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A changed public health order, new lockdowns, a pause on construction and a vaccine drive: 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.
Here are this week’s biggest stories:
1. Greater Sydney public health order altered for real estate
REB can now reveal whether agents and property managers would be in breach of public health orders if they were to conduct end-of-lease or pre-sale cleaning, maintenance or repairs during the current pause on construction and cleaning services.
2. Let Victoria conduct one-on-one inspections: REIV
Following the news that Victoria’s fifth lockdown would be extended by a further seven days, the Real Estate Institute of Victoria (REIV) has urged the government to allow one-on-one property inspections.
3. NHFIC backs stamp duty removal
Axing stamp duty would lead to more efficient use of Australia’s housing stock and reduce volatility for state and territory revenue, according to a report by the National Housing Finance and Investment Corporation.
4. Construction and cleaning services halted to 30 July
New restrictions have been introduced across Greater Sydney as New South Wales struggles to contain the current COVID-19 Delta strain outbreak.
5. Industry gets behind paid COVID-19 vaccination leave
A number of prominent Australian property businesses are now offering their employees paid vaccination leave — with the companies urging others to get on board.
6. From franchise to family-owned business
A week after the news dropped that Jerome Smith was returning to the real estate world, REB can reveal the motivation behind his decision to dive headfirst into the Sydney auction market.
7. ASIC releases reference checking protocol for mortgage brokers
The financial services regulator has released its protocol and guidance documents to help credit licensees comply with their new reference checking obligations from 1 October.
8. Is a post-lockdown surge on the horizon for Sydney’s property sector?
What can Melbourne tell us about the lockdown’s impact on Sydney’s property market?
9. Australian house prices to expand by 16%, ratings agency says
Ratings agency Fitch has raised its home price expectations for Australia on the back of low interest rates and the extension of government support measures, with prices now predicted to soar by double digits.
10. Turnarounds show green shoots of improvement
The time to initial credit decision appears to be improving, with the latest Broker Pulse survey showing more lenders are turning loans around in less than 10 days.
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