Hot Property: Biggest headlines from the week that was

By Grace Ormsby

July 10 2020
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Australia has reached a new crossroad when it comes to the COVID-19 crisis, both for health and economic reasons: Here are the biggest property stories from this week.

Biggest headlines from the week that was

Welcome to nestegg’s weekly round-up of the bricks-and-mortar stories that we think will be most relevant to you, whether as a first home buyer, a seasoned investor or anyone in between!

To compile this list, not only are we taking a look at the week’s most-read stories and the news that matters, but we are also curating it to include stories from our sister platforms that could have an impact on your buying, selling or investment journey, no matter where you find yourself on the property ladder.

Vic agents ‘well-drilled and ready’ for stage 3 lockdown

Metropolitan Melbourne real estate agents are well prepared for a move back into stage 3 restrictions, the REIV has flagged.

REIV president Leah Calnan said real estate agencies across Melbourne and Mitchell Shire “will continue to service the community with online inspections returning along with online auctions”.

Why is Melbourne property falling more than everywhere else?

The fallout from COVID-19 has seen Melbourne property markets fall by 2.3 per cent, making it the worst-performing capital city, new research has shown.

Grays marketplace makes its move in real estate

Grays marketplace is launching itself into the real estate and property market, calling its foray into the sector “the next frontier”.

It’s kicking things off with the sale of several blocks of land in Western Australia’s Kimberleys in a series of online auctions in conjunction with First National Real Estate Kimberley.

Regional town remains resilient despite COVID-19

According to First National Real Estate’s chief executive, the Victorian suburb of Echuca is trending in the opposite direction of the capital cities and has risen slightly since the COVID-19 pandemic began.

“While the number of homes available for sale is certainly less than it was 12 months ago, the degree of buyer demand for those homes has kept prices steady or even led to higher-than-expected prices being achieved,” CEO Ray Ellis said.

RBA reveals July cash rate call

The central bank acted as most economists predicted, holding the cash rate at 0.25 per cent, having previously stated it does not believe negative rates are effective.

HomeBuilder prediction: 8 suburbs set to boom

Wealthi co-founder Domenic Nesci has noted that hopeful investors and savvy first home buyers are racing to get their feet in the door to take advantage of the HomeBuilder scheme, with two city areas particularly well placed to take advantage of the scheme.

Perth sales strongest in 5 years

New data from the Real Estate Institute of Western Australia has revealed that June saw the biggest month of sales in Perth since 2015. According to the group, transactions increased 55.1 per cent in June, compared with May, and are 45 per higher than June 2019.

8. Major bank overhauls guarantor policy

Westpac Group – which includes the Bank of Melbourne, BankSA and St.George Bank – has announced changes to its guarantee policy for home loan applications, which includes an expansion of eligibility criteria.

The list of acceptable family members who can provide a “Family Security Guarantee” now includes: parents, step-parents or legal guardians; siblings or step-siblings; and children or stepchildren.

Investors urged to beware of property spruikers

Investors have received a timely reminder that if it sounds too good to be true, it probably is, as a property buyer shares his story about scammers.

More power to Millennials as property ownership proves possible

Nearly half of home-buying Millennials believe the COVID-19 situation has actually made home ownership a more achievable goal.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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