INDUSTRY NEWS
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Residential land demand highest in two years
The impact of HomeBuilder is finally beginning to be represented by statistics.
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Melbourne’s population to drop significantly
One of the unintended consequences of the Melbourne lockdowns will be that tens of thousands of people will flee the city.
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REIWA’s post-COVID prosperity plan
“It’s clear that the property industry needs stimulus to attract buyers and investors back into the market.” That’s the message from Real Estate Institute of Western Australia, who have delivered a prosperity plan to the WA Government that they believe will set the state on the road to recovery. Below is an outline of the plan. Reform stamp duty to…
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Who’s where on the property clock as spring selling begins?
Tasmanian cities are among the new additions to the top of the property clock, according to the September Month in Review by Herron Todd White. Launceston and Bernie/Devonport have now joined capitals like Adelaide, Hobart and Canberra, along with regional areas like Albury, Geelong, and Bathurst at the peak of the market, while Melbourne has officially entered decline, and Darwin…
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Time’s up: Banks begin contacting deferred mortgage holders
Over half of the 900,000 loans that were deferred in Australia will be assessed in the coming weeks, as the six-month ‘mortgage holiday’ period comes to an end. According to the Australian Banking Association, banks have already started contacting customers to “discuss the next stage of support and assistance”. Among these, 260,000 deferred mortgages will be assessed before the end…
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Katie Cotton appointed to grow RE/MAX business
RE/MAX Australia has appointed Katie Cotton, former National Manager with easyBondpay and easyAdpay, to the role of Business Growth Manager. Ms Cotton will focus on expanding the network through the southern Queensland and northern New South Wales regions. “With easyBondpay being a well-known product supplier to the real estate sector, and a RE/MAX partner, I have already established relationships with…
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Queensland budget ‘a story of missed opportunities’ – Property Council
The Queensland Government released their COVID-19 Fiscal and Economic Review on Monday, but the Property Council of Australia says it’s a story of missed opportunities, and the state needs to take a fresh look at ways to stimulate the economy by creating jobs. “The fastest way to get activity happening is to remove the regulatory and financial barriers that are…
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Australia hits Top 20 in Global Home Price Index
Australia has ranked 19th in the world for house price growth for the year to June 2020, according to the Knight Frank Global House Price Index Q2 2020. The index tracks the movement in mainstream residential pricesacross more than 50 countries and territories worldwide using official statistics. It showed Australia’s house prices grew 6.1 per cent over the year to…
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Common questions answered about Victoria’s new roadmap
The Victorian government’s roadmap out of pandemic lockdowns includes new provisions for single people living alone and single parents: the “single social bubble” system, which comes into effect on September 14. Under the new system, if you’re a single person living alone or a single parent with children under 18, you can nominate one other person to be part of your bubble. The…
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Have we just stumbled on the biggest productivity increase of the century?
One of the most striking responses to the COVID-19 pandemic has been the sudden shift of around half the workforce to working at home. In many cases, this was combined with an equally sudden shift to home schooling. Contrary to what might have been expected, working from home was one part of the pandemic response that went remarkably smoothly. Most…
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REIV calls for independent review of roadmap
The Real Estate Institute of Victoria has called for an independent review of the roadmap announced on Sunday. In a statement released today, they claim the path proposed “jeopardises livelihoods and assets of hard-working Victorians who have abided by the rules and restrictions for over six months”. Among REIV’s criticisms of the government are a lack of “genuine consultation by…
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Stimulus must be brought forward immediately: PCA
The Property Council of Australia has welcomed the Victorian Government’s roadmap for the safe reopening of the property industry, while acknowledging lifting restrictions is “a balancing act and all stakeholders must remain vigilant”. The PCA continues to urge the Government to bring forward its “desperately needed industry stimulus package”, noting it takes months for construction and real estate businesses to…
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Roadmap “extremely tough” on renovations: Master Builders Victoria
Master Builders Victoria has welcomed the state government’s “vote of confidence” in the building industry, suggesting the shift to ‘Restricted’ practices on September 28 will require only “minor updates on what our industry has been doing for many months and would be achievable for both workers and employers”. A statement from MBV acknowledged “some disappointment” that the industry cannot open…
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LJ Hooker Avnu launches real-time real estate report
LJ Hooker Avnu has released Australia’s first real-time real estate report, providing both property price and rental price estimates to assist homeowners in making an informed decision about when it could be the best time for them to sell what is often their greatest asset – their home. The report updates with the latest data compared to many reports that…
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Amazon launch new Alexa tool for property managers
Amazon has launched Alexa for Residential in response to a survey that found the majority of renters want smart home amenities. According to US National Apartment Association, 84 per cent of renters want an apartment with smart home amenities; 61 per cent said they would pay a monthly fee for a voice assistant. The new tool allows property managers and…
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REIA applauds Tasmania’s new Landlord Support Fund
The Tasmanian Government is being lauded as leading the charge when it comes to implementing sensible measures regarding the current rental situation. They announced the extension of the emergency period to December 1, 2020, meaning all current residential tenant protections will hold. In addition, they have extended the Rent Relief Fund with a second round of payments, introduced a new…
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REIV slams Vic Gov as sector faces ‘double whammy’
The Real Estate Institute of Victoria has slammed the Victorian State Government for its continued ban on in-person inspections, claiming the decision will “effectively keep the property market shut down for an uncertain period”. Shortly after Premier Daniel Andrews today revealed strict lockdowns would extend a further two weeks, the REIV implored the government to rethink its ban on one-on-one…
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Sydney’s August clearance rate hits highest point since start of pandemic
The month of August saw Sydney achieve its highest clearance rate since the start of COVID-19, with the harbour city returning a success rate of 59.7 per cent. A report by Domain indicates Sydney’s clearance rate edged 1.8 per cent higher throughout the month, taking it to 23.6 percentage points above the 15-year low it hit in April. “While clearance…
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Lower auction volume, but clearance rate stable
This week, the combined capital city preliminary auction clearance rate was down only slightly to 67.5 per cent across a lower volume of auctions. CoreLogic figures indicate there were 882 homes taken to auction over the week, down from 1128 the previous week and 1533 this time last year. Of the 696 results collected so far, 67.5 per cent were…
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Victoria extends eviction moratorium
The Victorian Government has announced today they will be extending the eviction moratorium until March 2021. This means that evictions for both commercial and residential tenants are banned until March 28, 2021. In addition, rental increases will also be banned. Consumer Affairs notes: “Residential tenants and landlords who struggle to reach agreement over rent reductions have access to the dispute…
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Time for VIC construction workers to go back to work: John Setka
Trade unionist John Setka, Victorian state secretary of the Construction, Forestry, Maritime, Mining and Energy Union, has penned an open letter to the Premier and Chief Health Officer of Victoria, urging them to allow the 300,000 plus Victorian construction workers back onto building sites. The letter is republished below. “The commercial construction industry has continued to lead workers safely through…
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Builders and tradies the biggest losers in NSW/QLD border closures
The Housing Industry Association has warned the national cabinet it is “critical to both state’s economies” that they quickly come to an agreement to relax border restrictions between NSW and QLD, in order to assist thousands of builders and tradies working either side of the border who have been unduly impacted by closures. “When border closures started at 1am on…
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Homely supports Harcourts Property Centre’s Hairgust fundraiser
Homely.com.au has sponsored Harcourts Property Centre’s Hairgust fundraiser, by donating $3000 towards pancreatic and bowel cancer research.Harcourts Property Centre Co-Directors Aaron Brooks and Sam Devlin ‘dared to hair’ by donning wigs during August to raise awareness and funds for Bowel Cancer Australia and the Pancare Foundation.“Both Sam and I have had personal experiences with cancer, and we’re so thankful for…
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Only 30 auctions expected this week for Melbourne
Auction activity has taken a hit across the combined capital cities this week, as Melbourne enters its fifth week of Stage 4 lockdowns. The city will hold only 30 auctions, down from 765 auctions this time last week. CoreLogic are tracking 937 auctions in total across the capital cities this week, down from both last week’s 1128 and the 1533…
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1.2m Aussie building jobs now in jeopardy
Over 1.2 million jobs and 400,000 businesses are in danger after the 7 per cent fall in the June quarter GDP. Master Builders Australia are calling for the National Cabinet to reach a consensus “to deal cohesively and practically with the tension between the health and economic impact of the virus” or the entire building industry, and therefore the national…
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Gavin Rubinstein: from #1 agent to #1 owner in a year
Ray White TRG founder Gavin Rubinstein is on top of his game and yet he feels like he is just getting started. In his first year of business ownership, Mr Rubinstein cemented his place as the number one Selling Principal in NSW & ACT based on commission for the Ray White Group. He was also awarded the Number One Principal…
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Ray White NSW | ACT celebrates its 2020 winners
Close to 1000 people tuned in to watch the Ray White NSW | ACT 2019-20 awards, which looked a little different this year, held over Zoom. Nonetheless, the night felt the same, as the network celebrated the achievements of its top offices and individuals. Ray White NSW CEO Andrew McCulloch said the iso-style awards were a sign of 2020 given…
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Landmark apartment act will protect NSW buyers from shonky buildings
The NSW Government is seeking to protect buyers from “shonky certifiers and dodgy developers” with the new Residential Apartment Buildings Act 2020, which came into effect on Tuesday. The new laws give the Office of the NSW Building Commissioner powers to stop defective apartment blocks from being built, or sold to prospective buyers. They also provide recourse if such a…
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House hunters are rarely told the home energy rating
Most Australian homes have been built to notoriously poor standards. The energy performance of existing homes in Victoria, for instance, averages 1.8 stars – 6 stars is mandatory for newly built homes under the 10-star Nationwide House Energy Rating Scheme (NaTHERS). Decision-makers typically fail to appreciate the importance of a low star rating, even though it have profound impacts on households’ health and…
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Wind up commercial rent relief this month, says PCA
A ‘red tape burden’ has been placed on the commercial property sector, according to a new survey by the Property Council of Australia, with only 25 per cent of provision relief having currently been finalised. The results highlight the inherent complexities of the codes, coupled with state and territory delays, the Property Council notes. Now they are calling on state…
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Perth rentals moving the fastest since 2015 mining boom
In August 2019, it took a median of 34 days to lease a property in the Greater Perth region. This August, it only took 21 days, meaning that properties are turning around two weeks’ less than this time last year. Reiwa.com data shows this is the quickest uptake rate since the last mining boom in February, 2015. The median rent…
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Property Council of Australia nominations now open
Nominations for the Property Council’s industry committees are now open. “Effective advocacy for our industry and its contribution to Australia has never been more important,” said Property Council of Australia Chief Executive Ken Morrison. “Our members are critical in this important work, including through participation in our various industry committees. Our committee members help to shape the future for our…
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Experts positive about housing affordability
Experts have never felt better about housing affordability around the country, according to a survey conducted by comparison site Finder.In this month’s Finder RBA Cash Rate Survey, 40 experts and economists weighed in on future cash rate moves and other issues related to the state of the Australian economy.While all experts and economists surveyed correctly predicted the cash rate to…
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J-Lo & A-Rod’s new Florida home
Jennifer Lopez and baseball star Alex Rodriguez share a love of real estate, and together they’ve been collecting houses almost as often as Rodriguez collected base hits. Now TopTenRealEstateDeals.com reports the couple have bought another mansion – this time on South Florida’s island of super-rich CEOs and entertainers. Listed at $40 million, the property is located on one of several…
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Josh Mana team joins Queensland Sotheby’s International Realty
When it comes to the reason why Josh Mana entered the world of real estate, he both blames and credits his wife, Carrie. “I was a refrigeration air-conditioning technician in my early 20s and eventually got out of the trade in NSW when I moved to the Gold Coast,” Mr Mana said. “My wife, Carrie, was in property management and…
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