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Real Estate News
NZ property market losing steam, but full picture still unclear
Property values in New Zealand are losing momentum on the back of the pandemic, but according to the just-released May 2020 QV House Price Index it’s still too early to get a full picture of housing market performance. The HPI showed the number of residential property sales across New Zealand was extremely low through April and May, and the monthly…
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Real Estate News
Michael Davoren steps aside
In a strategic move announced publicly today, RE/MAX Australia Managing Director Michael Davoren will take up the role of Chairman on the RE/MAX Australia Board, while Joel Davoren will assume the position of Managing Director. Under the changed leadership structure, which comes into effect from 1 July, Chris Chapman will retain the Finance Directorship and Josh Davoren will become Director of…
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Real Estate News
Sylvester Stallone’s stunning California mansion
Sylvester Stallone has recently put his stunning Californian mansion on the market for US$3.35 million. According to TopTenRealEstateDeals.com, Stallone will retain bi-coastal residences in Los Angeles and Coconut Grove in Miami, but recently listed his golf club home in La Quinta, California. La Quinta, in suburban Los Angeles, is famous for its abundance of golf courses and is also where Frank…
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Real Estate News
Two-thirds of experts predict end of stamp duty by 2021
The majority of experts agree that stamp duty could soon be on its way out as the government grapples with the post-COVID economy, according to comparison site Finder. In this month’s Finder RBA Cash Rate Survey, 43 experts and economists weighed in on future cash rate moves and other issues related to the state of the Australian economy. While all 43 experts…
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Real Estate News
@Realty launches OASIS platform for boutique agencies and sole operators
Coronavirus has accelerated the release of @realty’s new OASIS structure – an agency platform which could be a financial lifeline for smaller agencies and independents struggling in the current environment. OASIS – which stands for Online Agency Support and Integrated Systems -allows boutique real estate agencies and sole operators to access @realty’s national database and administrative services, while still operating…
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Real Estate News
Caution for building stimulus package
The Real Estate Institute of Australia has expressed caution over the Prime Minister’s announcement that the Treasurer and the Minister for Housing are working on a plan to support the residential building sector. “New home building at record levels has been a crucial support to economic growth over the previous three years,” REIA President Adrian Kelly said. “It stands to…
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Real Estate News
Rent.com.au reports renters returning to market
There is increasing optimism in the rental market as the threat of coronavirus eases and restrictions are lifted, with early indications many renters are considering new moves in the coming months. In its trading update this week, Rent.com.au said its Renter Resume – which allows renters to upload a profile online – was starting to pick up after a slump…
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Real Estate News
First Home Loan Deposit Scheme fully booked – but beware the hidden cost
The Australian Government’s First Home Loan Deposit Scheme has been fully reserved, but experts warn that borrowing on a five per cent deposit is now riskier than ever. New figures on the scheme show 5,500 guarantees have already been used to purchase properties, with a further 4,500 still in the process of finding their first home. For those who missed…
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Real Estate News
Real estate professionals urged to join online sleepout
Real estate executives are invited to register for the first-ever online Vinnies CEO Sleepout, joining hundreds of high-profile Australians to support people experiencing or at risk of homelessness. In response to COVID-19, the Vinnies CEO Sleepout will be live-streamed online at ceosleepout.org.au/live2020 in an interactive broadcast hosted by television personality Dr Andrew Rochford. Instead of sleeping out in major cities…
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Real Estate News
Buyers win online auction while camping
A Broome property has sold entirely online to buyers who were 934kms away, camping at Karijini National Park. Using the digital sales process Openn Negotiation, Lana Ziverts of First National Real Estate Broome facilitated the sale remotely while her sellers watched on from the other side of the country. The property, which is located at 44 Planigale Loop, Djugun, sold…
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Real Estate News
‘Covid-safe’ Darwin attracts plenty of interstate investor interest
Property values in Darwin have proven resilient over the last three months compared to other capital city markets, with Raine & Horne suggesting several factors have contributed to the result. “It is very encouraging Darwin’s property values are up nearly 2.5% over the last quarter,” Darwin Raine & Horne General Manager, Glenn Grantham said. “But realistically, the only way…
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Real Estate News
Luxury sales confirm confidence in Sydney’s property market
The Agency’s Sydney operation has shrugged off forecasts of an imminent housing slump, turning over three $10 million-plus sales in the past seven days. The recent transactions occurred on the Lower North Shore, Inner West and Inner East of Sydney and come off the back of a further three $10 million-plus sales transacted across the last seven days of last…
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Elite Agent
McGrath’s new focus on project marketing post Covid-19
McGrath has announced it will bolster its project marketing division, McGrath Projects, after securing highly respected industry specialists, Colin Griffin and Murray Wood, who will join as Associate Directors. Announcing the appointments, McGrath CEO Geoff Lucas said he believed the time was right to focus on the re-emergence of the off-plan development sector post COVID-19 and saw excellent opportunities for…
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Real Estate News
REIWA hopeful stamp duty on the WA election agenda
The REIWA has welcomed the West Australian Liberal Party’s commitment to a state tax reform, in the hope the removal of stamp duty may be on their agenda. REIWA President Damian Collins said stamp duty is the single biggest hurdle for prospective home owners and a reform is urgently needed to help recover from the impacts of Covid-19. reiwa.com data…
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Real Estate News
What lies ahead for the 2020 property market
Despite the massive impact the COVID-19 pandemic is having on the economy worldwide, Australian property analysts say there are still reasons to be optimistic about the industry in 2020. According to CoreLogic‘s March Quarter Property Market & Economic Review, released this week, historically property values have remained relatively insulated in times of negative economic shock, but transaction numbers will likely…
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Real Estate News
Doomsday housing price forecasts highly questionable
Forecasts of housing price drops of as much as 30 per cent are highly questionable and cannot be relied upon with any degree of confidence, according to the Real Estate Institute of Australia. REIA President Adrian Kelly said anyone who suggests they can forecast the future of the property industry “with any acceptable degree of probability” during this unprecedented time…
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Real Estate News
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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Real Estate News
Home loan cash backs heat up, but are they worth it?
More than a dozen lenders are offering cash incentives for home owners willing to move their business to a new lender, with Suncorp Bank, Reduce Home Loans and 86 400 the latest to put cash offers on the table. Suncorp Bank is now offering up to $3,000 to refinancers, plus an additional $1,000 for people working in essential services roles, such as doctors, nurses, teachers and police…
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Elite Agent
New home building to suffer in wake of COVID-19
New home building is forecast to fall by almost 50 per cent, putting half a million jobs at risk over the next year. According to HIA, the industry engaged more than one million people to commence building almost 200,000 new homes in 2018/19. But Managing Director Graham Wolfe said next year they expect to start just 112,000 new homes leaving…
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Real Estate News
Prestigious real estate team joins The Agency’s Wollongong operation
The Wollongong property market is set for a shake-up, with industry veteran and highly respected Wollongong resident Sean O’Connor joining The Agency in the key regional market. Mr O’Connor – who is consistently ranked in the top 10 agents within his former real estate network and is considered a platinum level agent – brings his team along with him to…
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Real Estate News
Crown Group breaks record selling three penthouses and $63M worth of apartments
Leading Australian property developer Crown Group has sold $63 million worth of luxury apartments and broken its own record by selling three penthouses in three months, despite government restrictions on visitors to display suites and open homes. Crown Group Director of Sales Prisca Edwards said now that restrictions have been lifted at its Mastery and Waterfall by Crown Group display suites…
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Real Estate News
Safe Work Australia updates guidelines for return to work
With many people beginning to return to work in big office buildings, Safe Work Australia (SWA) has released new guidelines on the ‘COVIDSafe’ use of lifts. The guideline was updated overnight to say: “there is no requirement to provide 4 square metres of space per person in lifts, however you must still ensure, as far as you reasonably can, that…
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Real Estate News
Landlords offered incentives to negotiate on rent or tenants able to opt-out early
NSW landlords are being offered incentives to negotiate reduced rental rates for tenants facing financial difficulties as a result of coronavirus, and tenants whose landlords don’t come to the negotiating table may be able to end their tenancy early. As part of the NSW Government’s $440 million land tax relief scheme, landlords can now apply for land tax relief of…
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Real Estate News
Console Cloud launches landlord satisfaction scoring feature
This quarter Console Cloud will launch its landlord satisfaction scoring tool, and with natural rent roll attrition hovering around 17 per cent per annum, it’s a feature many will welcome. The new landlord satisfaction scoring feature is set to enable property managers to find out which clients are disgruntled and who their biggest fans are. The tool will give property…
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Real Estate News
Top accolades for RE/MAX performers
RE/MAX Australia has announced its first quarter high achievers at a virtual event entitled RE/MAX Evolve. Held on May 19, the event celebrated sales associates, sales teams and offices, who were ranked on performance each quarter in categories of commission generated and number of sales transactions. For the first time, the most recent event divided the network into 10 regions.…
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Real Estate News
Australian property market: Decade in review
It commenced under the shadow of the GFC and with widespread floods around the country. It ended on the dawn of Covid-19 with some of the biggest bushfires in Australian history. Propertyology’s ‘Decade in Review [2010-2019] Report’ describes it as a decade of contrasts in many ways. Over the 10-year period, median house prices had increased from $530,000 to $972,000…
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Real Estate News
On-site auctions resume but numbers still low
The number of homes scheduled for auction continues to trend lower, despite most states having lifted the ban on on-site auctions and inspections. Only 365 auctions are scheduled this week, lower than the 480 auctions last week – and it’s likely to be a few weeks before there’s an uplift in scheduled volumes due to agents generally running four-week marketing…
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Real Estate News
Auction clearance rate jumps – is this the start of recovery?
Auction clearance rates have hit 59.9 per cent on the back of on-site auctions resuming in New South Wales last week – the highest clearance rate result since strict social distancing measures were rolled out across Australia. According to CoreLogic, the clearance rate for the week ending 10 May was up from 47.5 per cent the previous week and a…
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Real Estate News
The Agency expands to Sydney’s south-west
Liverpool property specialists Eva Frketic and Ben Marovic are set to head up The Agency’s new operation in the heart of Sydney’s south-west. Dubbed Sydney’s ‘third city’, Liverpool is thriving and is one of the fastest-growing multi-cultural hubs in Australia, with the new $5.3 billion Western Sydney Airport due for operational completion by 2026 and a continuing population boom. The…
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Real Estate News
Ninety days to spring
Since the outset of the pandemic, RE/MAX Australia director Joel Davoren has led a weekly, or more frequent, on-line session with up to 200 participants from across Australia and New Zealand. He’s heard week-on-week agent comments about inquiry rates, which have remained encouragingly ‘better’ or ‘same’ as opposed to ‘worse’; and has also witnessed positive outcomes such as three sales…
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Real Estate News
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 News
Openn Negotiation announce new integration with realestate.com.au
Following significant adoption of the Openn Negotiation selling method, realestate.com.au have launched an integration between the platforms, designed to provide a better experience for buyers. The REA Group released the online auction feature in response to the national ban on in-person auctions. The integration allows buyers to navigate directly to the Openn Negotiation listing and become qualified to participate in…
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Real Estate News
Property Tree to feature Direct Connect integration
Cloud-based property management software Property Tree is set to feature a Direct Connect integration as the two proptech players look to further cement their longstanding relationship. Announcing the new integration, Direct Connect explained their relationship with Property Tree creator Rockend (now known as MRI software) had been longstanding and loyal. “Direct Connect have been exclusively partnered with Rest Professional for…
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Elite Agent
The Reserve Bank thinks the recovery will look V-shaped. There are reasons to doubt it
Shutterstock/RBA By Peter Martin, Crawford School of Public Policy, Australian National University The Reserve Bank’s long-awaited two-year forecasts for jobs, wages and growth are frightening, but I fear they are not frightening enough. The bank looks two years ahead every three months. The last set of forecasts, released at the start of February, mentioned coronavirus mainly as a source of…
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Real Estate News
Tide turning on Chinese investor slump
Chinese investment in Australian real estate has hit its lowest level in six years, but experts say in the last few months Chinese buyers have been returning to the market. The Foreign Investment Review Board’s (FIRB) annual report for the 2018-19 financial year revealed foreign investors from around the globe spent a total of $88.5 billion on Australian commercial and…
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