Real Estate News
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Private inspections to make a comeback in NZ
With New Zealand set to come out of lockdown after the Anzac Day weekend, real estate agents are preparing for private viewings to recommence The country will move to Alert Level 3 just before midnight on Monday, April 27, and from next Tuesday, all businesses deemed to be capable of operating “safely” will be permitted to do so. Minister of…
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REIA backs Government’s COVID-19 tracing app
The Real Estate Institute of Australia has encouraged real estate professionals to download the Government’s new COVID-19 tracing app and play a part in tackling the virus. The app, which would allow health authorities to trace who people had been in contact with quicker than manual contact tracing, has come under fire for privacy concerns, but REIA President Adrian Kelly…
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Stamp duty reduction a missed opportunity: REINSW
The Real Estate Industry of New South Wales (REINSW) is calling on the State Government to slash stamp duty in response to the economic fallout from COVID-19. Noting the industry has argued for the removal of stamp duty for years, the industry body now says reducing it offers a lifeline. “We’ve called it inefficient, unreasonable, unfair, an unnecessary burden and,…
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RBA offers sobering outlook for Australian economy
Reserve Bank of Australia Governor Philip Lowe has pulled few punches when it comes to the immediate future of the Australian economy, noting “over the first half of 2020 we are likely to experience the biggest contraction in national output and income that we have witnessed since the 1930s”. In a tough-love speech responding to a tough-love Covid-19 national lockdown,…
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How actor Sam Neill sold his Double Bay property online
Actor Sam Neill has sold his Double Bay property for an undisclosed amount believed to be over $3.6m to an Australian bidder currently in Hong Kong via online auction. The online marketing for the home was headlined “Vendor wants fast sale”. Selling agent Paul Ephron used the Openn Negotiation App to make that a reality for his client. After only…
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REIV Charitable Foundation reaches out to support children in homeless families
The Real Estate Institute of Victoria charitable Foundation has donated $20,000 to Launch Housing to help 60 at-risk children without stable housing to access crucial support and supplies. The donation follows a $10,000 donation to Launch Housing in 2019, which was able to benefit 27 people at risk of or experiencing homelessness. Chair of the REIV Charitable Foundation Sophie Lyon…
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Property experts share COVID-19 market predictions
A group of property experts have shared their views on how COVID-19 will impact Australia’s property market, with most indicating the greatest effect will be felt within three to 12 months but many still believe by this time next year prices could be higher than they are at present. As part of a survey by Ripehouse Advisory, 146 property professionals…
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Darwin property market holding steady
Seemingly against the odds and market predictions, Darwin real estate continues to hold steady with owner-occupiers and interstate investors continuing to purchase local homes. According to the latest figures by Raine & Horne, Darwin property values show no signs of significant falls, while rental vacancy rates also remain stable at 4 per cent. Rental arears are only up marginally from…
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Higher auction volumes again weighed down by withdrawals
Scheduled auction volumes increased this week, almost trebling in numbers after the Easter weekend, but as seen in previous weeks the results were weighed down by withdrawals, with the clearance rate coming in at 39.1 per cent. Across the capitals 1848 properties were listed for auction compared to 634 the week prior, according to CoreLogic’s figures. Of the 356 properties…
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Would you buy a home without stepping foot inside?
US-based website realtor.com has released the results of a new consumer survey highlighting COVID-19’s impact on home buying, selling and moving in the age of social distancing. The survey found that American consumers, especially younger demographics, want virtual tours and are warming to the idea of buying a home without visiting it in person. Realtor.com and Toluna Insights surveyed 1,300 consumers during the…
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Qld Government backflips on rental relief package
The Queensland Government has backed down on its initial coronavirus rental relief package saying they will continue to listen and work with stakeholders in the finalisation of COVID-19 tenancy measures. Housing and Public Works Minister Mick de Brenni said he would be working through with stakeholders the implications to resolve all concerns. “Queensland was one of the first states out…
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Propic makes AI technology available for free during pandemic
Real estate software service provider Propic will make its AI technology available for free to all real estate businesses, irrespective of size, to support the industry through the COVID-19 pandemic. In response to the changing needs of businesses and customers, the AI technology has been trained to answer a variety of different coronavirus-related questions. Valued at thousands of dollars, Propic’s…
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New app reconnects property managers with tenants from a distance
The strict social distancing measures imposed nationally by the Government in response to COVID-19 have created a major dilemma for property managers. Their inability to conduct routine inspections, review reported or completed maintenance issues, and interview new tenants leaves them unable to fulfill their obligations to landlords and ensure the safety of tenants. In response to this dilemma, an Australian…
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Qld agent sets new bidding record on Openn Negotiation
A Queensland property has taken out the record for the greatest number of bids placed in an Openn Negotiation sale, with 67 total bids made in 11 days. The house located at 133 Turner Street, Scarborough, settled earlier this month for almost $200k above reserve. Brendan Homan from Innov8 Property, the agent at the helm of this sale, has been…
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Record realestate.com.au audience shows Australia’s property passion remains
Leading real estate website realestate.com.au has achieved a new record audience for March, with 10.7 million people visiting the site. The milestone comes as the real estate industry is being forced to operate under new guidelines in order to minimise the spread of COVID-19. Realestate.com.au has remained laser-focused on helping the property industry adapt to new operating requirements with limited face-to-face interactions.…
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Victoria fast-tracks legislation to support landlords and tenants in COVID-19
The Victorian Government will bring urgent legislation to the Parliament next week to support tenants and landlords through the coronavirus pandemic by reforming residential and commercial tenancy laws. The laws include introducing a temporary ban on evictions, pausing rental increases for six months, and providing land tax relief for landlords and rent relief for tenants experiencing financial hardship. In line…
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REEF applies for industry award variation for commission-only salespeople
With COVID-19 likely to heavily impact commission-only agents, the Real Estate Employer’s Federation (REEF) has applied for a variation to the Industry Award in a bid to postpone next year’s annual Minimum Income Threshold Amount (MITA) reviews. REEF CEO Bryan Wilcox said the application to the Fair Work Commission was filed by REEF and the Real Estate Employer’s Federation of…
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Rent assistance still required in WA, says REIWA
Urgent legislation to implement a range of measures to minimise financial impacts of the COVID-19 pandemic on tenants and landlords of both commercial and residential tenancies will be introduced into WA State Parliament this week – but these do not include the required clarity on rent relief for tenants in WA. REIWA President Damian Collins said while the Institute and…
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Subdued Easter auction market
The Easter long weekend delivered subdued auction results, with just 636 homes slated for auction across the combined capitals, returning a preliminary clearance rate of 29.3 per cent. CoreLogic noted the clearance rate was again dragged down by withdrawn properties, with 57 per cent of listings pulled “as the auction market continues to face challenges around social distancing measures banning…
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Coping through COVID: tools to help you list and sell
Online auctions, virtual property tours and eSignatures are the new normal for selling houses. As agents, vendors and buyers adjust, selecting the right marketing tools could be the difference between a successful sale and a withdrawn property. Nailing the digital experience can be expensive. Creating high quality video, virtual reality walk-throughs and eSigning platforms all costs money. Plus, property styling…
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Ray White Manly’s 1000 courtesy calls to the area’s elderly
Ray White Manly has sought to ensure the local community knows there is always someone else on the end of the phone should they need it, undertaking more than 1000 courtesy calls to the elderly in their area. “We have a great relationship with our local MP, so my Sales Associate Jack Chadwick and I reached out to see if there…
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NSW Government provides long-awaited clarity on rent relief for residential tenants
The six-month support package includes a moratorium on applications for forced evictions due to rental arrears for those financially disadvantaged by COVID-19, and new requirements for landlords and tenants to enter into negotiations over rental payments in good faith. Minister for Better Regulation and Innovation Kevin Anderson said an interim 60-day moratorium on finalising existing matters or making new applications…
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NSW Government unveils $440 million land tax break to support tenants and landlords
NSW commercial tenants significantly impacted by COVID-19 will have greater protection from evictions with the State Government set to enact the National Cabinet Code of Conduct as part of a $440 million land tax relief package. The measures will apply to commercial leases where the tenant is in financial distress due to COVID-19, including but not limited to shops, cafes,…
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A journey with a twist: How Ray White’s Tony McPherson finally made it home
“Linda and I had planned a cruise some time ago to celebrate a milestone birthday and tick off some bucket-list destinations,” Mr McPherson explained. “We flew to Buenos Aires to join a cruise that included the Falkland Islands, around Cape Horn, up the coast of Chile to Lima in Peru, then on land to Cusco, Machu Picchu, back to Argentina,…
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Updated impacts on real estate businesses due to COVID-19
Recent national legislation due to COVID-19 has included halting traditional open homes and in-person auctions and a six-month moratorium on evictions for tenants in hardship due to the pandemic. Here is how that is playing out in each state. (This post will be regularly updated) Victoria A state of emergency has been declared in Victoria due to the serious risk…
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Airbnb on shaky ground amidst COVID-19 crackdown
Short-stay accommodation platform Airbnb continues to find itself in the firing line of social distancing measures which come on the back of new changes to strata laws in NSW being rolled out this week. Under the new coronavirus regulations, people should be staying at their own accommodation. Exemptions are in place for those who are required to use short-term accommodation…
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Northern Territory announces business relief for payroll, power, rent and rates
The Northern Territory Government is offering incentives for commercial landlords to reduce rents during the COVID-19 crisis. An additional $180 million committed to the NT Jobs Rescue and Recovery Plan will help Territory businesses who need relief on the cost of their lease by offering extra support to commercial landlords so they in turn do the right thing by their tenants.…
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Mandatory code of conduct for Commercial Tenancies announced by Cabinet
Commercial Tenancies The National Cabinet agreed that states and territories would implement the attached mandatory Code of Conduct (the Code), including via legislation or regulation as appropriate, to implement the principles agreed on Friday 3 April. The Code builds on the draft codes submitted by landlord and tenant representative bodies in the commercial property sector.…
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Mark McGill Joins Eview expansion into Queensland
After a decade of service to the real estate industry, multi award-winning agent, Mark McGill has started his own brand on the Sunshine Coast. With a fresh new look, The McGill Group has partnered with Eview Group to inject innovation and confidence into the local real estate marketplace, using architecturally stunning brand elements. A key point of difference is McGill’s…
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Openn Negotiation announces partnership with Think Conveyancing
In these challenging times of COVID-19 and the government restrictions surrounding property transactions, many agents have turned to technology to keep things moving. As both Openn Negotiation and Think Conveyancing facilitate digital sales, they’ve teamed up during this time to provide agents and clients with a safe way to transact property. Openn Negotiations Chief Executive…
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The RBA Leaves the Cash Rate on Hold at 0.25 per cent
At its monthly meeting today, the RBA has decided to leave the cash rate on hold at 0.25 per cent. The move that was widely tipped by analysts will see the cash rate remain at historic lows for the foreseeable future. In mid-March, the RBA held its first emergency meeting since 1997 to slash the cash rate to current levels…
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ATO introduces claim shortcut for working from home
The ATO has announced people working from home as a result of COVID-19 can claim a rate of 80 cents per hour for all their running expenses, rather than calculating specific costs.
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REA’s new COVID-19 features and support recapped
REA Group has announced a raft of new features to assist agents as they navigate the COVID-19 landscape and this week they moved to clarify what is currently available along with ongoing support measures. Noting the situation continues to evolve, REA CEO Owen Wilson last week said the focus is clear: to provide customers with ongoing flexible support measuresto launch…
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Why property price growth always leads a crisis recovery
Just as it did with past crises, the adverse economic impact from this coronavirus health crisis will begin its rebound with a real estate surge before anything else. Safe as houses! Residential real estate is the one thing which is common to 25.5 million Australians. After all, shelter is an essential commodity. While we all take one for the team…
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Call for essential services clarity in strata management
Australia’s peak body for strata title properties has called on the Federal Health Department to clearly define the role of essential services in strata as its close-knit communities deal with the Coronavirus (COVID-19) pandemic.Strata Community Association (SCA) is the industry body for Body Corporate and Community Title Management (also referred to as Strata Management, Strata Title or Owners Corporation Management)…
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