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From the December cash rate decision to a shake-up in Ray White’s NSW corporate team: Here are the biggest property stories from the 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 do we consider the week’s most read stories and the news that matters to you, but we curate it to include stories from our sister brands that also have an impact on the Australian property landscape.
1. RBA hands down December decision on cash rate
The already record-low rate of 0.10 of a percentage point will remain unchanged as Australia heads into the festive period.
2. New-look NSW corporate team looks to 20% market share
Ray White has revealed a new-look corporate team spearheaded by Andrew McCulloch as CEO, as his co-CEO of two years, Jason Andrews, makes the move to Queensland.
Bridgette Collis has taken on the role of chief growth officer, while Tim Snell is now the state’s chief performance officer.
3. Underquoting tars ‘every agent with the same brush’
In conversation with REB, Century 21 Radar Properties principal Peter Brack has reminded agents that not only is the practice of underquoting illegal, but you are actually attracting the wrong type of buyers to the property you are trying to sell.
4. Grays looks to ‘disrupt and digitise the traditional Saturday auction’
In a bid to significantly grow its newly established real estate division, one of Australia’s biggest names in e-commerce marketplaces has acquired a specialist property business.
5. Pets putting landlords in awkward positions
While the recent judgment that prevented owners corporations from introducing blanket bans on pets was considered a “big win” for animal lovers, a number of stories have since emerged of tenants mistakenly assuming the right to keep a pet in a rented apartment extends to them.
REINSW CEO Tim McKibbin said it’s not widely understood that landlords can refuse a tenant from having a pet.
6. Building to 11 property investments amid pandemic
Buyer’s agent and investor Arjun Paliwan did not let COVID-19 stop his wealth-creation journey and went on to purchase his newest property in the middle of a lockdown.
7. How to buy investment property in New Zealand
As an Australian citizen, you do not need to apply to the Overseas Investment Office to buy an investment property in New Zealand.
You do need to check that the land isn’t classified as sensitive for another reason. If it is, you will need to apply for consent.
8. HomeBuilder extension details revealed
On Sunday (29 November), the Treasurer announced that the HomeBuilder program will be extended to 31 March 2021, albeit in a modified form.
This will provide a $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive.
There has also been an increase to the property price cap for new build contracts in NSW and Victoria. These are rising to $950,000 and $850,000, respectively.
9. BID changes could see brokers earning nothing on some loans
Aggregation group Connective has warned that further consideration and clarity is needed on how the conflicts priority rule (CPR) applies, which requires brokers to put the interests of the consumer ahead of their own, should a conflict arise.
According to Connective, the expanded BID could threaten the remuneration of brokers when writing consumer asset finance that are subject to flex commission structures.
10. Capitalising on the lure of country living
The migration of city slickers away from the big smoke is not a new trend for Will Walton — despite the pandemic offering up new opportunities for his business.
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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