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Australia’s clearance rates continue to drop, Sydney’s property market takes 10 steps back, and hybrid work stretches the patience of agencies and offices alike: here are the biggest property and real estate stories from the past week.
Welcome to REB’s weekly round-up of the headline stories and news that are 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 matter to you, but we curate it to include stories from our sister brands that also have an impact on the Australian property landscape. Here are the biggest property stories of the week:
1. Clearance rates at lowest since May 2020: Domain
The number of capital city homes clearing auctions reached its lowest recorded figure in over two years, according to new data.
2. How to help your staff amid a wave of ‘life fatigue’
It’s a tough time for Australians at the moment. The cost of living continues to stretch household budgets, COVID-19 is still impacting our social lives and ability to work in the office, and natural disasters are challenging communities.
3. Property market update: Sydney, July 2022
Sydney’s property market continued to reverse the gains it made throughout the pandemic boom, with the NSW capital suffering its worst decline in almost 40 years in July.
4. The Perth suburbs that broke into the $1m+ club in FY21–22
A record-breaking financial year saw 11 Perth suburbs enter the $1 million price category for the first time in their history.
5. 1 in 2 new investors jump into market ‘without a road map’, report says
A new research showed that it is becoming increasingly common for beginner investors to dive into the market “without a clear road map” to reach their investment goals.
6. Distressed listings continue recent uptick over July: SQM Research
The number of Australian properties sold under distressed conditions increased again over July, marking the second consecutive month of growth.
7. Rental growth not keeping pace with inflation: Analysis
A long-term view reveals that average rental costs — while rising rapidly at the present moment — have lagged behind the rate of inflation over the last decade.
8. Housing market continues cool down over July quarter: CoreLogic
More data has suggested that Australia’s property prices are falling, with new figures reporting that values fell by 2 per cent last quarter.
9. CBA CEO acknowledges brokers following mortgage growth
Commonwealth Bank’s Matt Comyn has reported a lift in home lending and acknowledged the “important partnership” of the broker channel.
10. No smoke and mirrors, BS or bias
If you have been reading headlines in recent months, you might be doing anything from quietly sobbing (“my property portfolio’s value is plummeting”); throwing up your hands in despair (“how will I ever buy a house”); weeping and gnashing your teeth (“I can’t afford to pay my mortgage”); or wiping your brow with relief (“I’m glad I own my home”).
11. Your own business, without the distractions
I’ve always felt privileged to work in an industry where there is almost no limit to the success that can be achieved.
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