Hot Property: Biggest headlines from the week that was

By Grace Ormsby

June 05 2020
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With Australia on track for a recession despite the loosening of COVID-19 restrictions, the Prime Minister has dropped yet another stimulus package: Here’s the biggest stories from 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.

RBA reveals June cash rate call

The Reserve Bank of Australia announced its decision on the June cash rate, as the COVID-19 pandemic continues to put pressure on the Australian economy.

HomeBuilder is here: Who is set to benefit?

The government has unveiled the HomeBuilder scheme, which will see eligible owner-occupiers who are either building or undertaking a substantial renovation given $25,000 for doing so. But who will actually benefit from the stimulus?

How to improve your serviceability

OPINION: Serviceability is arguably the most important factor when building your investment portfolio because it can limit your ability to achieve your financial freedom goals, writes Lloyd Edge.

Does the government’s tradie rescue package go far enough?

Industry experts have applauded the announcement of a “tradie rescue package” but do not believe that the government’s plan goes far enough. Builders are already noting up to a 40 per cent decrease in work in the pipeline.

‘Earlier than expected’ recovery pinpointed for property

RPM Real Estate Group has released research that pinpoints the moment COVID-19 put the brakes on the Victorian property market mid-March.

A period of bleakness following the pandemic being declared. However, signs of buyer activity in April and May are promising, “pointing to a potentially earlier than expected recovery”.

Global brand shakes up Aussie leadership

RE/MAX Australia has today revealed a changed leadership structure that will see managing director Michael Davoren take up the role of chairman on the company board in a company refresh.

Can online auctions achieve the same financial results?

A property promoted on Openn Negotiation has gone for $150,000 over reserve after being listed for just 13 days.

Selling agent Michael Tomadakis of Biggin & Scott Inner North said, “The bids came in quickly and it all happened so fast. Three minutes had passed and the property had reached the price $1,080,000.”

ANZ overhauls assessment process

ANZ has bolstered its assessment team and will prioritise “sensitive” loan applications to address a continued blowout in turnaround times.

According to a communication sent by ANZ to its broker partners on Tuesday (2 June), the bank’s turnaround times have now increased to an average of 35 business days for refinance applications and an average of 15 business days for property purchases.

CBA announces interest-only lifeline

The Commonwealth Bank has followed Westpac in offering customers a new form of financial assistance during the pandemic.

Treasurer confirms Australia is on track for recession

Treasurer Josh Frydenberg has confirmed that Australia is set to fall into recession for the first time in 29 years.

In a speech to the media, Treasurer Josh Frydenberg explained that the economy contracted by 0.3 per cent over the March quarter, ahead of the collapse in June when the COVID-19 pandemic lockdowns kick in.

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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