Hot Property: Biggest headlines this week 5 - Oct 2020

By Grace Ormsby

October 02 2020
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With the long-awaited federal budget just around the corner and Victoria now open to one-on-one inspections, it’s been a mixed bag of property news as we move into October: Here are this week’s biggest property stories.

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.

A ‘perfect storm’ for mum and dad investors: NSW rental moratorium

The Real Estate Institute of NSW has lashed out over the NSW government’s decision to extend its rental moratorium. It’s calling for an urgent review of the state government’s decision to extend the rental moratorium, noting the “failure” to explain the rationale as a “critical concern”.

Responsible lending axed: Who will win and who will lose?

On Friday, 25 September, the government revealed that it was peeling back responsible lending laws, in an effort to increase the flow of credit and promote economic recovery. Who might be better off as a result of the changes and who may struggle?

Are we nearing another property boom?

Wealthi investment director Stephanie Davies has highlighted how prices usually do recover by a large magnitude after a fall – particularly when interest rates are declining.

While it does depend on the velocity of the dip and other factors, Ms Davies said, “If we take a look at the property life cycle, we’ll notice that we usually see property prices return at a rapid speed due to the pent-up demand from buyers holding back for such a long period of time.”

Affordability and improving rental yields key drawcards in Perth appeal

New research by the Real Estate Institute of Western Australia has found that buyer activity in Perth is tracking 40 per cent higher annually. Further, the data shows that 45 per cent of Perth suburbs recorded price growth in August 2020, with local buyers agents noting high attendance at home opens.

Aggregator heads to consult with government over credit changes

While the specifics of the revocation are yet to be formulated (though a fact sheet has been issued to provide further context), the government said it will consult publicly with stakeholders before finalising any legislation required to implement the reforms.

Citi predicts broking industry to thrive

According to the head of Australian banks research for Citi Research, Brendan Sproules, the Australian mortgage broking sector is set to grow and gain more market share, with the incoming best interests duty showcased as an additional benefit for the sector.

Home ownership to be more accessible with lending reforms: experts

Proposed federal government reforms to responsible lending obligations will help make home ownership more accessible for Australians, mortgage aggregator Finsure Group said.

3 property myths likely to trap investors

Custodian CEO and author of “7 Steps to Wealth” John Fitzgerald said there are three myths that could be leading investors astray.

“Property investment is not a get-rich-quick scheme, but if I can do it, anyone can,” Mr Fitzgerald said.

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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