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The weekly round-up of the biggest news stories from across Momentum Media’s property titles for the week ending 28 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.
Lender closes branches in all but one state
Tasmania-based lender MyState Bank has confirmed that it is closing its four Central Queensland branches and two branches in Tasmania following a steep decline in in-person transactions and strong performance in the digital and broker channels.
In announcing its FY20 full-year results, MyState Bank revealed that two-thirds of its customers are now using internet banking.
Borrowers turn to government stimulus to pay mortgage
An ABS survey has found a growing proportion of Australians using their personal government stimulus payments (such as JobKeeper) to pay their bills and mortgages.
While around 14 per cent of all people receiving payments were using it to pay their mortgage/rent, a growing proportion of people said that this was the “main” use of their payment.
More clarity needed over clawback recoupment
Mark Haron, executive director of Connective, has called for more guidance around whether the ban on clawback recoupment will apply to loans lodged before 2021.
Brokers will not be able to recoup the cost of clawback after 1 January 2020 when the best interests duty comes into effect. However, he said regulators need to help identify whether it will apply to loans lodged before the BID implementation date, too.
Low vacancy rates and inventory can still lead to portfolio growth in a COVID-19 world, according to Arjun Paliwal.
“To the surprise of many, many suburbs across Australia are actually going through high levels of rental and price competition with low inventory levels and below 1.5 per cent vacancy rates.”
He’s flagged: Wynnum-Manly, Bendigo, Mornington Peninsula, Gosford and Warrnambool.
Central Coast Hotspots uncovered
According to Raine & Horne, there has been considerable attention being drawn to NSW’s Central Coast in recent times.
It’s flagged Terrigal, Avoca, McMasters Beach and Copacabana as attracting the most attention.
Property remains resilient despite COVID pandemic
CoreLogic’s quarterly property update has revealed Australia’s dwelling market fell by just 0.8 per cent over the June quarter, despite some economists saying the $7 trillion asset class could fall by as much as 20 per cent.
The capital cities saw a 1.1 per cent reduction in house prices while, regionally, properties grew by 0.3 per cent during the quarter.
McGrath CEO resigns, successor appointed
Geoff Lucas said it had been pleasing to lead the McGrath team “through a period of regenerating the McGrath business”.
Succeeding Mr Lucas in the role will be Edward Law, a 14-year ANZ veteran who has also been executive director of Newground Capital Partners and investment director at MaxCap Group.
Real estate platforms confirm merger
Real estate marketing platforms Campaigntrack and Realhub have officially combined, consolidating their projects, teams and resources.
The move sees the pair align in a dual-brand approach “under one clear strategy to make selling real estate easier and more profitable for real estate businesses, not only in the current climate, but long into the future”, a statement 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.
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