Hot Property: Biggest headlines from the week that was - Weekly round-up 2

By Grace Ormsby

May 15 2020
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Isolation restrictions begin to lift, sentiment improves as experts look to life post-pandemic, and the pushing back of a number of royal commission reforms: Here’s some of this week’s biggest property stories.

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.

1. ‘The big picture’: Analyst weighs in on property post-pandemic

Propertyology’s Simon Pressley has said that while there’s no doubt Australia “will be dealing with significant economic challenges caused by COVID-19 for several years to come”, he has taken concern with the doomsday sentiment shared by a number of commentators.

“From a property market perspective, COVID-19 is a short-term attack on household incomes,” Mr Pressley said.

2. Which rental markets will be most affected by the fallout of COVID-19?

What rental markets are likely to struggle the most due to the pandemic? David Hancock reveals his predictions in this opinion piece.

3. Agent retraining to ‘prosper’ post-pandemic

The retraining of real estate professionals will prosper beyond COVID-19, as agents take an interest in upskilling.

4. REIV applauds return of on-site auctions and open inspections

Open homes and on-site auctions are back as of this week!

Both on-site auctions and open inspections will be limited to 10 people in addition to staff required to facilitate the auction or inspection.

5. Is this a good time to be selling?

The COVID-19 pandemic has seen a sharp reduction in listings as buyers return to the market, so why could it be a good time to sell your home?

6. ASIC delays best interests duty implementation

The corporate regulator has announced that the introduction of the best interests duty, which will require mortgage brokers to act in the best interests of their clients, will be pushed back to 2021 to allow the industry to focus on managing the COVID-19 crisis.

“All brokers remain committed to a best interests duty, and we are confident we now have the time to become legally compliant.”

7. Royal commission implementation delayed

The federal government has announced a six-month deferral of royal commission commitments for unlegislated commitments associated with the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, as a result of the significant impacts of the coronavirus.

8. Tax tips for property investors affected by COVID-19

While tax isn’t necessarily on people’s minds at the moment, Adam O’Grady, assistant commissioner from the ATO, has said the ATO is working hard to provide property investors with information and answers to their questions to help them understand how COVID-19 and government-legislated changes may affect their rental income and deductions.

9. 6-month snag for banking royal commission reforms

Recommendations from the banking royal commission that were set to be implemented by the end of 2020 have now been deferred for at least six months.

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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