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With Australia on track for a recession despite the loosening of COVID-19 restrictions, the Prime Minister has dropped yet another stimulus package: Here are the biggest 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 platforms that could have an impact on the Australian property landscape.
1. RBA reveals June cash rate call
The Reserve Bank of Australia announced its decision on the June cash rate, as the COVID-19 pandemic continues to put pressure on the Australian economy.
2. HomeBuilder is here: Who is set to benefit?
The government has unveiled the HomeBuilder scheme, which will see eligible owner-occupiers who are either building or undertaking a substantial renovation given $25,000 for doing so. But who will actually benefit from the stimulus?
3. How to improve your serviceability
OPINION: Serviceability is arguably the most important factor when building your investment portfolio because it can limit your ability to achieve your financial freedom goals, writes Lloyd Edge.
4. Does the government’s tradie rescue package go far enough?
Industry experts have applauded the announcement of a “tradie rescue package”, but they do not believe that the government’s plan goes far enough. Builders are already noting up to a 40 per cent decrease in work in the pipeline.
5. ‘Earlier than expected’ recovery pinpointed for property
RPM Real Estate Group has released research which pinpoints the moment COVID-19 put the brakes on the Victorian property market mid-March.
A period of bleakness following the pandemic being declared. However, signs of buyer activity in April and May are promising in “pointing to a potentially earlier than expected recovery”.
6. Global brand shakes up Aussie leadership
RE/MAX Australia has revealed a changed leadership structure that will see managing director Michael Davoren take up the role of chairman on the company board in a company refresh.
7. REB Awards sales agent – metropolitan finalists revealed
REB, in partnership with ListReady, is pleased to announce the finalists in a number of categories at this year’s REB Awards.
More finalists will be revealed over the coming days!
8. Can online auctions achieve the same financial results?
A property promoted on Openn Negotiation has gone for $150,000 over reserve after being listed for just 13 days.
Selling agent Michael Tomadakis of Biggin & Scott Inner North said: “The bids came in quickly and it all happened so fast. Three minutes had passed and the property had reached the price of $1,080,000.”
9. ANZ overhauls assessment process
ANZ has bolstered its assessment team and will prioritise “sensitive” loan applications to address a continued blowout in turnaround times.
According to a communication sent by ANZ to its broker partners on Tuesday (2 June), the bank’s turnaround times have now increased to an average of 35 business days for refinance applications and an average of 15 business days for property purchases.
10. CBA announces interest-only lifeline
The Commonwealth Bank has followed Westpac in offering customers a new form of financial assistance during the pandemic.
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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