National
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87.7% of homes sold for profit in March quarter
Less than 13% of house resold at a loss during the first quarter of 2020, despite floods, bushfires and COVID-19. New figures from CoreLogic analysed approximately 72,500 sales over the first three months of the year. It shows profit-making sales in March were only down 1% from the December quarter, a nominal amount. Gross profit…
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Housing markets tell a stronger tale of resilience: PM Scott Morrison
Prime Minister Scott Morrison has responded to recent data that reveals a record slump in new home loans, noting the drop was not unexpected and the Australian property sector remains resilient. Speaking on the Australian Bureau of Statistics data which indicated new loan commitments for housing dropped 11.6 per cent in May, Mr Morrison said…
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New home loans slump to lowest number on record in May
As expected, new home loans have fallen sharply in response to the COVID-19 crisis, with the latest Australian Bureau of Statistics figures indicating the value of new loan commitments for housing dropped 11.6 per cent in May. Noting this was the largest fall in the history of the series, ABS Chief Economist Bruce Hockman, said…
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REIA welcomes loan deferral extension
REIA has welcomed the Australian Banking Association's decision to extend the loan repayment deferral period. "Supporting home owners during this phase where they may be finding it difficult to continue paying their mortgage, is to be applauded," said REIA president Adrian Kelly. "If owners and landlords are supported, then tenants, some of who are from…
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Rentals see biggest price drop in over 15 years
Rental prices have plummeted nationwide, with unit rentals experiencing their biggest price drop in over 15 years, according to new figures released by Domain that show a historic fall of 3.2 per cent over the June quarter. “The rental market has become highly fragmented in recent months," Domain Senior Research Analyst, Dr Nicola Powell said.…
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US billionaire eyes investment in LJ Hooker
US billionaire Michael Fuchs has his sights on the Australian market, with plans to inject $35 million equity into LJ Hooker. In 1991, New York-based Mr Fuchs and a childhood friend foundered RFR Holdings, a real estate portfolio now worth north of $20 billion. Their assets include the Seagram Building, the Chrysler Building, and Hotel…
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Finalists announced for REINSW 2020 Awards for Excellence
The Real Estate Institute of New South Wales has announced the finalists for its annual Awards for Excellence - the most prestigious awards night on the NSW real estate calendar. As REINSW President, Leanne Pilkington explains, it will take more than a worldwide pandemic to still this year's awards. “We have been astonished by the…
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RBA Governor Philip Lowe issues July statement
SPOILER: No alarms and no surprises from the RBA. Philip Lowe's statement is below. At its meeting today, the Board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points. The global economy has experienced a severe downturn as…
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Good news: HomeBuilder has caused a boom in new home inquiries
The Federal Government's HomeBuilder scheme has led to a surge in new home inquiries since it was announced in early June. REA have today released their 'Insights New Homes Snapshot' for July, which shows inquiries to developers nationally jumped by almost 63% in June. Even more impressively, inquiries about land experienced a 93% lift over…
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Walkability: the new gold standard for urban planning
Once upon a time, the Australian dream was to buy a property in the suburbs, taking advantage of the vast networks of highways and the lowering costs of vehicles to get away from the rat race. The suburbs offered plenty of space to raise a family, even if it meant markedly more time in the…
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Rental markets near universities are suffering due to COVID-19
Australian universities are financially reliant on full-fee paying international students. COVID-19 has crippled many industries, but the university sector has been amongst the hardest hit, with Universities Australia predicting losses of $16 billion across our tertiary institutions over the next three years - a dire scenario. The knock-on effects for the rental markets near these…
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Capital city apartment values to be hit the hardest, experts predict
The latest Finder RBA Cash Rate Survey is out, and it's not the best news for apartment owners. 43 experts and economists were asked to predict various aspects of the housing markets, including the projected values of apartments and houses in the eight capital cities. They predict price drops of between 7-8% price drops by…
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The upside of COVID: More renters are now saving to buy property
Saving for a home deposit can be a tricky prospect, involving self-discipline, long-term goal setting, and sacrificing those little luxuries like eating out, going to live gigs, or indulging in weekend getaways. New research by Westpac into the financial trends of Australian renters during COVID-19 shows that government-enforced lockdowns, coupled with the closure of many…
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Homely launches new Sold Hub drawing focus to Agent Ratings
Homely.com.au now features Agent Ratings in their Sold Hub and has released a new homepage design. Adam Spencer, Homely’s Co-Founder, said the Sold Hub prominently positions Agent Ratings and ‘Contact agent’ buttons, so consumers can identify top local agents and quickly get in touch with those who’ve had successful sales outcomes for comparable properties to…
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Preliminary clearance rate improves while fewer homes taken to auction
Preliminary clearance rate improves while fewer homes taken to auction As is traditionally the case, school holidays had a direct impact on auction volumes this week across the capitals, with a total of 1185 homes scheduled for auction compared to 1485 last week. While volumes were lower, the clearance rate trended higher, according to CoreLogic…
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Domain print titles to start publishing again
Domain Magazine will start republishing its print magazines this month.Production and distribution restrictions, coupled with a ban on live auctions, forced Domain to suspend print publishing at the end of March.Domain Magazine will restart publishing on Friday July 31 in the Australian Financial Review, and the following day in The Age and Sydney Morning Herald.Sydney…
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New strata data examines the growth of apartment living
Twenty per cent of Australians and five per cent of New Zealanders now live in strata-titled properties, according to a new report from UNSW's City Futures Research Centre. Of the almost three million strata and community-titled properties in Australia, over 960,000 are in NSW, with the insured value of the properties nation-wide growing by over…
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Values fall in June across the larger capital cities
Despite Australians beginning to take baby steps out in the world again, real estate values across the combined capitals have continued to drop for the second month in a row, falling 0.7 per cent in June, after a 0.4 per cent decline in May. But it's not all bad news for owners - especially those…
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EBM RentCover stresses importance of following rent freeze process
EBM RentCover is stressing the importance of following the government’s rent freeze process after receiving an influx of inquiries from landlords relating to COVID-19. EBM RentCover Managing Director Sharon Fox-Slater explained while there hadn’t been a notable rise in insurance claims during the past couple months, there had been a significant uptick in inquiries from…
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Super and first home buyer schemes restart tomorrow but are they a good idea?
Two major government schemes restart tomorrow as the new financial year begins but comparison site RateCity.com.au is warning Australians to think before they jump in. From July 1, eligible Australians financially affected by COVID-19 will be able to access up to $10,000 extra from their superannuation. Round two of the First Home Loan Deposit Scheme…
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Home loan rates hit new record low of 1.99%
Fixed home loan rates continue to tumble, with Bank of Us the first lender to offer the average Australian a fixed home loan rate under 2 per cent. Bank of Us has announced the record-breaking rate of 1.99 per cent, fixed for 1 to 3 years, for owner-occupiers paying principal and interest repayments with a…
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ATO offers tax time tips for rentals
With the end of the financial year imminent, the Australian Taxation Office (ATO) has sought to assist landlords with clear guidelines on what to do this tax time including what you can and cannot claim. Noting the ATO was aware residential rental property owners might be concerned about how COVID-19, floods, or bushfires had reduced…
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Positive signs for spending when restrictions ease
Australians who had reduced spending on items including eating out and recreational activities due to COVID-19 are expecting this to increase when restrictions ease, according to latest data from the Australian Bureau of Statistics (ABS). However, the sixth Household Impacts of COVID-19 Survey found that people who had spent less on items including household furnishings, clothing and…
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Seller confidence on the up as clearance rate holds steady
Seller confidence continues to improve with the capitals reporting the highest number of auctions in nine weeks on Saturday, along with volume and clearance that exceeded this time a year ago. CoreLogic reported 1424 homes went to auction at the weekend, returning a preliminary clearance rate of 64.5 per cent. “This was the highest number…
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Prop-tech startup Yabonza makes first acquisition with Easyshare
Australian-founded prop-tech startup Yabonza has acquired sharehouse payments startup Easyshare in a bid to simplify rental payments on its property management platform. The cash and equity deal is the first acquisition for Yabonza and is a move that aligns closely with the platform’s tech, growth and leadership objectives. Easyshare was founded in 2015, with the…
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Australia’s variable rate hits new record low
An online lender has become the new leader in the mortgage rate wars as variable home loan rates continue to drop, hitting a new record low. Freedom Lend is now offering a variable rate of 2.17 per cent, for new customers with a deposit of 30 per cent of more. RateCity.com.au Research Director Sally Tindall…
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Automated connection services to benefit Qld agencies and tenants
The Real Estate Institute of Queensland is set to launch a new automated utilities connection service which will save agencies time and money, and deliver a better experience for tenants. Part of REIQ's Realworks platform powered by Hutly, the new feature uses One Touch Execution and enables real estate agencies to nominate their default utilities…
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Australian expats looking to buy ‘back home’ in the luxury market
Australian expats are increasingly looking to purchase property ‘back home’ as the impact of Covid-19 unfolds, and many of those are looking to buy at the higher end of the residential market, according to a Knight Frank survey. The survey, carried out amongst Knight Frank’s global network of prime agents, found 64 per cent said…
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Homely hits 400 partners across the country
A milestone 400 launch partners – including many industry heavyweights – have signed on to Homely's Agent Participation Program nationally, helping the company on its way to its goal of providing an affordable digital real estate marketplace in Australia. The program, which provides agents with a financial interest in a major national real estate portal,…
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Clearance rate continues to climb on the back of higher volumes
Both auction volumes and the clearance rate lifted this week, with 1262 homes scheduled for auction in the capitals, returning a preliminary clearance rate of 66.1 per cent. CoreLogic reported this was up from the 63.3 per cent preliminary clearance rate returned last week across 1181 auctions, which later revised down to 59.3 per cent…
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Pandemic doesn’t stop real estate professionals changing lives across the water
When the not-for-profit program Digital Live was conceived in 2017, Steve Carroll was determined to make a difference to the lives of children in need across the water. And he knew exactly who to call on to help make this vision a reality: the passionate Australian real estate industry. Fast forward to 2020 and the…
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Laura Shooter of SJ Shooter Real Estate named Transform 2020 winner
SJ Real Estate Managing Director Laura Shooter has been named the winner of Elite Agent’s Transform challenge for 2020. Receiving the welcome news on Friday, Ms Shooter said was “very excited,” and “quite surprised” to take out the title over a field of 306 participants who completed this year’s 30-day virtual course. “I didn’t go…
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Rex reveals brand refresh and updated vision
The Rex team has announced a refresh of its core brand elements. Reflecting the growth and evolution of Rex as a leading Customer Relationship Management system which provides workflow and marketing solutions for real estate agencies, the rebrand elevates the focus on the company's strength, stability and transformation, and includes a new logo, positioning and…
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Call for ‘mega’ project fast-track to be applied to across the board
Australia's leading property advocate has called for the fast-tracking of approvals for nation-building infrastructure projects to be adopted across the board by all levels of government involved in planning and construction approvals. The Property Council of Australia welcomed the Prime Minister's commitment of additional funding to get new local infrastructure projects out of the ground…
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Real estate agents identify key areas of support
The extension of stimulus packages and scrapping stamp duty were among nine key areas of support identified by real estate agents across the country as the industry grapples with the challenges that have arisen during the pandemic. The suggestions were the result of a survey of Real Estate Institute of Australia members about measures that…
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