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From business buy-outs to corporate shake-ups: Here are the biggest property stories from 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.
1. Major network reveals leadership shake-up
Gearing itself towards growth in 2021, one of Australia’s biggest real estate groups has announced a number of new appointments, starting at the top.
LJ Hooker Group stated that the alignment of its leadership structure and a number of executive and senior appointments “will see the business deliver a consistent, targeted strategy in how it drives performance and supports its offices and people across the group”.
2. ‘Skin in the game’: Network members buy business
A New South Wales franchise network has been purchased by a group of its members, with a number of high-profile corporate representatives and agency principals now named as owners.
Team members working within and under the Laing+Simmons Corporation have agreed to purchase the company from its current owner, Dexar Group, for an undisclosed sum.
3. The Agency reports record revenue
The Agency’s half-yearly financial update looks to confirm a strong balance sheet in the face of the recent attempt by Magnolia to place the organisation into voluntary administration.
4. The Tasmanian agency where no one’s left at work
Staff retention, wellness initiatives and workplace culture all go hand in hand, according to one Launceston-based agency director.
Director and property manager at Key2 Property Tameka Smith has said that starting out as a new business, staff retention was an extremely important consideration for the business.
5. Apartment rents tumble off the cliff in Sydney and Melbourne
Apartment rents have fallen off a cliff in Sydney and Melbourne, on the back of collapsing demand among international students and migrants and changes to personal finances.
6. Property sector jobs in demand as property boom arrives
Despite a COVID-induced economic downturn, real estate remained resilient, ultimately emerging as one of the most in-demand jobs markets in Australia amid the pandemic.
LinkedIn’s Jobs on the Rise report has revealed a growing demand for real estate professionals as the COVID-instigated jobs transformation encouraged people to move away from big cities in search of affordable housing.
7. Brisbane, Adelaide prices tipped to grow as investors zero in on smaller cities
Brisbane, Adelaide and Perth are tipped to experience the strongest price growth this year, as 19 per cent of existing investors explore new purchases, an expert has said.
CoreLogic Research director Tim Lawless is forecasting a property price boost of between 7 per cent and 10 per cent in 2021, with the smaller capital cities tipped to benefit the most.
8. Lenders extend cashback offers
Several lenders and their subsidiaries have extended their cashback offers, while one lender has extended its LMI discount offering.
Westpac, St.George Bank, BankSA and Bank of Melbourne have extended their home loan refinance cashback offers, effective 22 January 2021.
9. ASIC to update ACL process following security breach
The financial services regulator is working on “alternative arrangements” for submitting credit licence applications, after identifying a cyber “incident” on one of its servers.
10. Neolender CEO reveals broker plans
The co-founder and CEO of new mortgage lender WLTH has revealed his plans for distribution, which include the broker channel.
The Brisbane-based digital lending and payments provider, WLTH, launched into market earlier this month, announcing its intention to issue $1.23 billion worth of residential and commercial loans by the end of the 2022 financial year.
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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