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From the release of a property-boosting Victorian budget to a Tasmanian decision to continue the moratorium on evictions: Here are the biggest property stories 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 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.
Stamp duty savings, first home buyer grants, land tax reprieves and a $6 billion injection into the development of a build-to-rent sector are among the ways the Andrews government aims to stimulate Victoria’s property sector.
Two St Kilda agents have helped “The Block’s” Jimmy and Tam to a staggering million-dollar profit in this year’s rendition of the hit renovation show.
The 1950’s Palm Springs-inspired home sold for a massive $4,256,000 ($966,000 over reserve).
The Fair Work Ombudsman is taking the former operators of a Werribee real estate agency to court for underpaying a worker and subsequently producing a false or misleading document, where they could face more than $100,000 in penalties if found guilty.
The ethics of real estate agents appear to have improved, with the Australian public indicating a new perspective of the profession in an annual report.
The newest edition of the report shows a net score jump from -21 in 2019 to -2 in 2020. It’s the first time that real estate as an occupation has reported a net score higher than -21.
See also: Queenslanders least impressed by agent ethics
- NSW Fair Trading introduces strict new Airbnb rules
A new code of conduct for short-term rentals in NSW includes a “two strikes and you’re out” policy that could result in problematic hosts and guests being banned from holiday letting for five years.
- How to negotiate a lower interest rate on your property loan
If you feel like your home loan repayments will never come to an end, the key can be as simple as negotiating to get a lower interest rate. It’s worth regularly reviewing your home loan to make sure you always have the lowest rate possible.
New research from Westpac revealed that the number of first home buyers looking to enter the market has more than doubled since 2019.
In Sydney, prospective first home buyers identified western suburbs as locations they want to buy in, particularly areas within 10km from the city centre, like Ashbury and Marrickville.
Melbourne’s eastern suburbs have also attracted attention from young home seekers, particularly eastern suburbs located 20-40km from the CBD, like Mitcham and Croydon.
Speaking to The Adviser, Loan Market chairman Sam White said the acquisition would enable Loan Market to provide brokers with choices around the commercial model they would like to incorporate into their businesses.
“We wanted to be able to give brokers different choices for what sort of service they were going to get and what they would pay. It’s a different value proposition to the aggregation service and that was something that was important to us, too.”
The Victorian government has announced an investment of over $293 million to fund a stamp duty concession of up to 50 per cent for homes valued at up to $1 million.
The move has been announced in the Victorian budget 2020-21, which invests $1.5 billion in new tax relief for Victorian businesses and families.
Tasmania has indicated that it will be extending protections for residential and commercial tenants still suffering from the effects of COVID-19 until 31 January 2021.
As a result of the extension, the moratorium on evictions will remain, as will the freeze on rent increases.
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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