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Melbourne’s reopening has been met with plenty of property fanfare: 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. Back-to-back records broken on Sydney’s upper north shore
It’s been a big year for the Ray White Upper North Shore team, director David Walker has said.
“We completely re-strategised, particularly through the lockdown period, and by doing this, we led the way and continued our momentum over this difficult period.”
2. How this agent-turned-project manager offers vendors the whole package
OBrien Real Estate’s Lambros Bollas (Melbourne) has created a niche in his local market, where he offers clients the “whole package” — from designing a home to costing and delivering a build and on-selling the property for vendors.
The agent can combine his industry experience with a love of architecture and interior design.
3. Why it will be a ‘different’ kind of Christmas for Melbourne agents
Upside Realty sales director James Kirkland said the loosening of lockdown restrictions will breathe plenty of life into the city’s real estate market.
And with a lot of people expected to stay in the city over the break, and a number of businesses planning to trade right through the Christmas and New Year period in a bid to make up for lost time — and sales — “there is so much demand right now”.
4. South Australia to see ‘mini property boom’
Land Services SA has seen a 30 per cent increase in the number of new land parcels issued from plans lodged for subdivision compared to this time last year — thanks to stimulus. This sharp of a rise in new land parcel activity has not occurred since 2010.
Further, they have observed a 94 per cent increase in the purchase of the Property Interest Report (PIR) product for vacant blocks, which is the key lead indicator for a property sale.
5. Jellis Craig expands operations
Victoria-based residential real estate agency Jellis Craig will expand its services to the state’s central region, launching a new office in Daylesford, which will be led by local agents Nathan Skewes and Gary Cooke. Jellis Craig said it offers significant opportunities to better connect buyers from Melbourne’s metropolitan area with one of Victoria’s most prominent tree changes.
6. Rule of thumb for first-time property investors
Australians looking to break into the property market are being advised to do their research, speak to professionals and use debt in the right way to accumulate assets.
7. 1 in 4 wants to buy a property now
The research, commissioned by ING, has found that 26 per cent of Aussies think now is the time to buy a property in order to safeguard their future. Forty-four per cent described property as the strongest investment option.
Low interest rates were pinpointed as a key factor for 32 per cent, who feel more confident to buy property, while 27 per cent said it was the prospect of lower house prices.
8. The most complex part of property investing
While understanding what’s driving markets is integral in maintaining a successful property portfolio, it is often the most complex part of investing, according to Propertyology’s Simon Pressley.
He said the value of understanding market drivers is key to a sustainable investment strategy: “[It’s] the thing people are most interested in, but it’s also the most complex. It’s impossible for everybody to know everything or to become an expert in market research, unless you’re doing that for a living.”
9. ASIC deputy chair Crennan resigns
ASIC deputy chair Daniel Crennan QC has resigned following Friday’s revelations that the regulator may have incorrectly paid $70,000 worth of his rental costs.
It comes after an audit of ASIC’s financial statements by the Australian National Audit Office found total remuneration paid to both ASIC chair James Shipton and deputy chair Daniel Crennan QC may have exceeded relocation expense limits set by Remuneration Tribunal Determinations. Mr Shipton “stepped aside” on Friday, expecting Mr Crennan would take over as acting head in the interim.
10. Westpac rolls out new offer for mortgage guarantors
Westpac Group has announced the introduction of a new term deposit rate offer for guarantors providing security for a mortgage under the existing Family Security Guarantee. Effective from Friday, 23 October, eligible guarantors supporting a home loan customer using a two-year term deposit will receive a 2.29 per cent interest rate on guaranteed funds.
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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