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Isolation restrictions begin to lift, sentiment improves as experts look to life post-pandemic, and the pushing back of royal commission reforms: 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. ‘The big picture’: Analyst weighs in on property post-pandemic
Propertyology’s Simon Pressley has said that while there’s no doubt Australia “will be dealing with significant economic challenges caused by COVID-19 for several years to come”, he has taken concern with the doomsday sentiment shared by a number of commentators.
“From a property market perspective, COVID-19 is a short-term attack on household incomes,” Mr Pressley said.
2. Which rental markets will be most affected by the fallout of COVID-19?
What rental markets are likely to struggle the most due to the pandemic? David Hancock reveals his predictions in this opinion piece.
3. Agent retraining to ‘prosper’ post-pandemic
The retraining of real estate professionals will prosper beyond COVID-19, as agents take an interest in upskilling.
4. REIV applauds return of onsite auctions and open inspections
Open homes and onsite auctions are back as of Wednesday, 13 May!
Both onsite auctions and open inspections will be limited to 10 people, in addition to staff required to facilitate the auction or inspection.
5. Is this a good time to be selling?
The COVID-19 pandemic has seen a sharp reduction in listings as buyers return to the market, so why could it be a good time to sell your home?
6. ASIC delays best interests duty implementation
The corporate regulator has announced that the introduction of the best interests duty — that will require mortgage brokers to act in the best interests of their clients — will be pushed back to 2021 to allow the industry to focus on managing the COVID-19 crisis.
“All brokers remain committed to a best interests duty, and we are confident we now have the time to become legally compliant.”
7. Royal commission implementation delayed
The federal government has announced a six-month deferral of royal commission commitments for unlegislated commitments associated with the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, as a result of the significant impacts of the coronavirus.
8. Tax tips for property investors affected by COVID-19
While tax isn’t necessarily on people’s minds at the moment, Adam O’Grady, assistant commissioner from the ATO, has said the ATO is working hard to provide property investors with information and answers to their questions to help them understand how COVID-19 and government-legislated changes may affect their rental income and deductions.
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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