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COVID-19 infection rates have drastically dropped around the country but that doesn’t mean the real estate industry can breathe a sigh of relief.
In fact, some of the challenges are just beginning, REIA president Adrian Kelly believes.
In this episode of the Elevate podcast, Adrian expresses concern that sales volumes are down between 20 and 40 per cent, and could drop further as the impact of job losses creates a domino effect from the low end of the market to the high end.
He says the upcoming end of non-eviction periods present a drastic new set of hurdles for tenants, landlords and property managers as rent and mortgage repayments are reintroduced.
Adrian also delves into the problems landlords are facing with insurers and why offering tenants rent reductions could work against them.
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In this episode Samantha and Adrian also discuss:
- How Adrian first heard of COVID-19, when he knew it was going to hit the real estate industry hard and what he sees as the biggest issues, especially for tenants.
- The pros and cons of the Federal Government stimulus packages for real estate and how and why the REIA influenced the introduction of the JobKeeper turnover test.
- The impact of COVID-19 on the Minimum Income Threshold Amount for commission-only agents and what the REIA is doing to help rectify the hardships caused.
- What the new HomeBuilder grant means for real estate.
- The potential changes to stamp duty and why Adrian believes GST alterations would be better and fairer.
- Leadership lessons to come from the COVID-19 crisis, including the number one thing real estate agents learnt.
Connect with Adrian:
Resources
REIA Awards for Excellence cancelled (March 23, 2020)
REIA president Adrian Kelly calls on stakeholders to step up over rent relief (March 31, 2020)
REIA president speaks out in support of the real estate industry (April 5, 2020)
REIA seeks award variation from Fair Work to keep industry employed (April 6, 2020)
REIA backs Government’s COVID-19 tracing app (April 22, 2020)
Caution for building stimulus package (May 31, 2020)
REIA welcomes Federal Government Housing Stimulus package (June 4, 2020)
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