Invest
Hot Property: Biggest headlines from the week that was
With Melbourne entering stage 4 lockdown, it’s been a real eye opener as to just how much of an impact COVID-19 can have on the Australian economy: Here are the biggest stories in property this week.

Hot Property: Biggest headlines from the week that was
With Melbourne entering stage 4 lockdown, it’s been a real eye opener as to just how much of an impact COVID-19 can have on the Australian economy: Here are the biggest stories in property this week.

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.
Real estate services have been closed for on-site work in metropolitan Melbourne.
Under stage 4 “Stay at Home” restrictions, the Victorian government has revealed “the default is that workplaces in metropolitan Melbourne are closed”.
The Reserve Bank of Australia (RBA) has announced the official cash rate for August, with Melbourne’s stage 4 restrictions weighing heavily on the national economy.
The RBA has held the official cash rate for the fifth straight month at 0.25 per cent, following an out-of-cycle cut in March.
RateMyAgent’s CEO, Mark Armstrong, told REB that agents adapted very quickly to the COVID-19 crisis, but there are some age-old practices that will probably be lost in the process.
Good agents [are] realising “this is a great opportunity to really just work with potential buyers who are really looking to buy”.
With unemployment at a 20-year high, immigration becoming non-existent and interest rates having hit the lower bound, what can we expect from house prices? And should we be worried about it?
Looking at “the big picture” and key economic drivers, Nikko Asset Management’s Chris Rands is predicting house prices could fall further than the forecast 5 to 10 per cent that most expect over the short term and into the 10-20 per cent decline range.
The REIWA has found that volumes were up 68 per cent in July compared with April 2020.
REIWA president Damian Collins said, “While sales activity was quiet during the initial stages of the COVID-19 [lockdown] restrictions, it is great to see levels pick back up to where they were before the pandemic hit.”
“While there are no surprises with the increase in land sales for the month, which saw a 121 per cent increase compared with April, it was pleasing to see that both houses (up 58 per cent) and unit sales (up 51 per cent) also saw a significant increase,” Mr Collins said.
According to McGrath Estate Agents, the Thirroul property market is one to watch, with more Sydneysiders looking to move to the hotspot as a result of relaxed working conditions off the back of COVID-19. Thirroul is located south of Sydney, approximately 13 kilometres north of Wollongong.
“The out-of-area migration from Sydney is becoming increasingly popular. Thirroul is only 80kms from the south of Sydney, and many more people are becoming comfortable with this commute to put themselves in a better financial position,” said Vanessa Denison-Pender of McGrath.
The Victorian Premier has announced that thousands of businesses will need to shut their doors this week, including financial services, but essential services – including bank branches – will remain open.
The COVID-19 health pandemic has triggered the fourth consecutive decline in dwelling approvals, according to the latest government statistics.
About the author

About the author


Property
Poor wage growth could impede home price growth
With wages growth at record-low levels, a property expert has warned that continuing low and flat wages could impede home price growth. ...Read more

Property
Negotiating a lower interest rate on your property loan
The banks are customer hungry, meaning they’re willing to offer increased discounts to new customers and apply these discounts to existing customer loans, a mortgage broker has said. ...Read more

Property
How to determine the real value of a property
With various factors affecting market value and pricing, can one truly predict what buyers will pay for properties? ...Read more

Property
House prices tipped to soar 20% in 2 years: Westpac
House prices in Sydney are tipped to grow by 20 per cent over the next two years, and by 18 per cent in Melbourne, as a leading economist predicts strong economic growth following the rollout of the C...Read more

Property
5 tips to unearth the next property hotspots
A property expert has bullishly claimed that property hotspots are a “complete myth” that almost guarantees buyers will pay top dollar, and has instead urged buyers to seek out the “warm spots...Read more

Property
Top 10 inland rural towns to invest in
While it’s become apparent that regional housing markets have stolen the spotlight, having outpaced their capital city counterparts in 2020, new research has shown that inland rural towns have also ...Read more

Property
Where to buy under $300k
A positively geared property with high capital growth potential does not necessarily need to carry an astronomical price tag, an expert has said, with new market entrants able to land a home for under...Read more

Property
‘Great Australian dream’ of owning a home lives on amid COVID
Most Australian investors and home buyers were largely undeterred by the events of 2020, remaining eager to push through with their investment plans, a new survey has found. ...Read more

Property
Poor wage growth could impede home price growth
With wages growth at record-low levels, a property expert has warned that continuing low and flat wages could impede home price growth. ...Read more

Property
Negotiating a lower interest rate on your property loan
The banks are customer hungry, meaning they’re willing to offer increased discounts to new customers and apply these discounts to existing customer loans, a mortgage broker has said. ...Read more

Property
How to determine the real value of a property
With various factors affecting market value and pricing, can one truly predict what buyers will pay for properties? ...Read more

Property
House prices tipped to soar 20% in 2 years: Westpac
House prices in Sydney are tipped to grow by 20 per cent over the next two years, and by 18 per cent in Melbourne, as a leading economist predicts strong economic growth following the rollout of the C...Read more

Property
5 tips to unearth the next property hotspots
A property expert has bullishly claimed that property hotspots are a “complete myth” that almost guarantees buyers will pay top dollar, and has instead urged buyers to seek out the “warm spots...Read more

Property
Top 10 inland rural towns to invest in
While it’s become apparent that regional housing markets have stolen the spotlight, having outpaced their capital city counterparts in 2020, new research has shown that inland rural towns have also ...Read more

Property
Where to buy under $300k
A positively geared property with high capital growth potential does not necessarily need to carry an astronomical price tag, an expert has said, with new market entrants able to land a home for under...Read more

Property
‘Great Australian dream’ of owning a home lives on amid COVID
Most Australian investors and home buyers were largely undeterred by the events of 2020, remaining eager to push through with their investment plans, a new survey has found. ...Read more