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Pets welcomed with open arms, a new property boom prediction, Singapore ups its investment game, and lockdown continues: 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. NSW cans strata building pet bans
Furry friends will be more welcome in New South Wales strata schemes from 25 August, after the state government’s introduction of new laws to overturn “blanket bans” on pets.
2. Chairman tips ‘the biggest property boom in history’
The best is still yet to come, according to Raine & Horne executive chairman Angus Raine, even after the group reported two of its best trading months ever.
3. McGrath releases FY21 results
ASX-listed McGrath Limited has revealed an $18.3 million boost to its net profit after tax (NPAT) in its full-year results announcement.
4. Singapore is now the largest foreign investor in Australian property market
Singaporean investors have increasingly moved to fill the gaps in Australia’s property landscape left by the recent exodus of Chinese foreign investment.
5. Government opens up criteria for SME Recovery Loan Scheme
The eligibility for the SME Recovery Loan Scheme has been expanded again to help assist SMEs dealing with the impacts of COVID-19.
6. Industry outsider to spearhead network’s strategic growth
A former tech unicorn’s head of growth will be tasked with driving the strategic growth of one of Australia’s biggest real estate brands.
7. Housing markets brace for ‘tricky’ territory, but a rapid snapback could be on cards
Housing markets are entering tricky territory, according to Westpac, as affordability constraints surface.
8. Detached home starts to decline in 2022: HIA
New home commencements could fall from mid-2022 due to stalled population growth, even if migration increases, according to a new report.
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