VIC Real Estate News
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Top tips from NZ agents on how to navigate Stage 4 lockdown: Gower Buchanan
Speaking from Auckland, Ray White Pononsby director Gower Buchanan is quick to reassure his Melbourne colleagues there will be light at the end of this tunnel. Six months on from Stage 4 lockdowns he notes…
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How Stage 4 lockdowns will impact auctions, inspections and real estate offices
Real Estate Institute of Victoria (REIV) Chief Executive Gil King has confirmed that all real estate offices in Melbourne will be forced to close for at least six weeks. “We urge you to avoid assuming what will and won’t be allowed until the new directions are published,” Mr King wrote in a letter to REIV members. “We will advise you…
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Melbourne property price recovery could take a while
This month’s Finder RBA Cash Rate Survey dealt a blow to Melbourne’s property owners, with the majority of experts surveyed expecting housing prices to continue to drop until at least April 2021, with a third predicting we won’t see recovery until 2022 or beyond. “Both Melbourne and Sydney experienced double-digit growth throughout most of 2019,” explains Graham Cooke, insights manager at…
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Ex-AFL player kicking goals in real estate
Nathan Wright played for St Kilda Football Club between 2013-2018, before an injury sidelined his career prematurely. Now, he has gone on to join another stellar team, as a sales executive with Barry Plant Bayside, turning a hobby he held while playing in the AFL to a thriving career. “While playing AFL, I was lucky enough to purchase a couple…
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Sector seeks to confirm what stage four lockdowns mean for Melbourne real estate
The Victorian real estate sector is seeking to confirm exactly what stage four restrictions in Melbourne and Mitchell Shire will mean for the state’s property industry after a raft of announcements were released today relating to retail, the construction sector, and other industries. Here’s what we know so far… Clarity still needed on real estate operations At present it remains…
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Almost 20% of new Victorian homes are sold to overseas buyers
Overseas buyers are snapping up new properties across Australia, according to findings from the National Australia Bank’s Q2 2020 Residential Property Survey. New development sales to foreign buyers rose from 6.6 per cent to 8.3 per cent in Q2, with figures for established housing increasing to 3.1 per cent from 2.4 in the first quarter. Victoria has seen the biggest…
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Victorian homes selling faster now than 12 months ago
While all the news from Victoria at the moment seems to fall firmly into the ‘doom and gloom’ category, new data from the Real Estate Institute of Victoria (REIV) paints a sunnier picture. REIV President Leah Calnan says that, despite the pandemic, residential property across the state is selling faster now than 12 months prior. The average home in Victoria…
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Auction clearance rates keep falling in Melbourne
Towards the end of June and the start of July, clearance rates in Melbourne sat in the low 60 per cent range. By the week ending July 12, it sat at 51.2 per cent. The following week, the final clearance rate was 43.8 per cent. Not surprisingly, the Melbourne clearance rate during this second wave is similar to that of…
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Mall in Melbourne CBD to sell for half its 2016 price
In 2016, it was billed as “Melbourne’s newest premier fashion destination”, a re-branded inner-city mall that had just undergone a major $30m facelift, but now St Collins Lane is being sold for less than half of what JP Morgan paid for it just four years earlier. The Australian Financial Review reports that a “local fund manager backed by offshore capital”…
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REIV says Victorian property market holding firm
REIV President Leah Calnan says the Victorian property market has displayed true strength in holding firm against all predictions regarding the impact of Covid-19. The latest Quarterly median prices released by the Real Estate Institute…
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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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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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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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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 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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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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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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Real estate sector focused on selling and renting safely
Real Estate Institute of Victoria (REIV) President Leah Calnan has vowed the real estate sector will continue to do everything it can to help fight Covid-19 as further restrictions were announced across Victoria. In response to an increase in cases of Coronavirus, the Victorian Government announced a return to tighter restrictions which means that crowds at auctions and open house…
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REIV welcomes new minister
Real Estate Institute of Victoria President Leah Calnan has welcomed the appointment of the Hon Melissa Horne as Minister for Consumer Affairs, Liquor and Gaming Regulation. The Victorian Government yesterday unveiled its new ministry with Minister Horne appointed to the portfolio that oversees the real estate profession. The REIV has written to the Minister, congratulating her on the appointment. Ms…
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Why every agent should have a pre-market and off-market strategy
Many vendors are opting for a ‘let’s wait it out’ approach, but they don’t need to. And, many buyers are missing out, because of the lack of stock ‘on the market’. They too, don’t need to. The real estate industry is experiencing an overdue technological upgrade that’s forced agents to re-think the way they do business to ensure they still…
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Victorian real estate weathers coronavirus storm
Victoria’s property market seems to be holding its ground well during the COVID-19 pandemic according to the latest REIV Residential Market Index (RMX) figures. The RMX is a residential property price index (RPPI) designed to provide an up-to-date and simple insight into real property price trends in Victoria. An RPPI measures the price change of the stock of residential dwellings…
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Auctions and open for inspections are coming back!
Real Estate Institute of Victoria President Leah Calnan has welcomed the Victorian Government’s decision to allow on-site property auctions and open for inspections to return to in Victoria with restrictions. The State Government this week announced their plans to ease COVID-19 restrictions in Victoria, which included the welcome news that property auctions and open for inspections can return as of…
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Real estate industry experiencing surge in off-market listings
The global pandemic has dramatically changed the way real estate agents do business, with Listing Loop reporting a significant rise in the number of off-market property listings. Defined as properties that are listed for sale, but not necessarily advertised through the standard mainstream channels, these ‘secret listings’ are typically marketed by agents to their individual networks. This surge in off-market…
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The REIV and AFL Coaches Association team up to inspire excellence in real estate
The Real Estate Institute of Victoria (REIV) has teamed up with the AFL Coaches Association as part of a innovative initiative designed to inspire excellence in real estate. REIV President Leah Calnan said as peak representative bodies in their respective arenas, both organisations shared a common purpose of supporting their members to be “The Best You Can Be”. Now a…
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Delaying Victorian RTA changes labelled a great outcome
REIV President Leah Calnan has welcomed the Victorian Government’s decision to hold off on introducing changes to rental laws until next year, allowing the state to deal with Coronavirus. Earlier this month the REIV wrote to the Victorian Government, calling for a delay to changes to the Residential Tenancy Act due to the outbreak of Covid-19. Rental reforms were due…
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REIV partners with ListingLoop.com.au
ListingLoop.com.au will partner with The Real Estate Institute of Victoria (REIV) to support agents by offering a safe digital solution that directly connects buyers to properties faster than ever before. ListingLoop.com.au is Australia’s first industry buyer database, which gives agents the ability to directly advertise their vendors’ properties for sale under a no-sale, no-charge success-based advertising model, while providing agents…
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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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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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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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REIV works with Government to assist landlords and tenants
With real estate agents, landlords and tenants all facing uncertainty due to the spread of coronavirus, the Real Estate Institute of Victoria is investigating concerns from conducting inspections safely through to dealing with rental arrears. REIV is seeking clarification from Consumer Affairs Victoria regarding some current practical matters to provide some clarity to all stakeholders. Some of the matters raised…
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Barry Plant celebrates history and growth
The Barry Plant brand is celebrating both its history and its future, with the first dedicated commercial sales office opening in Melbourne as Barry Plant Reservoir marks 41 years in the industry. Located on St Kilda Road right on the edge of Melbourne’s CBD, the commercial sales office is the only dedicated commercial office in the group. It is headed…
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Interstate landlords left in the lurch: REIV
REIV President Leah Calnan says a recent decision by the Court of Appeal, stating VCAT cannot rule on cases where the landlord resides outside of Victoria will create more questions than answers. VCAT has been the common arena for rental disputes within Victoria since its inception, regardless of where the landlord resides. The Victorian Court of Appeal recently changed that,…
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Adina to open landmark ‘green’ apartment hotel in Southbank
TFE Hotels and Hume Partners Property is set to launch Australia’s first cross-laminated timber (CLT) hotel and the tallest timber adaptive-reuse project in the country – the ultra-modern Adina Apartment Hotel Melbourne Southbank – later this year. Just six months out from opening, the striking 220-room Bates Smart-designed apartment hotel, at the intersection of Southbank Boulevard and City Road in…
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Melbourne’s outer fringe offers future growth
Melbourne residents are chasing value a little farther afield, with council areas on the city’s outer fringe enjoying recent growth. Jason Hellyer of Ray White Victoria said there were seven council shires in Melbourne’s outer fringe which grew by 7.1 per cent when compared to the same period in 2018. At the same time the average median property value across…
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Victoria and Tasmania come together for Ray White’s Unite 2020
More than 650 Ray White Group members from across Victoria and Tasmania have descended on the Crown’s Conference and Events Centre for Unite 2020. Hosted across capital cities by Australasia’s biggest real estate group, the Unite 2020 program provided a new and improved training format for salespeople and property managers. The sessions were designed to help agents navigate and adapt to current market…
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