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The weekly round-up of the biggest news stories from across Momentum Media’s property titles for the week ending 3 July.
Welcome to Hot Property, the weekly round-up of the stories that are getting big reads across Momentum Media’s property titles: The Adviser, Mortgage Business, Real Estate Business, Smart Property Investment and nestegg.
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We hope it helps inform you of the biggest issues shaping the mortgage and property markets.
‘Hayne got it wrong’: Committee chair backs status quo
Commissioner Kenneth Hayne’s recommendation to overhaul the broker remuneration model missed the mark, according to Tim Wilson, Liberal MP.
MFAA CEO Mike Felton also pointed to findings from previous inquiries, noting the utility of trail commissions as a “controlling mechanism”, which has “stood the industry in good stead” and “improved customer outcomes… ASIC reviewed our industry in great detail and did not recommend that trail commission be banned.”
In Focus: ASIC commissioner Sean Hughes on best interests duty guidance
PODCAST: ASIC released its regulatory guide 273, the final guidance for the incoming best interests duty for mortgage brokers. ASIC commissioner Sean Hughes spoke with The Adviser’s Annie Kane to discuss the regulator’s new guidance on the incoming best interests duty for mortgage brokers and what it hopes to achieve.
He had also previously told The Adviser that ASIC is open to providing further guidance or explanation around BID in the future, if the industry requests it.
Australian Broking Awards 2020: The full finalist list
All 230 finalists for the 28 submission-based categories for the Australian Broking Awards 2020 have now been revealed! Find out who made the cut here.
How the rest of 2020 will play out for property
Domain economist Trent Wiltshire has examined trends within the market, concluding that there are two likely scenarios to occur by the end of the 2020 calendar year: The first being modest price falls, and the second: a slow pick-up in property sales.
REIV responds to suburb crackdown
Victorian Premier Daniel Andrews has reimposed restrictions, calling it a necessary action to take in response to a climb in coronavirus cases, which have been back in the double digits for the past week. Councils of primary concern include Hume, Casey, Brimbank, Moreland, Cardinia and Darebin.
In light of rising cases of the coronavirus, 10 Melbourne postcodes with the highest amount of incidents would return to stage 3 restrictions. This includes both businesses and residents.
10 tips to launch an agency in a down market
Ayre Real Estate was crowned the New Office of the Year award at last week’s REB Awards 2020 – principal and director Adrian Wilson has shared his top 10 tips and tricks for launching an agency amid market disruption.
How COVID-19 changed business practices
The pandemic literally changed the world. It certainly changed the way we conduct business of all kind, writes RE/MAX’s Michael Davoren.
The real estate industry has learnt a lot of lessons from March through to the end of June, and continues to learn, and the lessons learnt from how we have been forced to adapt have a great many positives. He’s penned some of his observations.
EOFY: Big-ticket items you should be claiming on your investment property
There are many ways to reduce annual amounts, and deductions can sometimes be the difference between your investment having a positive or negative cash flow, writes Tamara Wrigley of Carolans First National Real Estate Sunshine Coast & Hinterland.
There are 10 things you should ask your builder before the construction of your new home, according to a new guide from Builder Finders.
Building a portfolio through fragmented investment
Investors are being urged to look at alternative property strategies, including fragmented property ownership, as a way of diversifying and growing their portfolio.
“Fragmented property means that all the owners of all the different pieces are actually on title. So, they’re on that land title as opposed to a fractional ownership model where that’s typically some kind of unit trust or company structure,” explained Bricklet CEO Darren Younger.
For more analysis and insight into these stories, tune in to Momentum Media’s new What's Making Headlines podcast, released on Friday, or watch the live talk show on The Adviser's Facebook page every Thursday at 1.30pm.
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