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Trust accounting’s back in the spotlight, while the banks make their real estate presence known: 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:
A former real estate agent, who was the officer in effective control and the sole director of an agency, has been prosecuted for withdrawing more than $3 million from a trust account before depositing the money back into that account at a later date.
The state government has urged for a review of housing tax settings, stating the capital gains tax discount unfairly advantages investors and erodes affordability.
A network CEO has decried the new Commonwealth Bank deal with :Different, warning business owners and property managers that they could soon be facing competition issues.
The bank has revised its price forecasts for both 2021 and 2022.
The cost of building a new home has risen substantially over the past year, with increases in land prices compounded by a materials shortage, according to a report.
Showcasing the popularity of Queensland as an investor haven, new investor loan commitments in the state reached $1.86 billion in August alone.
From next week, the new short-term rental accommodation (STRA) provider rules for NSW will finally come into effect after widespread backlash delayed their start.
The Australian Finance Industry Association has called for comprehensive credit reporting to be extended to smaller specialist lenders and fintechs in order to boost competition.
ASX-listed The Agency is pulling the curtain on the strategy that’s fed the company’s exponential growth since going public in December 2016.
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