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.
RELATED ARTICLES
About the author
About the author
Property
Rents Are Repricing Australia Inc: What record‑low vacancies mean for inflation, talent and strategy
Australia’s rental market has slipped into a vacancy desert, and it’s not just tenants feeling the heat. Persistently tight supply is pushing up rents, embedding services inflation and complicating ...Read more
Property
Young buyers poised for a comeback as 5% First Home Guarantee takes effect
In a move set to reshape the Australian property landscape, the government’s revamped First Home Guarantee is poised to open the doors of homeownership to a new generation of young AustraliansRead more
Property
AFG Securities waives settlement fees for first-home buyers, signalling strategic shift
In a strategic move aimed at easing the financial burden on first-home buyers, AFG Securities has announced the elimination of settlement fees on select loans, potentially saving customers up to $699Read more
Property
From trust woes to wealth: Australian agencies' secret to boosting prices
In Australia’s residential market, trust is no longer a nice-to-have—it’s a pricing variable. Persistent distrust of real estate agents is depressing vendor outcomes and inviting regulatory heat, but ...Read more
Property
Reality check for first home buyers: Affordable suburbs with 5% deposit
In a significant development for Australian first home buyers, a new property search tool from Aussie Home Loans is set to transform the way prospective homeowners approach the market. As the Federal ...Read more
Property
Trust as a performance multiplier in Australia's real estate market
In Australia’s A$10–11 trillion housing market, trust is emerging as a crucial factor that sellers and agencies can no longer afford to overlook. Traditionally viewed as a soft metric, trust is now ...Read more
Property
LJ Hooker Lake Macquarie makes a splash with Belmont buy as real estate consolidation looms
LJ Hooker Lake Macquarie’s acquisition of the Belmont office, including its rent roll, is less about shopfronts and more about balance‑sheet resilience. In a market where listings ebb and flow with ...Read more
Property
Twice the demand: the case study behind Melbourne’s first‑home buyer surge
Melbourne has quietly engineered one of Australia’s most consequential housing turnarounds, with first‑home buyer demand running at roughly double the national pace and four of the top five buyer ...Read more
Property
Rents Are Repricing Australia Inc: What record‑low vacancies mean for inflation, talent and strategy
Australia’s rental market has slipped into a vacancy desert, and it’s not just tenants feeling the heat. Persistently tight supply is pushing up rents, embedding services inflation and complicating ...Read more
Property
Young buyers poised for a comeback as 5% First Home Guarantee takes effect
In a move set to reshape the Australian property landscape, the government’s revamped First Home Guarantee is poised to open the doors of homeownership to a new generation of young AustraliansRead more
Property
AFG Securities waives settlement fees for first-home buyers, signalling strategic shift
In a strategic move aimed at easing the financial burden on first-home buyers, AFG Securities has announced the elimination of settlement fees on select loans, potentially saving customers up to $699Read more
Property
From trust woes to wealth: Australian agencies' secret to boosting prices
In Australia’s residential market, trust is no longer a nice-to-have—it’s a pricing variable. Persistent distrust of real estate agents is depressing vendor outcomes and inviting regulatory heat, but ...Read more
Property
Reality check for first home buyers: Affordable suburbs with 5% deposit
In a significant development for Australian first home buyers, a new property search tool from Aussie Home Loans is set to transform the way prospective homeowners approach the market. As the Federal ...Read more
Property
Trust as a performance multiplier in Australia's real estate market
In Australia’s A$10–11 trillion housing market, trust is emerging as a crucial factor that sellers and agencies can no longer afford to overlook. Traditionally viewed as a soft metric, trust is now ...Read more
Property
LJ Hooker Lake Macquarie makes a splash with Belmont buy as real estate consolidation looms
LJ Hooker Lake Macquarie’s acquisition of the Belmont office, including its rent roll, is less about shopfronts and more about balance‑sheet resilience. In a market where listings ebb and flow with ...Read more
Property
Twice the demand: the case study behind Melbourne’s first‑home buyer surge
Melbourne has quietly engineered one of Australia’s most consequential housing turnarounds, with first‑home buyer demand running at roughly double the national pace and four of the top five buyer ...Read more
