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The federal budget, a renewed housing focus and previous housing records smashed: 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.
1. 2021 budget: What’s in store for real estate?
Treasurer Josh Frydenberg has delivered his third budget, with a focus on economic recovery and supporting new jobs.
This story delved into the key aspects relating to real estate agents and the property industry.
2. Victorian group adds 10 offices to ranks
Jellis Craig revealed it’s joining forces with the Greg Hocking real estate group, with a statement outlining that “the joining of the two companies will see the combined group’s coverage extend to 37 strategic locations in metro Melbourne and Victoria’s premium lifestyle areas”.
3. 2% deposit leads home ownership agenda
A joint statement from Treasurer Josh Frydenberg, Minister for Housing Michael Sukkar, Minister for Families Anne Ruston, and the Minister for Women’s Economic Security, Jane Hume, has revealed additional measures aimed at “improving opportunities for home ownership”.
Three major initiatives form the support package, which will see the government establish a Family Home Guarantee, expand the New Home Guarantee and increase the First Home Super Saver Scheme.
4. Record smashed: Australian property now worth upwards of $8 trillion
The Australian dwelling market has reached a new record high, with the total value of residential real estate breaking the $8 trillion mark for the first time.
According to CoreLogic data, Australia now boasts 10.6 million dwellings worth $8.1 trillion.
5. Network plans to put Concord on the ‘real estate map’
Belle Property has expanded its Sydney reach with the opening of a new office in Concord — a suburb the brand sees as one of the city’s fastest-growing areas.
The newly launched Concord office, which aims to service Sydney’s 2137 and 2138 postcodes, has already been touted to be one of the brand’s most successful offices.
6. NSW mortgage registrations at record March high
Newly originated mortgages and refinance volumes in NSW reached a two-year high in March, while it marked the strongest March for mortgage registrations on title.
Data from the latest Residential Mortgage Activity report from NSW Land Registry Services (NSW LRS) showed that in March 2021, there was a 31.9 per cent increase in mortgages registered on title in NSW compared with February 2021.
7. Gen Z eyes apartments as cheaper option
A survey by Commonwealth Bank of Australia (CBA) subsidiary Bankwest has found that 28 per cent of Gen Z would prefer an apartment if they were to purchase property immediately, almost double the national average of 15 per cent.
Only 15 per cent of Gen X (aged 39 to 53), 14 per cent of Millennials (aged 23 to 38), and 11 per cent of the Baby Boomer generation (aged 54 to 73) said they would most likely choose to purchase an apartment, the survey of 1,600 respondents revealed.
8. What will it take for the bank to lift the rates — and how will it impact property investors?
UBS has added its voice to the chorus of commentators warning that the Reserve Bank of Australia (RBA) could be forced to lift rates prematurely in the face of a stronger than expected recovery.
The “persistence of stimulus” unleashed during the COVID-19 crisis and in the budget will put “upward pressure on wages and inflation” and could force the RBA to act on interest rates, according to UBS.
9. Auctions back up: 2nd-busiest auction week for 2021
The latest figures from CoreLogic found 3,033 homes were taken to auction across the combined capital cities in the week ended 9 May 2021, making it the second-biggest week for auctions this year.
However, the higher volumes saw a preliminary rate of just 78.6 per cent, lower than the week prior’s final clearance rate of 77.7 per cent — off of 2,902 homes.
10. Home loan assistance package for single parents announced
The federal government has announced a new scheme targeted at helping single parents with limited deposits into the housing market.
The program, to be known as the Family Home Guarantee, will bring the deposit amount single parents need to save to approximately $8,000.
The remaining 18 per cent will be backed by the Australian government.
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