Vendor satisfaction has risen to an all-time high, sparking new expectations that a significant rise in the number of properties available for sale is set to occur. RateMyAgent’s latest Price Expectation Report, which surveyed more than 51,500 Australians who sold a home between October and December, showed 51 per cent of sellers achieved the price they were looking for – up from 47 per cent at the same time in 2019. Preliminary data for the first three months of 2021 shows vendor happiness has risen to 56 per cent, RateMyAgent said, which would be the highest overall satisfaction rate reported in the survey’s history. Regional areas recorded slightly higher levels of satisfaction than major cities in the final quarter of 2020, at 52 per cent, compared to 50 per cent. In Victoria’s Mallee region, a whopping 70 per cent of vendors reported they were satisfied with their sales price, an indication […]
25 FebCoreLogic: Housing markets build momentum through the end of 2020, pointing to a strong start to 2021
Australia’s housing market finished the year on a strong footing with CoreLogic’s national home value index rising a further 1.0% in December; the third consecutive month-on-month rise following a -2.1% drop in dwelling values between April and September. Australian home values finished the year 3.0% higher with regional housing values rising by 6.9%, a rate of capital gain that was more than three times higher than the combined capitals, where home values were up 2.0% over the year. CoreLogic’s research director, Tim Lawless, said the year was characterised by a mild COVID dip in values, but unprecedented volatility in the transaction space. “The number of residential property sales plummeted by -40% through March and April but finished the year with almost 8% more sales relative to a year ago as buyer numbers surged through the second half of the year. Despite the volatility, housing values showed remarkable resilience, falling by […]
NEW LAW GIVES CONSUMERS ANOTHER REASON TO USE BROKERS Great news for anyone planning to take out a home loan – new legislation means consumers are even better protected when they use a mortgage broker. The Best Interests Duty, which took effect on 1 January 2021, legally obliges brokers to act in the best interests of their clients. This new law is on top of the National Consumer Credit Protection Act, which already regulates the conduct of brokers. Brokers must “prioritise their consumers’ interests” if there’s ever a conflict of interests, according to the legislation. But while brokers have to follow the Best Interests Duty – banks do not. A broker must give their client the best possible recommendation from all the lenders on that broker’s panel. However, a bank will recommend only its own products, even if there are better alternatives. Brokers act in your best interests when recommending a home […]
An unexpected call to say there’s a problem with your computer should set the alarm bells ringing. You answer the phone, and the caller says they’re from a well-known company like Telstra, the NBN or Microsoft. They need access to your computer to fix a problem. Sounds normal right? Except you weren’t aware of any issues. No matter, just hand over your credit card details, let the caller access your computer remotely, and all will be sorted. That’s the scenario behind remote access or ‘technical support’ scams. But far from cleaning up your laptop, what the caller is really interested in is cleaning out your bank accounts. $5 million lost to remote access scams in 2019 The criminals behind these scams often sound convincing, using tech talk or quoting legit-sounding employee numbers. But they’re a slippery bunch, and they’re after a lot more than a few bucks fleeced from your […]
Few industries have been hit in 2020 as hard as the property industry. That is no more true than with commercial property and construction. At the beginning of 2020, commercial property was in high demand. Malls were getting more crowded by the day, and many big corporations were constructing interesting offices to carry out basic work functions as well as for interacting with customers. Then COVID-19 hit. Temporarily shutting down malls, offices, and other commercial buildings would have hurt the industry, but it could have rebounded. However, the longer lockdowns continued, the clearer it became that many commercial buildings were not only virus hotspots, but obsolete. People started shopping online more than ever. Employees worked from home. This was all well and good when we needed to do things remotely, but it taught us that many outings need not happen at all. Even people who were technophobic or otherwise resistant […]
You know how real estate is Australia’s national sport? Well, here’s some data that proves it. Australia has overtaken America as the country building the biggest houses in the world, according to a report from CommSec. In the most recent annual results, the average size of newly-built homes was 235.8 square metres in Australia and 233.1sqm in the US. ACT residents built the biggest houses in the 2019-20 financial year, while Tasmanians built the smallest: Australians are building bigger houses today than in previous decades. New houses are 6% bigger than 20 years ago and 27% bigger than 30 years ago, according to the report.