Preliminary auction clearance rate and volumes strengthen from sub 70 percent final result last week
Preliminary clearance rate strengthens after last week saw the final clearance rate fall below 70 percent National auction clearance results for the week ending 30/04/2017 courtesy of CoreLogic The combined capital city preliminary clearance rate rose to 76.9 percent this week, increasing from last week when final results saw the clearance rate fell to 69.8 percent after 10 consecutive weeks remaining in…
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Rate City announces industry home-loan ‘sale’
Financial comparison site RateCity.com.au announced today it will be hosting Australia’s first industry home loan sale, offering refinancers exclusive deals and potential savings of up to $39,000 for customers of the big banks. The sale will include the lowest ongoing variable rate, exclusively at RateCity.com.au/sale. Starting Monday 8 May at 6am (AEST) and lasting for only 40 hours, the Switch…
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The Answer Housing Affordability Challenge Is To Increase Housing Supply:HIA
Australia needs supply not demand focused solutions to address our national affordability challenges, the Housing Industry Association said. HIA’s Deputy Managing Director, Graham Wolfe in a statement said any attempts to remove the demand for new housing would reduce supply, affordability and jobs. “While several measures announced today by Labor to address Australia’s housing affordability challenges provide a sensible approach…
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Australia’s fastest selling suburbs: CoreLogic
Low interest rates coupled with higher levels of demand for housing has seen property sales in some areas take off faster than in others. Today in the CoreLogic Property Pulse, we take a look at the 10 suburbs in each state with the shortest median selling time for houses and units over the 12 months to January 2017. CoreLogic research…
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First major Airlie Beach development post Debbie kicks off
Airlie Beach is reviving itself as the gateway to the world-renowned Whitsundays and Great Barrier Reef post Cyclone Debbie, with the town once again buzzing and new developments, including One Airlie back on track with construction. With the spotlight firmly on the iconic region and major tourism infrastructure investment now fast-tracked, Airlie Beach is set to boom as Australia’s next…
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Highland Property Agents gives back to the community
Highland Property Agents is celebrating their tenth birthday this year and attribute their success to their community spirit and innovative approach to the industry. Speaking exclusively to Elite Agent, CEO David Highland said, “we have outworked our competition and new ways to be innovative”. Focused on creating a positive atmosphere for staff and promoting an environment everyone can perform to…
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Property Council releases it’s 10 point plan to fix affordability
A proven scheme to help first home buyers bridge the deposit gap and a suite of measures to address using supply are at the centre of the Property Council’s plan “Fixing Housing Affordability”. Broadly, the plan identifies 10 areas to tackling rising house prices: Crank up housing supply, diversity, and choice Make housing cheaper to produce Incentives to spur reform…
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LinkedIn changes Terms of Service, what does it mean for you?
LinkedIn, the tech giant used by 467 million people worldwide has announced that they have changed their terms of service, with both the User Agreement and the Privacy Policy due to be updated on the 7th June. What does this mean for you? The company says they were driven by a ‘members first’ philosophy and wanted to improve the experience…
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Superannuation won’t help first time buyers get into the Sydney & Melbourne: CoreLogic
First-time home buyers expecting to use superannuation savings as a deposit for a property in either Sydney or Melbourne may find both cities way too pricey and would be still locked out from the housing market, CoreLogic research analyst Cameron Kusher has said. Broadcaster ABC recently crunched the numbers and showed that based on the average earnings for a 25…
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A rise in the combined capital city auction volumes post Easter delivering softer clearance rates
Volumes rise across the combined capital cities and return a clearance rate of 72.1 percent National auction clearance results for the week ending 23/04/2017 courtesy of CoreLogic Auction activity increased significantly across the combined capital cities this week after last week’s Easter period slowdown, with 1,732 homes taken to market and a preliminary clearance rate of 72.1 percent, down from 73.9 percent…
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Regional areas a draw for established buyers and retirees: Domain
Key Findings Regional resurgence in coastal areas including Tweed and Wollongong, with yearly price growth to date now 13-20 percent Richmond Valley records strongest quarterly growth, up 16.4 percent Median house prices in Dubbo, Orange, Wagga Wagga and Mackay are down over the quarter There are some major market movements in the March quarter and across the calendar year, with…
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Master Builders Australia welcomes 457 visa program changes
Master Builders Australia say they welcome changes to the temporary skilled migration program which was announced by the Government on Tuesday. Master Builders Australia chief executive Denita Wawn said providing Australians with jobs, and training the younger generation for rewarding careers, has always been their priority. “However access to foreign workers to fill immediate skills gaps on projects where locals…
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Individuals claiming a net rental loss starting to flatline
The number of individuals claiming a net rental loss has flat-lined over recent years according to recent data by the ATO. CoreLogic research analyst Cameron Kusher provides commentary on the recent data. The Australian Tax Office (ATO) released their taxation statistics for the 2014-15 financial year last week, and from a housing market perspective it provides some really valuable data on…
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Melbourne’s median house price hits $800,000
Melbourne’s median house price has recorded its strongest quarterly price growth since 2013 to smash the $800,000 barrier for the first time, new data from the Real Estate Institute of Victoria (REIV) shows. The citywide median increased 7.6 percent in the first three months of 2017 to a record high $826,000 – up more than $55,000 on December figures. REIV…
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Housing Affordability Records Improvement: HIA
The latest Housing Industry Association (HIA) report indicates that there has been a steady improvement in housing affordability during the opening months of 2017. HIA senior economist, Shane Garrett in a statement said that during the March 2017 quarter, the HIA Affordability index improved by 1.9 percent – and is 1.2 percent better than this time last year. “The improvement…
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Easter long weekend returns a rise in capital city auction clearance rate on subdued volumes
Across the combined capital cities, the auction clearance rate rose to 78.8 percent last week, from 74.8 percent the previous week. National auction clearance results for the week ending 16/04/2017 courtesy of CoreLogic The number of homes taken to auction, however, fell to just 487 across the capital city markets, with Sydney host to the majority of auctions last week (275). Preliminary…
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Axing Of 457 won’t impact vacancy rates, say REINSW
The axing of the 457 visa schemes will only have some bearing on the rental markets in several parts of Sydney such as the iconic Bondi beach and upmarket suburbs like Manly, the Real Estate Institute of New South Wales (REINSW) said. REINSW president John Cunningham said there would be some areas in Australia where the banning of the 457…
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Turner Real Estate Appoints Two New Leaders
One of South Australia’s largest independent and family-owned agencies, Turner Real Estate, has added to its leadership team with new appointments for Lachlan Turner and Emma Slape earlier in the month. Lachlan Turner, now Managing Director, will take over from his father Robin Turner, who in addition to running this business is also a long time serving president of the Real Estate…
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New rules for underquoting in Vic come into effect May 1
“Quote ’em low, watch ’em go; quote ’em high, watch ’em die” – an old phrase around the game of selling, and one that many property buyers or sellers may have experienced. But that is all about to change with the new underquoting legislation that comes into effect in Victoria on May 1. Underquoting is a misleading practice that has…
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A New Home for PEXA by Futurespace
PEXA, the company that provides the future of real estate transactions is moving it’s 200 staff to a futuristic new office in Collins Square, Melbourne CBD. The new office has been designed by leading workspace design firm, Futurespace incorporating the futuristic focus that saw PEXA rank as the fifth fastest growing tech startup in the Deloitte 2016 Technology Fast 500.…
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Treasurer’s pre-budget comments considered positive by industry experts
In a key pre-budget address to the Australian Housing and Urban Research Institute, Treasurer Scott Morrison reaffirmed the Coalition’s strident opposition to changing negative gearing tax concessions, plus a drive to increase private investment in the supply of housing. Key points in Morrison’s Address No disruption to current negative gearing policies (as this would come at a cost to renters)…
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Young Aussies still behind when it comes to homeownership, says HSBC study
83 percent of Australian millennials intend to purchase a home in the next five years Less than a third of millennials own a home in Australia Only 17 percent of Australian millennials have a precise budget for buying a home Eighty-three percent of Australian millennials having intentions of owning a home in the next five years, but the number of…
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The busiest week for auctions so far this year returns a preliminary clearance rate of 77.6 percent
The busiest week for auctions so far this year returns a preliminary clearance rate of 77.6 percent National auction clearance results for the week ending 09/04/2017 courtesy of CoreLogic Auction activity ramped up across the combined capital cities this week in the lead up to Easter, with 3,424 homes taken to auction this week, recording the highest volume of auctions year-to-date. The…
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Airbnb War Needs Government To Legislate A Truce Says Industry Expert
The war between Airbnb and apartment owners is only going to get worse unless the government takes decisive action to regulate the short-term letting industry, said strata industry expert Paul Morton. The New South Wales government is due to give its response to the report of the Parliamentary inquiry into Airbnb next week and Morton, the managing director of Lannock…
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Master Builders Australia welcomes government’s decision on company tax cut
Master Builders Australia has praised the senate’s decision in passing the Government’s company tax cut for businesses turning over less than $50 million, adding that it was a win for the building and construction industry, the economy and the community. MBA’s first woman CEO Denita Wawn said this was a big win for 121,000 small and medium building businesses and…
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Cooling measures do little to stem property demand says REA, prices will continue to rise in April
Queensland concerns – drop in rental demand suggests the market will take time to absorb current supply Demand for rental properties on realestate.com.au hit a record high in March Buyer demand for NSW units weakened in March – affordability issues beginning to impact the state Victorian first home buyer measures have further accelerated demand Cooling measures pushed through by Australian…
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REINSW welcomes changes to give grants for first home buyers to buy established homes
Reports that the New South Wales government is considering changes for first homebuyers including subsidies for the purchase of existing homes, as well as new ones and amendments to stamp duty, is consistent with effort taken by the Real Estate Institute of New South Wales for months on end. REINSW president John Cunningham said the institute had been highlighting the…
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REIA President: Pest And Building Reports Ought To Be Compulsory In All States
All Australian states should make it mandatory for prospective buyers to obtain a pest and building report from the current owner of the properties and not have to pay for those reports individually. Real Estate Institute of Australia (REIA) president Malcolm Gunning noted at present only Canberra and Tasmania made it compulsory for sellers to offer these reports to their…
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New Home Approvals Hits A Six-Month High: HIA
New building approvals for February has hit a six-month high the Housing Industry Association (HIA) said in a statement on Monday. HIA senior economist Shane Garrett said new dwelling approvals for February reached its highest level since August of last year, according to figures released by the Australian Bureau of Statistics. In seasonally-adjusted terms, total new dwelling approvals increased by…
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RBA leaves cash rate unchanged at 1.5 percent
The Reserve Bank of Australia (RBA) has decided to leave the cash rate unchanged at 1.5 percent after its monthly meet on Tuesday. RBA governor Philip Lowe said the Australian economy is continuing its transition following the end of the mining investment boom. “Recent data are consistent with ongoing moderate growth. Most measures of business confidence are at, or above,…
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Kitchens And Bathrooms Now Worth A Whopping $11 Billion A Year
The Housing Industry Association (HIA) revealed on Tuesday that the installation of new kitchens and bathrooms in Australia is now worth a whopping $11 billion a year. With that in mind, the association decided to launch the HIA-GWA Kitchens and Bathroom Report for 2016/17 to study the trend further. “The installation of new kitchens and bathrooms in Australia is worth…
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Home Values Rise To Unprecedented Levels says CoreLogic March Report
Best performing capital city: Hobart +5.6 percent Weakest performing capital city: Darwin -3.1 percent Highest rental yields: Hobart & Darwin with gross rental yield of 5 percent and Hobart units at 5.6 percent Lowest rental yields: Sydney & Melbourne houses with gross rental yield of 2.7 percent and Sydney units at 3.7 percent Most expensive city: Sydney with a median…
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First National Real Estate top Victorian and Tasmanian Agents Honoured
First National Real Estate’s Victorian and Tasmanian agents were presented with their General Excellence and Marketing Awards at a dinner hosted last week. The awards brought recognition to the best of both states’ real estate performances throughout last year, which according to First National Victoria Chairman, Rob Westwood, contributed to First National Real Estate winning Canstar Blue’s ‘Most Satisfied Customers’ award…
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Former McGrath sales director now the Agency’s new CEO
Ausnet Financial Services has appointed Sydney-based Matt Lahood as the Agency’s first CEO, effective immediately, the company told the ASX in a statement on Monday. Lahood who most recently held the position of director of sales for McGrath real estate comes with more than 28 years’ of industry experience, the company said. “I am very excited about my new role at the Agency as…
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APRA tightens rules around interest-only loans
In a bid to calm the hot property market, the Australian Prudential Regulation Authority (APRA) has announced several measures to clamp down on interest-only loans. All lenders have been informed by APRA that they should limit the flow of new interest-only lending to 30 percent from the total new residential mortgage lending, and to have strict internal limits on the volume…
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