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A landmark court decision could see more pets in apartments as the property industry attempts a return to normality: 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. 9 new offices cement LJ Hooker’s growth
LJ Hooker has bucked the COVID-19 downturn, having opened nine new offices in the last 10 months, with a further four changeovers pending, as it focuses on its strategy for ongoing expansion.
2. Landmark judgment invalidates apartment building ban on pets
A decision by the NSW Court of Appeal to allow pets in a high-rise is set to have major ramifications for corporations and apartment owners.
The matter centred around Darlinghurst-based complex The Horizon, which sought to ban tenant Jo Cooper from keeping her 13-year-old Miniature Schnauzer named Angus at the premises.
The NSW Court of Appeal struck down the attempt by The Horizon, saying to ban animals from the building was a breach of legislation.
3. Stone sets sights on the Shire
Stone Real Estate has made its first foray into one of Sydney’s largest regions this week with the rebranding of local business leader Wade Gilmore and Coleen Bowen’s agency to Stone Engadine.
4. How a network’s one-on-one approach to growth is paying off
Investing in an individualised approach to professional development is vital to nurture an engaged team over the long term, as Laing+Simmons has realised.
5. Victoria’s most affordable suburbs revealed
The Real Estate Institute of Victoria (REIV) has just released the quarterly median prices for the three months to September 2020. Overall, the stats point to promising signs, particularly given the state has been hit with doom and gloom predictions off the back of the coronavirus pandemic, coupled with renewed restrictions forcing Melbourne into a stage 4 lockdown recently.
6. Could Sydney house prices reach a $1.5m point of no return?
With the availability of credit improving and interest rates declining, it is very possible Sydney could once again enter a market frenzy, writes Luke J Graham.
If Sydney’s median house price reached $1.5 million, it would become more than 22 times NSW’s median personal income. If other variables don’t intervene and Sydney prices indeed approach or exceed this level in the midst of the post-pandemic recovery, home owners could reach an intimidating point of no return.
7. State-by-state comparison: Why Perth’s office market is outshining the rest
Moves by the WA government during the coronavirus pandemic have set the state up for greater prosperity, especially when it comes to Perth’s office markets, new research from Ray White Commercial’s latest Between the Lines report found.
According to Ray White Commercial (WA) director of office leasing Clive Norman: “Vacant stock levels have grown just 5.33 per cent to 18.4 per cent vacancy — this represents a good result during this period when compared to the east coast.”
8. FHLDS New Home Guarantee details released
The additional 10,000 places form part of what is now being called the FHLDS New Home Guarantee (NHG) for new homes and newly built homes. The additional scheme allocations are available to first home buyers that are Australian citizens and at least 18 years old and wish to build a new dwelling or purchase a newly built dwelling with a deposit of between 5 and 20 per cent of the property’s value.
9. 20% more market share in 2020: How has this agency done it?
Working with new demographics while keeping the transaction process simple are just two of the reasons for one Sydney agency’s sustained success in a turbulent year.
Richardson & Wrench Elizabeth Bay/Potts Point has been labelled as “thriving” in the face of COVID-19, boasting a 20 per cent increase to its market share this year alone.
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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