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The biggest real estate news – the week ending 24 March 2024

By Staff Reporter
22 March 2024 | 10 minute read
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An agency to pay $800,000 in damages for a house fire, the RBA hands down its March decision, and Aussie mortgage rates increase faster than their international counterparts.

Welcome to REB’s weekly round-up of headline stories that are important to both the real estate sector and the state of the Australian property market.

To compile this list, we consider the week’s most-read stories and the news that matters to you, collating your need-to-know property report from across our site and sister brands. Here are the biggest stories of the week:

  1. Sydney agency to pay $800k-plus in damages after 2019 house fire

A Northern Beaches home that burnt down while an agent was preparing for an open home to sell the property has resulted in the agency being found liable for negligence.

  1. RBA delivers March cash rate decision

It’s the first rate decision to be handed down outside of the former first-Tuesday-of-the-month announcement pattern.

  1. WA builder’s rego renewal axed

A Perth construction company’s registration has been cancelled on financial grounds, leaving 13 projects unfinished.

  1. Victoria takes next step in abolishing stamp duty for businesses

Commercial property stamp duty will soon be abolished in Victoria, as new legislation is introduced to bring in a new property tax instead.

  1. Melbourne agency facing criminal charges for underquoting

Consumer Affairs Victoria is pursuing court proceedings against a north-eastern agency for alleged underquoting during a recent sale.

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  1. Are Darwin’s strong yields set to grow stronger?

Long known as a honeypot for investors after high rental returns, Darwin is set to benefit from a $16 billion infrastructure pipeline.

  1. Australian mortgage rates increase faster than international peers

Outstanding mortgage rates have increased faster than their global counterparts despite having one of the lower cash rate increases.

  1. First National appoints new CEO

The national network has named a new leader to spearhead their “ambitious” growth aspirations.

  1. Tenancy bonds enter the 21st century with new subscription service

The service, aptly titled Bondable, aims to shake up Australia’s rental industry and consumer experience.

  1. Buyers determined despite ‘extremely stretched’ affordability: Westpac

Tight incomes, high interest rates, and cost-of-living struggles have not deterred over half of would-be home buyers, the major bank’s survey has found.

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