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2021 has definitely started with a bang: 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. Magnolia rings in voluntary administrator for The Agency
The Agency v Magnolia saga picked up again this week, with Magnolia expressing an intention to pursue The Agency Group for outstanding debt.
A number of updates have been provided since:
Magnolia backflips on proposed takeover bid
The Agency remains in directors’ hands
2. Real estate giant scoops top Melbourne agent
After years of servicing Melbourne’s west, Leigh Grixti has been revealed as joining forces with real estate agency Ray White.
3. Why agents should expect less of their teams
No matter the business, culture is vitally important for leading happy and hard-working teams. But sometimes, less can be more, a director has flagged.
Speaking on a recent episode of the Secrets of the Top 100 Agents podcast, William Chan expressed the belief that no employee will ever work as hard as their business owner — and nor should they be expected to.
4. LJ Hooker looks beyond 30% market share with merger
In a win for LJ Hooker, agent Adam Gould and his team at Gould Estate Agents have joined Iain Carmichael’s LJ Hooker Property Centre.
5. 10 predictions for Australia’s property market in 2021
Now that the clock has ticked over from 2020 to 2021 and a COVID vaccine is Australia-bound, property investors are looking ahead to see what this year will bring for the property market.
6. HomeBuilder application soar as first-timers enter the market in record numbers
According to fresh Treasury data, more than 75,000 households have applied for the HomeBuilder grant, with around 80 per cent of these for new constructions, as the stimulus continues to support jobs and drive economic activity.
7. Double-digit price growth to stick around as ‘property boom’ arrives
According to leading indicators, Australia’s property boom officially began in November, following several slow months on the back of the COVID crisis, with double-digit price growth already logged across Australia.
8. Proposed BID extension delayed
The Treasurer has told sister brand The Adviser that the government will delay finalising the proposed extension of the best interests duty until after Senate’s inquiry reports back in mid-March.
9. Brokers report longer turnarounds at the big banks
The major banks suffered from longer turnaround times over December, according to respondents of the latest Broker Pulse, while non-majors continued to improve theirs.
10. Quiet January period hammers mortgage activity
NSW has led the states in a steep fall in mortgage market activity amid the quiet holiday period, according to figures.
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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