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Despite the announcement of a roadmap out of stage 4 restrictions, not everyone is happy: Here are the biggest property stories from the past 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 slams Andrews’ renewed restrictions
The REIV has issued a statement expressing its frustration with the decision to extend restrictions, which it said will “effectively keep the property market shut down for an uncertain period”.
“The continuation of the ban on inspections means that people who desperately need to buy or lease a property will have to make that decision ‘sight unseen’,” the REIV’s statement said.
2. Roadmap woes: REIV requests federal intervention
The REIV has condemned the state government’s roadmap out of stage 4 restrictions, citing a “lack of vision and planning” and calling for an independent review.
“Voices across the community have labelled the Victorian government’s response as disproportionate, alarmist and short-sighted,” a statement from the organisation expressed.
3. East coast affordability woes won’t impact WA
First home buyers struggling to crack the east coast property market are being advised to look west as Western Australia once again tops housing affordability, according to new research.
4. Alarm bells raised on rise of distressed sales
The Victorian property market is set to see a greater number of distressed sales as renewed restrictions continue throughout the state, according to the Ray White Group.
The real estate group said it is deeply concerned for many of its customers following the announcement that private inspections of properties will not be allowed until 26 October.
5. Eview Group joins forces with Melbourne agency
The group has partnered with Melbourne’s Commercial Real Estate Group, founded by Robert Renner.
The move sees Eview break its scope into the commercial sector, while Commercial Real Estate Group will be bolstered by stronger backend support systems.
6. Brisbane property market update – August 2020
Brisbane continues to show its resilience to price falls throughout this pandemic, and we are seeing more strength in the rental market as well, writes Melinda Jennison.
The latest Corelogic data shows overall dwelling values in Brisbane declined by -0.1 of a percentage point, but houses were stable and the decline came from the unit sector, down by -0.3 of a percentage point. Since January, Brisbane house values have reported an increase of 1.6 per cent, despite the pandemic, and yet unit values have slipped by -1.8 per cent.
7. Borrowers turn to bank of mum and dad in HomeBuilder confusion
Many borrowers looking to build new homes with the HomeBuilder grant are relying on borrowed funds from family and friends due to the structure of the HomeBuilder scheme.
While the grant has been popular with borrowers, its progress has been stymied by a lack of lenders accepting the grant as funds to complete, according to the broking industry.
The issue largely comes down to the fact that lenders have not been made appointed agents for the grant, unlike they are for the First Home Owners Grant (FHOG), where they can manage the funds.
8. Half of deferrals to be reviewed in coming weeks
Approximately 450,000 borrowers are approaching the expiry of their deferral arrangements, which are set to be reviewed over the coming weeks, the Australian Banking Association has revealed.
9. 15k customers unable to restart repayments: ANZ
ANZ has estimated that around 15,000 of its mortgage customers may not ever be able to resume repayments, due to the ongoing economic impact of the COVID-19 crisis.
Speaking before the House of Representatives standing committee on economics on Friday (4 September), ANZ chief executive Shayne Elliott said that, based on conversations with customers so far, around 15,000 of the 84,000 home loan customers currently receiving repayment deferrals were unlikely to be able to resume repayments for the foreseeable future.
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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