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SUPPLIER NEWS
Domain FY18 results show $6.2 million loss after Fairfax separation
Domain have shown a revenue of $286.6 million with a net loss after tax of $6.2 million in the company’s FY18 results. The loss comes after the company split from Fairfax and listed on the ASX in November. The company is no doubt hoping incoming CEO Jason Pellegrino, who begins his role at the end of the month, will boost…
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SUPPLIER NEWS
REA Group financial results show increased marketing spend and rise in revenue
The REA Group financial results have revealed the company increased its marketing spend by 23 per cent in the 2018 financial year, up from $60.415 million to $74.483 million. With the removal of the acquisition costs, REA Group showed a revenue increase of 20 per cent to $807.7 million. EBITDA (earnings before interest, tax, depreciation and amortisation) was up 22 per…
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Brand Editorial
Tameka Smith takes the crown in PM Transform 2018
PM Transform 2018, in partnership with Real+, realestate.com.au and Rockend saw participants from across the country take part in a 30-day intensive training program, including live classes, daily challenges and exercises focused on helping them achieve their career goals. A number of industry-recognised coaches and trainers participated, delivering live sessions and exclusive training content for the participants across the month.…
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INDUSTRY NEWS
Australia’s prestige market remains resilient in the face of tougher conditions
Three Australian cities sit in the top 20 of the Knight Frank Prime Global Cities Index, showing the prestige market is still performing strongly. The report from Q2 2018, which tracks the progress of 43 cities worldwide, shows Sydney, Melbourne and Brisbane are still keeping up with growth elsewhere, coming in as 15th, 17th and 20th respectively. Perth also showed…
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Real Estate News
First-home buyers come out on top in June, according to new ABS data
First-home buyers are currently dominating owner-occupier housing loans, with the number rising again in June 2018 to the highest rate since October 2012. The ABS housing finance figures for June 2018 show that FHBs now account for 18.1 per cent of owner-occupier home loans. The number of FHB owner-occupier loans has now increased by 11.4 per cent over the last…
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FEATURE INTERVIEWS
The ex-banker turned Double Centurion: Jason Roach
A banker for 20 years, it was a connection with Charles Tarbey and a desire to stop travelling for work which drew Jason Roach to real estate. Now he’s the principal of C21 Northside – Lindfield and a holder of the network’s prestigious Double Centurion status. One of the striking things about Jason Roach’s career is that he hasn’t seen…
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FRANCHISE NEWS
Purplebricks hire high-profile COO to improve Australian operations
Purplebricks have hired Neil Tavender as their Australian Chief Operating Officer, giving him share options worth approximately $2.5 million. As reported by The Negotiator, Mr Tavender’s role will involve turning around the sales operations in Australia, especially after allegations from former employees about the agency’s profitability and work conditions. Purplebricks said recently their Australian operations would become profitable within 12…
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SUPPLIER NEWS
Rent.com.au launches first mobile app
Rental property website rent.com.au have announced they will launch a mobile app for IOS and Android this week. In an ASX announcement, the company said the app would bring all the “unique and useful features” the platform already has alongside a range of “unique new features”. According to the announcement, 60 per cent of the current customers using the platform…
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INDUSTRY NEWS
Zillow to allow renters to search, apply and pay for rentals online
US-based platform Zillow has debuted a system which will allow renters to find, apply for and pay for rentals online. The system will be rolled out across the company’s three platforms – Zillow, Trulia and HotPads – but not New York-based StreetEasy. “Renters tell us they want the entire rental process to happen online, from search to application to payment.…
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INDUSTRY NEWS
Property Connect enter licensing agreement with Clearmatch for use of tech platform
Realty services group Property Connect Holdings has signed a minimum five-year licence agreement to us a technology platform from marketplace treasury company Clearmatch. Property Connect is aiming to use the technology as part of a plan to develop peer to peer lending products focused in the property sector, especially project development financing. The new lending products will generate revenue from…
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INDUSTRY NEWS
Kingston Lane CEO to lead the stellar line up at The Business of Real Estate
The Business of Real Estate leadership event is open to all principals, leaders and managers in the real estate industry. This multi-speaker event features presentations from leading business minds within the Australasian real estate industry, as well as international guests. The program will see attendees walk away with key insights, knowledge and strategies which put them to the forefront of…
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INDUSTRY NEWS
Co-working company WeWork announces a move into brokerage services
A year ago WeWork launched a real estate investment fund; now they’re furthering their interest in the space with a real estate advisory business offering brokerage services in the US. The company is piloting WeWork Space Services, which will act as a representative for companies to help them find office space outside of WeWork’s locations. Currently the plan is only…
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SUPPLIER NEWS
Purplebricks announces launch of Purplebricks Plus
Fixed fee agency Purplebricks have announced the launch of a new service for customers in the UK. In an interview given to the Press Association, the agency said it plans to secure 10 per cent of the agency market share in the UK and launch Purplebricks Plus by April 2019. No details of the product have been provided yet, other…
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SUPPLIER NEWS
Compass announces it will license technology to other networks
US-based real estate brokerage Compass has announced it will begin licensing its technology to other firms. The company, which has been going through a strong round of acquisitions since receiving US$450m in funding in 2017, announced its first licensing deal last week, with Leading Edge Real Estate Group. The move will add another income stream to the growing brokerage, which…
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INDUSTRY NEWS
US brokerage Redfin announce plans to raise up to $239 million for technology and acquisitions
Online-centric brokerage Redfin has announced a plan to raise up to US$239 million (AU$322 million) through a combined stock and debt offering. The funding will take place in In two separate offerings; initially through selling 4.025 million shares of stock at a price of $23.69, totaling $95,332,125, before selling $143.75 million in “convertible senior notes,” which can later be converted…
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SUPPLIER NEWS
London-based startup to give loans based on future house prices
Proportunity, a startup based out of London, aims to help first home buyers with loans based on the forecast future price of their house. The company, started by entrepreneurs Vadim Toader and Stefan Boronea, uses machine learning to accurately forecast property growth, and will soon begin to offer equity loans allowing FHBs to increase their deposit. The UK already has a…
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SUPPLIER NEWS
Industry supplier recognised for exceptional customer service
Industry supplier Rockend have been recognised for their exceptional customer service by the Customer Service Institute of Australia (CSIA). The company was named a finalist in six categories at the CSIA-run Australian Service Excellence Awards (ASEA). The categories include the highly-contested Customer Service Organisation of the Year – Medium. It isn’t the first time Rockend has been recognised by the…
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SUPPLIER NEWS
Jordan Catalano and Tom Hywood launch real estate listings website
The sons of ex-Domain CEO Anthony Catalano and Fairfax Media CEO Greg Hywood have furthered their property ambitions with another niche portal. The third website for the duo, and second property portal, is House and Land Developments – a portal aimed at developers and investors looking for suburban house and land packages. From their AD Group Catalano and Hywood have…
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Elite Agent
Monika Tu: Property Entrepreneur
Monika Tu’s career has gone from strength to strength. Since getting her start in real estate in 2009, when she used personal experience to launch Black Diamondz Property Concierge, to being named a finalist at the EY Entrepreneur of the Year Awards 2018, Monika’s success shows no sign of slowing. It’s easy to see why Monika Tu has made the…
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INDUSTRY NEWS
Global cities record weakest price growth since 2015: Knight Frank
According to the latest Global Residential Cities Index from Knight Frank, despite the global economy’s strong performance, property price growth is restrained, with urban prices rising at their slowest rate since the third quarter of 2015. The Global Residential Cities Index tracks movement in average residential prices across 150 cities around the world. A year ago the report saw 12…
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INDUSTRY NEWS
Hobart surges as Sydney suffers in new property outlook report
The growing divide between Australia’s property markets has been highlighted again in a new report from realestate.com.au. The latest Property Outlook Report shows that while prices across Australia have risen 0.9 per cent on average, that figure does little to highlight the growing differences between the major capital cities. Data from realestate.com.au and CoreLogic shows that while the Sydney and…
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INDUSTRY NEWS
Everything you need to know about changes coming into place from July 1
Federal GST changes for property After July 1 2018 buyers of new residential houses, apartments and land blocks will be responsible for making sure the GST on their purchase is paid to the ATO as part of the settlement process. This GST will not be an additional cost to buyers, it’s already part of any contracted purchase, but prior to…
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INDUSTRY NEWS
PEXA responds to reported hacking, says system is more secure than paper method
National e-conveyancing platform PEXA has responded to the hacking scandal which made headlines earlier this week, saying that their platform was not compromised and that the econveyancing method continues to be safer than paper transactions. As reported by Fairfax Media, Masterchef finalist Dani Venn and her family lost $250,000 from the proceeds of their home sale late last week when…
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INDUSTRY NEWS
VIEW.com.au appoints new CEO
VIEW.com.au has appointed Toby Balazs as their new CEO. Mr Balazs will take over from current CEO Enzo Raimondo mid-July. Mr Balazs joins from REA where he was a member of their leadership and online strategy teams since 2004. His role involved work with property developers and project marketers, most recently acting as manager of online strategy and execution for…
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FRANCHISE NEWS
Chinese-based developer to become second biggest shareholder in McGrath
Chinese-based local developer Aqualand has made a ‘strategic investment’ in McGrath. The company will acquire a 15 per cent stake over two placements. The investment will make them the second biggest stakeholder in McGrath, behind founder John McGrath. Aqualand will appoint a director to the board after the acquisition has been completed. An initial stake of 8.7 per cent has…
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Real Estate News
Boutique agency opens second office
Fresh off the back of a keynote at AREC 2018, WHITEFOX have opened a second office in Melbourne. The new office, at 590 Malvern Road, Prahran, marks a quick expansion for the agency, under the helm of director Marty Fox. And although WHITEFOX prides itself on having ‘no core’ area, they identified the need to bring an office to an area…
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INDUSTRY NEWS
2018-19 state budget wrap up: What it means for the property sector
With the majority of states (South Australia will need to wait until September due to their change in government) receiving their 2018-19 budgets, here’s how the property industry fared across the nation. New South Wales The second NSW budget handed down by Treasurer Dominic Perrottet had an aim to tackle transport, health and education projects, but left a lot to…
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Elite Agent
Despite an overall softening, the outlook is good for most Australian property markets
Property valuers Herron Todd White (HTW) have released their monthly Property Clock report for June, and they say that at the halfway point, the outlook is not as bleak as it was thought to be earlier on in the year. Commercial Commercial is good news in all states other than SA and NT according to the HTW report. Although the…
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EPM
A Shared Vision: Kylie Walsh
“I always knew it was going to be real estate. I did work experience in years nine and ten at a local real estate office,” says Ms Walsh. From reception to leasing to new business, Ms Walsh’s initial foray into real estate took her through all roles, then into sales at 20 years old. She purchased her own office at just 21. “Like any principal…
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INDUSTRY NEWS
The great build-to-rent debate
The argument has been raging in the property industry for years: why can’t the build-to-rent model of housing, popular in both the UK and the US, work in Australia? It’s a complex issue, and your answer will depend which side of the fence you’re on. The build-to-rent model, also known as the ‘multi-family’ model, would see developers or investors hold…
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FRANCHISE NEWS
Ray White Double Bay appoints Associate Director
Ray White Double Bay agent Warren Ginsberg has taken on a new role, being appointed Associate Director for the office. Since joining the office in 2009 Mr Ginsberg has undergone a journey of hard work, determination, forever learning and exceeding expectations. “I am very honoured to be appointed Associate Director,” said Mr Ginsberg. “It means a lot to me to…
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FEATURE INTERVIEWS
From reality to realty: How The Mentor changed Moreton Bay Realty
It’s been a couple of months since Moreton Bay Realty appeared in our lounge rooms as stars of Channel Seven’s The Mentor. The family-owned agency sat down with Elite Agent to discuss the impact of the show on their business, and how they survived reality TV editing. It’s hard to escape the unblinking eye of reality TV in Australia; our…
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Elite Agent
We ain’t saying anyone is a gold digger…
When he’s not launching prefab affordable housing with YEEZY Home, Kanye West still #blessing us with some of the best gifs on the internet. Lucky for us, today (8 June) is his birthday, so we’re taking the chance to celebrate with some Yeezus reactions for your most frustrating agent situations (Shout out to our faithful band of readers who had…
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INDUSTRY NEWS
Airbnb crackdown: NSW government introduces 180-day cap on listings
The NSW government has announced a cap of 180 days per calendar year on empty properties rented out using Airbnb in Sydney. The ruling also allows strata corporations the power to ban Airbnb in their building if 75 per cent of owners are agreed. The decision comes after a drawn out debate over the policing of short-term letting, which is…
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INDUSTRY NEWS
Housing affordability improves, while rental affordability declines: REIA
Despite falls in Victoria, South Australian and the ACT during the first quarter of 2018, a new report from the Real Estate Institute of Australia and the Adelaide Bank has found that affordability is improving. The March quarter 2018 edition of the Adelaide Bank/REIA Housing Affordability Report found that the proportion of median family income required to meet average loan…
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