Real Estate News
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$83m ‘Planning Reform’ will cut a lot of red tape
The NSW Government’s newly-announced $83m plan to remove swathes of red tape currently wrapped around the planning system is being celebrated as a huge win by Property Council NSW. They predict the NSW Planning Reform Action Plan will “speed up the planning system, create jobs and support the economic recovery” of the state. The Action Plan will streamline many processes…
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Miranda Kerr bought a historical Hunter Valley vineyard
Miranda Kerr has been revealed as the mystery buyer of QT Hotels’ $7.5m Loggerheads Estate in the NSW Hunter Valley. The 215-acre property sold for the full asking price, having last sold in 2016 to QT Hotels for $6m. The property boasts the vineyard, which spans for 10 acres, a fully-licensed cellar door wine sales outlet, a seven-bedroom residence, plus…
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Darwin expecting a real estate surge after borders reopen
As Northern Territory’s borders reopen on Friday to most of the country, real estate agents are expecting buyers, renters, and holidaymakers to flood the capital city. Darwin is hot right now – and not just on the thermostat. The rental vacancy rate sits at 1.8 per cent, the lowest it’s been for seven years. In addition, the value of housing…
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Surprise drop in national residential property listings
National residential property listings dropped by 1 per cent from May to June, according to new figures from SQM Research. Listings are also down 7.5 per cent from last June. There were just shy of three thousand fewer properties listed in June, with listings down from 304,137 in May to 301,140. Perth and Melbourne were the only capital cities to…
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Rental vacancy rates dropped nationally in June
More rental properties are being filled, with the national residential rental vacancy rate decreasing to 2.2 per cent throughout June, according to SQM Research. In May, 2.5 per cent of properties were vacant, with the vacancy rate this time last year sitting at 2.3 per cent. As of June 30, there were 77,132 vacant residential properties across the Australia. In…
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New home sales rose in June, thanks to HomeBuilder
New home sales have risen by 77.6 per cent in June, up from a record low in May. “(This is) off the back of the Government’s HomeBuilder program announced at the beginning of the month,” Housing Industry Association’s Chief Economist Tim Reardon explains. “Without intervention, a significant contraction in the volume of work on the ground would have occurred in…
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Harcourts expands with multi-lingual office in Adelaide CBD
Harcourts has expanded further into the strong South Australian property market, with a new Adelaide City office. Business owner Jing Wang has assembled a young, experienced and multicultural team, with staff who speak Chinese, Mandarin, Italian, and English. Ms Wang has worked within the Adelaide real estate sector for over 15 years, building her own successful business, JinSea Real Estate.…
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Next Friday is National Property Manager’s Day
Property managers around Australia: you have little over a week to start heavily hinting to your boss about next Friday’s breakfast cake, banquet luncheon, and a mid-afternoon knock-off. That’s because the inaugural National Property Manager’s Day is happening on Friday, July 24. The initiative was dreamed up by the REINSW, with all other state and territory Real Estate Institutes eagerly…
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Auction action drops in June quarter
The June quarter saw both auction volumes and the clearance rate drop as many sectors of Australian business were severely impacted by COVID-19, the latest CoreLogic data reveals. Social distancing measures were increased immediately prior to the June quarter, including a ban on all on-site auctions and inspections. Coupled with the economic crisis, many property owners withdrew their homes from…
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More of Sydney’s CBD to go pedestrian-only from next week
The City of Sydney has fast-tracked plans to turn more of George Street into a pedestrian-only boulevard, a move that will substantially change the heart of Australia’s largest city. From Monday, the following changes will be made to the city. The extension of the existing southbound lane closure of George Street between Bathurst and Campbell streets to Rawson PlaceClosure of…
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Record number of home loans refinanced in May
Both the total number and total value of refinanced home loans hit a new high in May. Finder analysis of recent ABS data reveals 33,712 Aussies refinanced their home loan in May, to the tune of $15.1 billion. These figures were up $12 billion from April – the previous record. Almost two third (64 per cent) of May’s refinanced loans…
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Samsung and Microsoft collaborate to deliver smart property management of the future
Microsoft and Samsung announced a new partnership Monday to build technology for the real estate industry. This collaboration, combining smart appliances and digital cloud technologies, aims at helping to drive improved building operations and maintenance, along with creating better experiences for both service technicians and residents. This new strategic alliance, with pilots currently under development, uses Microsoft’s Azure IoT platform and productivity…
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HTW Month in Review sees southern capitals top of the property clock
Heron Todd White (HTW) has released their month in review, with a series of new suburbs entering different positions on the property clock courtesy of recent Covid-19 events. Top of the clock are a swag of new areas, with Adelaide, Melbourne, Canberra and Hobart among them, while Sydney continues to be positioned in the beginning…
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Openn Negotiation hits $1b in property sales
Openn Negotiation, the online sales platform, has just celebrated $1 billion in property sales, since its April 2017 launch. The platform combines aspects of auction, expressions of interest, private treaty and end date sales into a one stop shop for realtors. Peter Gibbons, Managing Director of Openn Negotiation, said, “We’ve worked really hard developing and evolving our platform with some…
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New home loan data may suggest a slight recovery
Data released last Thursday by the ABS showed the value of new loan commitments across Australia fell by 11.6 per cent over May, representing the largest single monthly drop on record. Despite the May figure sitting $2 billion below the average lending level of the past decade, CoreLogic’s data suggests June results may indicate a recovery.As Eliza Owen, Head of…
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Leanne Druery joins RE/MAX Results team
Top Mackay real estate agent and Transform 2017 winner, Leanne Druery, has joined the RE/MAX Results team, bringing her award-winning talents to the global brand. Over the past seven years, Ms Druery has embedded herself into the tight-knit Mackay community, a situation that isn’t set to change with her shift to RE/MAX. “I’m still the same local resident who is…
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LeBron James treats himself to a $56m Beverly Hills mansion
Since signing a four-year, A$221m deal with the L.A. Lakers in mid-2018, NBA superstar LeBron James has splashed out on three mansions in the city. His latest purchase is his most lavish yet, – a $56 million Beverly Hills pile, formerly owned by Lee Phillip Bell, creator of The Young and the Restless, and The Bold and the Beautiful, among…
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Mount Panorama property surrounded by iconic race track hits the market
Imagine being able to tell people your residential address is 489 Conrad Straight, Mount Panorama. The petrol-head’s dream property has just come onto the market: 17 acres surrounded by the world-famous Mount Panorama Circuit, home to the Bathurst 1000. Despite its treacherous turns and high-octane reputation as one of the hardest tracks on earth to traverse, the Mount Panorama Circuit…
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Shopping mall vacancies hit 20-year high
It’s not looking good for the future of the humble shopping mall, as coronavirus hastens the closure of stores inside centres around the country. New figures from JLL show the national vacancy rate in shopping malls rose to an average of 5.1 per cent in June, after sitting at 3.8 per cent just six months earlier. In CBD shopping malls,…
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Preliminary clearance rate shows 62.2 per cent of homes sold at auction
As the weekend results continue to come in, the resumption of lockdowns in Melbourne appears to have had a mixed impact on the auction market, with the Victorian capital recording higher volumes than last year, an increased number of properties withdrawn and a preliminary clearance rate of 63.7 per cent. CoreLogic notes these results are…
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Josh Tesolin joins Ray White
Award-winning agent Josh Tesolin is set to soon open his own Ray White business in Quakers Hill. The elite performer has carved out a reputation in Sydney for his incredible work ethic and energy to not only deliver the best customer service but superior results for his clients. Over the past 12 months Mr Tesolin has sold a whopping 170…
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87.7% of homes sold for profit in March quarter
Less than 13 per cent of houses 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 per cent from the December quarter, a nominal amount. Gross profit was…
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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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Yes Victoria, you can still move during lockdown
REIV President Leah Calnan has welcomed clarification from the Victorian State Government that a person living outside of a restricted area can inspect a home inside a restricted area and vice versa. Many REIV members were left confused following the State Government’s decision to enforce Stage Three restrictions in Metro Melbourne and Mitchell Shire and not regional Victoria, with many…
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NZ Government unveils huge emissions shake-up for building sector
The New Zealand Government has unveiled an impressive new program to reduce greenhouse gas emissions from the building and construction sector. The industry currently produces 20 per cent of New Zealand’s total emissions, through the production of building materials, construction itself, and the energy used in the buildings. They have a goal to reach net zero emissions by 2050. The…
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Sophie Monk’s Gold Coast mansion up for rent
If you’re looking for a swanky bachelorette pad, or simply somewhere to watch The Bachelorette in style, Sophie Monk’s Gold Coast mansion can be yours to rent for $1200 a week. The five-bedroom, three-bathroom home sits on 4,000 square metres of land, and boasts an in-ground pool, ocean access, a boat ramp (and boat storage area) and even a jetty…
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The new normal? Office blocks with touch-less entry
The technology wasn't developed for COVID-19. It had been in the pipeline for quite some time. But The Gateway building on Macquarie Street in Sydney is the country's first office tower to implement hand-scanning technology, allowing workers to enter without touching a thing. The Gateway building at Sydney’s Circular Quay has become the country’s first…
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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 the most affected industries through…
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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. “Rental prices fell across most…
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Tasmania first state to accept HomeBuilder applications
The Treasury has announced that, despite some initial hesitations, every Australian state and territory are now signatories to the HomeBuilder scheme. Tasmania is already accepting applications, becoming the first state to do so. ACT will provide information on how to apply next Monday, while QLD has promised information “shortly”. Other states are expected to follow suit. The $25,000 grant has…
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REIV: Melbourne is prepared for new COVID restrictions
As Melbourne returns to stage three lockdown, local real estate agencies are feeling a sense of deja vu – which, luckily, makes them well prepared to deal with the recent shift in fortunes. “Real estate in Melbourne and Mitchell Shire will continue to service the community with online inspections returning along with online auctions,” REIV President Leah Calnan said. Inspections…
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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 Paramount in Manhattan, Dexter Station…
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Aussie cricket legend Steve Smith buys $6.6m Sydney property
Australian cricketer Steve Smith has added a luxurious Vaucluse pad to his bulging property portfolio. The former Australian captain paid $6.6 million for the six bathroom, four-bedroom property, which was initially listed for $6.8m. The beautiful property boasts views of Sydney Harbour, a large pool and cricket-friendly yard, a steam room and gym, a spacious wine cellar (plus an outdoor…
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