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The cash rate, COVID-19, Australia’s best real estate agents and the flow-on impact of changed mortgage conditions — we’ve rounded up this week’s biggest stories.
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 platforms that could have an impact on the Australian property landscape.
1. RBA reveals May cash rate call
The central bank acted as most economists predicted, holding the cash rate at 0.25 of a percentage point, having previously stated it was the lower bound for Australian rates.
2. Adelaide’s best FHB suburbs revealed
With first home buyers in Adelaide being limited to $400,000 or less to be eligible for government support, new research has revealed the most liveable and affordable spots for those looking to take advantage of the scheme.
People’s Choice CEO Steve Laidlaw has flagged Modbury North, Seaford Heights and Nairne as top-pick suburbs.
3. NSW property sector receives timely boost
The New South Wales property market has received a timely boost, with the ban on public open homes and on-site auctions to be removed as well as stamp duty concessions.
4. Off-market listings explode in isolation
ListingLoop.com.au has reported a 58 per cent increase in property listings on its own platform in the past month, and believes this surge indicates housing stock in the market is substantially higher than what’s advertised online.
It’s also seen a 23 per cent increase in buyer registrations over the same period, “demonstrating that there’s still serious buyers ready to take action”.
5. The profile of a top 100 agent
Here’s a breakdown of the kind of figures Australia’s best real estate agents are dealing in when it comes to property transactions.
6. Bank ceases lending for off-the-plan purchases
A non-major bank has announced that it will no longer issue credit for off-the-plan property purchases. It has tightened its serviceability assessment policy as part of its response to credit quality concerns arising from the COVID-19 crisis.
7. ME Bank reviewing affected redraw customers
ME Bank will now be reviewing the personal circumstances of each customer affected by its controversial change to redraw limits, following widespread criticism of the move from customers and brokers alike.
News broke over the weekend that the bank had reduced the amount borrowers could redraw from specific mortgage products without forewarning customers, after the bank “identified the redraw facility on some legacy home loans (a portion of legacy loans written more than five years ago) could lead to some customers falling behind their original repayment schedules”.
8. Mortgage activity sinks 16.5%
According to the latest data from property research group CoreLogic, home loan activity fell nationally by 16.5 per cent month-on-month for the week ended 3 May 2020.
Home loan demand dropped in every state and territory last week, with Tasmania recording the sharpest decline (39.4 per cent), followed by Victoria (29.3 per cent), NSW (16.9 per cent), South Australia (16.1 per cent), Victoria (13.8 per cent) and Western Australia (12.5 per cent).
9. 4 tips for working from home
LJ Hooker Avnu sales leader Charles Caravousanos has offered up some of his top tips for maintaining productivity from the comfort of your own home.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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