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The weekly round-up of the biggest news stories from across Momentum Media’s property titles for the week ending 21 August.
Welcome to The Adviser’s 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.
RBA backs move to axe stamp duty
Philip Lowe, governor of the Reserve Bank of Australia, told the House of Representatives standing committee on economics that he would support the scrapping of stamp duty as part of a broader tax reform agenda to support the economic recovery effort.
“[Stamp duty] is a tax on mobility, people moving location… If we’re looking for an economy that’s dynamic and vibrant, we want to remove taxes on mobility.”
FHBs helping ‘pick up the slack’ amid COVID drag
First home buyers have reserved approximately 65 per cent (6,500) of places available in the second phase of the FHLDS since the second round commenced in July, Assistant Treasurer Michael Sukkar has said.
He called it “a reflection of the market’s resilience to the COVID-19 crisis”.
Educate Australians on property as an asset class, says Bouris
Mortgage brokers have an opportunity to “own” the space of being educators on property as an asset class, YBR chairman Mark Bouris has said in a webinar marking National Finance Brokers Day.
Update on Melbourne’s housing market
Herron Todd White’s latest Month in Review has provided insight into how the city is faring.
“While demand has remained fairly steady for properties in some areas, rental property markets have felt the pinch in the past few months. Latest statistics show that Melbourne housing values have dropped 1.1 per cent, the numbers of owner-occupiers had increased in demand by 0.5 per cent and demand from investors has dropped by 0.3 per cent.”
Flagging that not all suburbs are created equal, the Herron Todd White research breaks down Melbourne’s hotspot areas to understand which suburbs are faring better than others.
South-east Queensland becomes state hotspot
South-east Queensland has recorded its strongest monthly sales in more than five years.
According to Oliver Hume national head of research George Bougias, the south-east Queensland land market recorded 1,110 sales in June after dropping to just 273 sales in April. Further, the total number of sales for the June quarter came in at 1,910, up from 1,518 in the March quarter.
The results show that the federal government’s HomeBuilder scheme and state government grants are fuelling buyer demand: “There are still plenty of buyers with stable incomes who are more than happy to take advantage of the numerous grants and incentives available.”
‘You’re not buying into a city, you’re buying into a suburb’
REIQ CEO Antonia Mercorella has issued a statement to property watchers following research being released that showed Queensland’s rental market continues to face tight conditions. Such figures only reinforce the necessity for current and prospective buyers to consider the rental data, including vacancy rates, of the suburb they’re interested in.
“Our rental market has changed from its historical role as a transitional housing sector for people moving into home ownership or social housing to a long-term housing sector for a significant number of Queensland households.”
AFL legend returns to roots with industry debut
Jason Akermanis, who some may know better as Brisbane Lions footballer “Aker”, has been announced as joining the Ray White Ascot team.
The new role also marks a return to Queensland for the Brownlow medalist and 248-game AFL veteran, who hasn’t lived in the Sunshine State for more than a decade.
Di Jones to hit Sydney’s northern beaches
Di Jones has confirmed an expansion to Sydney’s northern beaches, with two industry heavyweights joining the brand.
Sales agents Michael King and Gordon Archibald are set to join Di Jones as part of a progression plan the network has in place to expand its offering across the harbour city hotspot. The move sees more than 20 years of real estate experience added to the fold.
Double Bay duo to take on eastern suburbs
Belle Property is cementing its Sydney footprint, having launched a new office in Double Bay.
With 60 years of industry experience between them, Peter Starr and Alain Waitsman will be at the helm of the new offering, which comes at an ideal time for the local market, according to the pair.
“The property market has a lot of distraction at the moment, but over the past six months, we have seen that real estate is still transacting in Sydney’s eastern suburbs, especially at the top end of town,” Mr Waitsman said.
For more analysis and insight into these stories, tune in to Momentum Media’s new live talk show on Facebook, What’s Making Headlines, featuring Momentum Media’s executive editor - real estate, Phillip Tarrant, and business coach and Real Estate Gym trainer Tom Panos on Thursday afternoons.
