Real Estate News
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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 number of entrants into the…
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COVID-19 impacts Queenstown, while NZ market activity returns to normal
Today's QV House Price Index (HPI) figures from CoreLogic have shown that COVID-19 has impacted property values to a mild degree, although nowhere near rates shown in Australia.Nationwide property values dropped 0.2%, with four of the six maincentres showing declines. Interestingly, Tauranga and Christchurch increased at the same rate as the national drop, rising 0.2%.…
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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 countries seek to contain the…
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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 the month. “I expect to…
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Look inside Cate Blanchett’s $12m Sydney apartment
Cate Blanchett’s Macquarie Street split-level apartment in the historical Astor is on the market, with a $12 million guide price. Blanchett bought the eighth floor abode in 2015 for roughly $8 million. The 400sqm property has a stunning view of Sydney Harbour, overlooking the sails of the Opera House. For a further touch of glamour, the property initially belonged to…
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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 car, travelling to and from…
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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 campus has already been seen,…
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REIWA joins call to remove stamp duty
Following on from last week’s Thodey Report, which recommended that NSW stamp duty should be replaced by land tax, REIWA has called upon Western Australia to do the same. “Described in the report as an ‘unfair and damaging tax’, stamp duty is the wrong tax for rebuilding the State Governments’ capability to deliver for its citizens – clearly this also…
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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 the end of September for…
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NSW Government offers free mental health work programs
Mental health is a growing concern in many industries, including real estate. The trauma of recent events has impacted workers far and wide, and the toll of such an upheaval in the day-to-day lives of all of us will be felt for some time to come. To help soften the impact of COVID-19, the NSW Government is offering a range…
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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 businesses that rely on discretionary…
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Celebrating the return of a familiar face
Richardson & Wrench welcomes the return of Graham Hodson to the Lithgow community with the launch of a new bespoke real estate franchise. This exciting and innovative business structure creates a more agile business under a trusted and well-recognised brand, whilst allowing Mr. Hodson to provide the same six-star service. R&W Managing Director Andrew Cocks said the flexible bespoke franchise…
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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 theirs for an appraisal. “We…
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Victorian lockdowns do little to dampen buyer enthusiasm
Two additional postcodes have been added to the list of locked down suburbs in Victoria, with Kensington, Flemington, Hotham Hill and North Melbourne joining the restricted areas as of midnight Saturday. They add to a lengthy list of suburbs already subject to restrictions due to a surge in Covid-19 cases in the Victorian capital. According…
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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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Kevin Rudd has bought Pat Rafter’s former $17m Noosa mansion
While a lot of Aussies assumed we'd be watching week two of Wimbleton at the moment, nobody could have predicted that the mystery buyer for Aussie tennis legend Pat Rafter's $16m Noosa mansion is none other than Therese Rein, the wife of former PM Kevin Rudd.
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Successful Footscray agency migrates to Greg Hocking Footscray
Successful Footscray agency migrates to Greg Hocking FootscrayThe Footscray team has moved across to Greg Hocking to launch the network's new Footscray office, bringing with them a wealth of experience and insider knowledge of one of Melbourne's most dynamic, appealing suburbs."We wanted to be…
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Are you eligible for a $3000 Small Business Recovery Grant?
As we all know all too well, the real estate industry has been hit hard by COVID-19. Luckily, things are improving, but many businesses still need a cash boost in order to make the transition back to normal.If you are a small business owner, you may be eligible for a grant of up to $3000 from the NSW Government.The Small…
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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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Eview Group announces further expansion into Adelaide’s inner south
Eview Group is excited to announce further expansion into the city of churches, as the South Australian arm of the Eview Group launches a fresh and exciting new brand. With multiple decades of combined sales expertise between them, the dynamic duo of Jon Longden and Michelle Bell are set to build on their experience, initiating their position within the realm…
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The Agency partners with Cooley Auctions in NSW
In line with The Agency’s continued growth, the brand has partnered exclusively with Cooley Auctions within NSW. This partnership brings the award-winning auctioneering service led by Damien Cooley, and his impressive team of 17 auctioneers, to The Agency. The Agency CEO Matt Lahood said Cooley Auctions auctioneering team is the most booked independent auction service in the country. Damien Cooley…
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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 $100 million in the past…
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Are you in a HomeBuilder boom area?
The Federal Government's Home Builder Grant looks set to stimulate the economy, with the December deadline to sign with a builder causing many to leap into home ownership.Wealthi's co-founder Domenic Nesci has pinpointed the areas most likely to see a boom in production."Western Sydney is perfectly placed to benefit from the incentives, new investments in…
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Perth sales hit a five-year high
Perth is coming off its strongest month for sales since 2015, with transactions in June up 55.1 per cent from May. REIWA data shows that land sales in particular rose a striking 289 per cent from the previous month, with 1471 blocks sold. Dwelling transactions rose 15 per cent from May, with 3990 properties changing hands. While any comparative statistics…
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Thodey report recommends land tax, not stamp duty
NSW stamp duty should be replaced by land tax, according to a recommendation of the Thodey Report, which was released today. Instigated in 2019 by NSW Treasurer Dominic Perrottet and chaired by former Telstra Boss David Thodey, one of the draft report’s key recommendations is that broad-based land tax is more efficient and equitable than…
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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 in Hobart and Darwin. The…
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Real estate goes online in Covid-19 hotspots
The Victorian Government on Tuesday announced that in light of rising cases of Coronavirus, ten postcodes with the highest amount of incidents would return to Stage 3 restrictions. REIV President Leah Calnan said real estate business will adapt their processes by reverting to inspections by appointment and online auctions in Melbourne’s ten COVID-19 hotspots. “Any return of restrictions is frustrating…
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Planning Development Unit a huge win for good growth in NSW
The Property Council of Australia has today welcomed the announcement from the NSW Government on the new Planning Delivery Unit (PDU) which will work with government agencies to unblock planning projects stuck in the system and streamline planning processes. “Today’s announcement is a significant win for the property and construction industry, and a positive step towards fixing the planning system…
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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 landlords seeking clarity on what…
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Auctions go back online for some suburbs in Victoria
Public auctions and open for inspections have been taken off the agenda in Melbourne's current coronavirus hotspots. While Victorian Premier Daniel Andrews has ordered the establishment of into the operation of the hotel quarantine program thought to be the cause of the community transmissions, it's a case of back to the future for the real…
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HomeBuilder a potential win-win across six key areas
The federal government’s new HomeBuilder scheme offers eligible Australians money to renovate or build a home. While it’s attracted controversy, HomeBuilder does offer a much-needed opportunity to make old homes more energy-efficient. Research released in March showed the energy performance of housing must improve by an average 44-48% in the next decade for Australia to reach net…
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Boffo is Adelaide’s newest name in real estate
On Wednesday July 1, one of Adelaide’s most successful real estate offices will relaunch as Boffo Real Estate. The agency’s Managing Director, Jarrad Boffo, is excited for the chance to bring his real estate vision to life. “After 17 years being part of a real estate franchise we felt the time was right to launch as an independent agency,” he…
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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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Trading up to a better life: Jackson Jones launches on the Sunshine Coast
Making life better by ‘trading up’ is what drives the human quest for self-improvement. That’s exactly what Nigel Jackson and Richard Jones have done, and it’s culminated in the launch of an exciting new agency on the Sunshine Coast known as Jackson Jones. The pair have put together a team dedicated to creating a new level of high-end service for…
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Independent real estate group BresicWhitney appoints Thomas McGlynn as part of the firm’s growth strategy
Renowned sales leader and auctioneer Thomas McGlynn has joined independent Sydney real estate group, BresicWhitney. The move comes as BresicWhitney continues to deliver on a staged growth strategy. “Coming out of the property market downturn of 2017 – 2019, we made a decision to reshape our operating model to better enable our business to respond to economic shifts,” BresicWhitney co-founder…
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