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Elite Agent
REIWA ‘extremely disappointed’ by extension of rental emergency period
REIWA is extremely disappointed with the WA Government's decision to extend the emergency period tenancy.
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Elite Agent
Unit oversupply in Brisbane scaring off buyers
The inner-city Brisbane unit market was suffering from oversupply before COVID-19 struck, but now researchers are warning it has become a “huge danger zone” for potential investors. According to RiskWise Property Research CEO Doron Peleg, things have become much worse over the past few months, and will continue along these lines. “RiskWise reported in July 2018 that there were 14,813…
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Real Estate News
Melbourne agent shares loophole for Stage 4 property inspections
Private inspections of properties will not be allowed until at least October 26 in Melbourne, but Hockingstuart Altona/Williamstown principal Anthony Anile has found a legislative loophole to help his clients continue to sell their properties until the lockdown is lifted. Mr Anile is inserting a clause into all sales contracts that makes the final sale conditional upon a satisfactory physical…
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Elite Agent
Residential land demand highest in two years
The impact of HomeBuilder is finally beginning to be represented by statistics.
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Elite Agent
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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INDUSTRY NEWS
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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Real Estate News
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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Elite Agent
Game of Thrones star Emilia Clarke lists LA beach house
Game of Thrones star Emilia Clarke is hoping to net somewhere in the region of $6.8 million (AUD) for her Venice beach house, which was recently put on the market. In terms of Californian pads owned by movie stars, this one is rather modest, sporting only two bedrooms and three bathrooms – a “single family home” according to the listing.…
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Elite Agent
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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Elite Agent
Look inside Justin Bieber’s $25.8 million bargain in Beverly Park
Justin Bieber and wife Hailey Baldwin have scored themselves a massive six-bedroom mansion in Beverly Park for a cool $25.8 million. The property was built in 1988, and first went on the market in April, 2018, with an asking price of $42m; enough to make it realtor.com’s most expensive listing of that week. Since that point, the price dropped incrementally,…
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Elite Agent
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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Real Estate News
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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Real Estate News
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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Elite Agent
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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Elite Agent
Canberra’s property prices quadrupled since 2000
Housing prices have quadrupled in just two decades, unit prices have tripled, and values could reach an average of over $3.8 million and $1.3 million respectively – These are some of the key insights from Allhomes’ research on Canberra’ property market over the past 20 years. The report also noted that, since 2000, houses sold at auction have risen from…
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Real Estate News
BREAKING: This weekend’s Gold Coast auctions to be restricted due to COVID-19
Queensland Premier Annastacia Palaszczuk has placed tighter restrictions on gatherings in Gold Coast homes from 8am, on Saturday, 29 August. “Coming into effect from 8:00am Saturday, we are going to extend those limits of people inside your homes to 10 people, and those gatherings outside to 10,” Ms Palaszczuk said. “I think everyone would agree, we acted very swiftly when…
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Elite Agent
Harvard economist: Australia has most overvalued property prices in world
Leading Harvard economist Harry Dent has warned he believes Australian property prices are set for a huge fall. Dent is a Harvard MBA graduate, a Fortune 100 consultant, a New York Times bestseller, and claims to have correctly predicted “nearly every major economic event in the past three decades including the 90s recession, the decade-long bull market which followed it,…
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Elite Agent
New online tool helps estimate reno costs
If you’ve been watching The Block recently, you may have noticed that Suncorp and CoreLogic are both among the sponsors. The pair have teamed up to launch a new renovation calculator, aimed at helping those inspired by The Block work out the cost of home renovations, according to the room, renovation type, and particular suburb you are renovating in. The…
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Elite Agent
REIV: Lack of info from Daniel Andrews ‘extremely frustrating’
Real Estate Institute of Victoria (REIV) president Leah Calnan has spoken out against the lack of consultation between the government and the industry. “There’s been a real lack of communication with our industry — it’s extremely frustrating,” Ms Calnan said. “We need to know what’s going on so agents can start planning, so they can prepare contracts, engage solicitors, organise…
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Real Estate News
HIA: Home building slump will weigh down GDP
The decline in residential building work will “compound the contraction in Australia’s Gross Domestic Product in the June quarter,” according to HIA Senior Economist Geordan Murray. The total value of residential building work done declined by 5.5 per cent in the June quarter, and is down by 12.1 per cent compared with a year ago. Mr Murray notes that the total value…
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Elite Agent
ANZ: Melbourne house prices to fall by 15%, Sydney not much better
Melbourne house prices will fall by 15 per cent, according to new predictions by ANZ’s economists. The bank also forecasts tough times for Sydney owners, with housing set to drop by an estimated 13 per cent. It predicts the bottoming out of prices will likely occur in the second half of 2021. The bank predicts a national price drop of…
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Elite Agent
Leading retail group to close up to 500 Australian stores
Mosaic Brands, the retail group that owns fashion brands such as Millers, Noni B, Rivers, Katies, Rockmans and more, has delivered a disastrous FY20 loss along with news it plans to shut as many as 500 stores over the next two years. The group owns 1332 Australian stores, employing 6800 people across the country. Today they announced an underlying loss…
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Real Estate News
McGrath announces pleasing FY20 results
McGrath Limited has announced a significant turnaround in fortunes this past financial year. The company posted underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $3.7 million, excluding $2.2 million worth of government COVID-related grants, for the year to 30 June 2020. This is compared with a loss of $6.4 million in the previous year, and amounts to a…
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Real Estate News
McGrath appoint new CEO after Geoff Lucas resigns
Geoff Lucas has stepped down from the role of Chief Executive Officer at McGrath Limited. Mr Lucas’ resignation was announced on the same day the company released their FY2020 financial results. “The Board had accepted Mr Lucas’ resignation and paid tribute to his service to the company during what has been a difficult two and a half years for the…
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Real Estate News
VIC Government proposal will make real estate training harder and more costly
The Victorian Government has proposed massive changes to the educational qualifications for the real estate industry, and time is running out to oppose them. If implemented, these changes will require those planning to enter the industry to spend substantially more time and money gaining tertiary qualifications. Potential ‘Agent Representatives’ will be impacted the most, now required to complete 18 units…
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Real Estate News
Lenders slashing investor interest rates, despite extra scrutiny
New RateCity data shows that 47 mortgage lenders in Australia have reduced investor interest rates over the past two months. This is despite both the extra scrutiny lenders now undergo when applying for such a loan, and the RBA holding steady on the 0.25 per cent official cash rate. Of those 47 lenders, the average reduction was 0.27 per cent…
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Elite Agent
Lenders shy away from commercial sector
A new report by CBRE has found a number of factors are making lenders more reticent in their lending practices for commercial properties. The report explains how increasing economic uncertainty brought about by the onset of COVID-19 has resulted in retailers struggling to stay open and pay the rent. Commercial rent in most Australian office markets has declined, and vacancy…
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Real Estate News
Inside Brad Pitt and Jen Aniston’s Beverly Hills love-nest
The house Jennifer Aniston and Brad Pitt bought in 2000 for US$13.5m has just sold for $32.5m, more than double what they bought it for two decades ago. The Beverly Hills mansion was built in 1934 for old-timey Hollywood actor Fredric March. It was listed last year for $56m, but attracted little interest. The price was lowered a number of…
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Elite Agent
Regional NSW vacancy rates drop
The REINSW Vacancy Rate Survey results for July 2020 shows that overall vacancies in Sydney increased for the fifth straight month, while many regional areas have dropped. The total vacancy rate in Sydney sits at 5.0 per cent, up 0.5 per cent from June, and up 2.0 per cent since March. Surprisingly, while the rest of the state seems to…
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Real Estate News
Talk of ‘the end of offices’ not supported by data
The end of the office is far from nigh, according to the Property Council, who recently released their latest Office Market Report. “While there is plenty of commentary about the end of the office, the data doesn’t suggest this, and there is a long way to go as business works its way through the economic and social impacts of COVID-19,”…
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Elite Agent
Brownlow Medallist ‘Aker’ joins Ray White Ascot
Brownlow Medallist, and three-time AFL Premier Jason Akermanis has joined Ray White Ascot, in the role of sales agent and auctioneer. The former Brisbane Lions player enjoyed a stellar 248-game career, kicking 263 goals over the years. Now he is returning to the state that made him famous, but in an entirely different role. “Having a professional purpose, the ability…
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Real Estate News
Susie O’Neill’s riverfront home on the market
Eight-time Olympic medallist turned breakfast radio host, Susie O’Neill has put her family home of two decades on the market. Christine Rudolph of Ray White New Farm is selling the Yeronga home, which overlooks the Brisbane River. O’Neill and her ophthalmologist husband Cliff Fairley bought the house 19 years ago. “We have loved this house since we bought it back…
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Real Estate News
CBA boss expects a 10-12% drop in housing prices
Yesterday, the Commonwealth Bank delivered a full-year cash profit of $7.3 billion, along with welcome news that the property market had been more resilient than first feared. In May, CBA chief executive Matt Comyn detailed a worst-case scenario, in which values would drop by 30 per cent. Yesterday, he was more optimistic. “I think a reduction…in the order of 10…
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Elite Agent
Wage growth slumps to new national low
Wage growth is now at the lowest point on record, with the Australian Bureau of Statistics (ABS) reporting the national wage price index (WPI) increased by only 0.2 per cent in the June quarter, up 1.8 per cent over the past year. “After a steady period of wage growth over the previous 12 months, wages recorded the lowest annual growth…
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Elite Agent
The Sydney suburbs with the most million-dollar mortgages
A study of Sydney’s housing market has revealed that 20 per cent of homeowners across the city are currently facing mortgage debt of over $1 million. According to findings by Digital Finance Analytics (DFA), over 20,000 homeowners have mortgages in the millions, a figure higher than anywhere else in Australia. It is also a historical record. The research, based on…
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