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Hot Property: The biggest stories this week

24 September 2020 Grace Ormsby
The biggest stories this week

Based off anecdotal accounts, the property industry is gearing up for a strong spring season: Here are the biggest property stories from this week.

Welcome to REB’s weekly round-up of the headline stories and news that’s important not only for the real estate sector, but also for the state of property in Australia more broadly.

To compile this list, not only are we taking a look at the week’s most read stories and the news that matters to you, but we are also curating it to include stories from our sister brands that could have an impact on the Australian property landscape. 

1. REIV launches public campaign against Andrews’ real estate restrictions

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The REIV argues the government hasn’t taken time to understand the impact of a “complete lockdown” of the property market on ordinary Victorians, noting requests to restart the market have been ignored.

“Mr Premier, I don’t think you understand,” the REIV’s statement begins. “The inability to buy/sell/lease property in Melbourne is creating enormous emotional and financial distress in the community.”

2. WA agency to front $18k over failure to lodge bonds on time

A WA agency has been hit with an $18,000 fine after it failed to lodge 19 tenancy bonds on time.

Verse Property pleaded guilty to breaching the Residential Tenancies Act in its failure to lodge the bonds with the Bond Administrator from 16 properties it managed as soon as practicable and/or within 14 days after receipt.

3. How to build a business where sellers call you

One of the most rewarding parts of my role, leading a platform that is revolutionising the real estate industry, is identifying agent pain points and finding solutions for them, writes Dan Argent.

4. COVID-19 pandemic sees spike in new property management firms

According to director of Coronis Now Jodie Stainton, property managers are shifting towards starting their own business as working remotely has shown there’s potentially better opportunities for managers who start their own business.

She said in the past six months, “more than 500 property managers have contacted me and enquired about starting their own business, working for themselves and running their own portfolio”.

5. The Agency swoops in on Sydney’s upper north shore

Former banker-turned-real estate agent Jason Roach has most recently been aligned with Century 21, but said he was seeking “a premium, energetic brand that projects prosperity and success” for the next stage of his business expansion in his move across to The Agency Upper North Shore.

6. How will falling Chinese foreign investment affect the Australian property market?

Foreign investment from China in Australian real estate has been quietly on the decline for several years, dropping significantly to $6.1 billion in 2018-19, writes David Hancock.

The decline is attributable to: Chinese restrictions on money leaving the country, smaller Chinese student numbers, diplomatic tensions and a stronger Australian dollar. In addition, Australia tightened regulations and increased fees and taxes, and banks tightened lending to foreign investors.

7. Sydney, Brisbane, Melbourne tipped to surge: Westpac

Westpac chief economist Bill Evans has revised his predictions, having previously expected a 10 per cent slump between April 2020 and June 2021, to a now 5 per cent correction through to late 2021.

The economist is now predicting short-term pain for property investors before a surge in value over the next two years.

8. Consumer demand changes to outer suburban areas

The Domain Buyer Demand Indicator has revealed houses and apartments in the outer suburbs of Sydney, Melbourne, Brisbane and Perth were the highest demanded properties for those cities for the month up to 6 September.

Consumers are starting to adapt to the new norm, with working from home making living near the office less crucial in capital regions.

9. Final clawback regulations released

The Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers) (Mortgage Brokers) Regulations 2020 build on the draft regulations, released in August 2019, for public consultation which better explain how the regulations will operate.

10. Major bank announces new CEO, consumer

Westpac has appointed Chris de Bruin as chief executive of its consumer division.

Mr de Bruin, currently CEO of Middle Eastern non-bank Deem, will join the big four bank in “early 2021” (subject to regulatory approvals).

Hot Property: The biggest stories this week
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