Hot Property: Biggest headlines from the week that was2

1. $50k boost on the cards for new property purchasers

A radical plan to kickstart economic recovery post-COVID-19 could see Australians handed $50,000 for buying a brand-new home: It’s one element of a seven-point plan put forward by the Property Council to stimulate construction, grow skills, attract investment and boost industry confidence.

Such a scheme could stimulate the building of 50,000 new dwellings, support more than 200,000 jobs and bring forward market demand for new housing at a cost of $2.5 billion to the government.

2. Stamp duty plan required to boost confidence

OPINION: In the race to reach the post-COVID recovery stage as quickly as possible, the necessity is to bring confidence back, writes Mathew Tiller. It’s important that communication is clear and transparent to boost confidence. Recent discussions surrounding changes to stamp duty have not been one such communication.

3. How to terminate a tenancy agreement

NSW Fair Trading has published a guide detailing the steps landlords can take in terminating an agreement during the COVID-19 pandemic.

4. Belle Property announces new arrival

Stefon Bertram is currently ranked 17th in the country and was also one of McGrath’s top five agents nationwide.

His arrival at Belle Property Mosman office will see him link up with long-service principal Tim Foote – a key reason why the real estate agent moved: “I have always been attracted to the premium Belle Property brand, and it is well known for its equity and presence in the Lower North Shore.”

5. When and why an agent might have to act in the tenant’s interest

It is common knowledge that agents should act in the best interests of landlords. However, COVID-19 has thrown a spanner into the mix. NSW Fair Trading has explained that “agents may be required to play more of an intermediary role between tenants and landlords to comply with the new tenancy laws and the government’s relief package”.

6. McGrath eyes off-plan development sector, makes key appointments

McGrath has bolstered its project marketing division, McGrath Projects, by securing Colin Griffin and Murray Wood as associate directors. The pair bring 40 years of experience to the McGrath fold.

McGrath looks to focus on the “re-emergence of the off-plan development sector”, upon identifying “excellent opportunities for growth in this area for the company”.

7. Lending officer sentenced for giving misleading information

A former lending officer will serve an Intensive Corrections Order after pleading guilty to five charges of giving misleading information in the course of engaging in a credit activity. According to an ASIC investigation, between December 2013 and March 2014, Mr Fares created 12 payslips, six income tax payment summaries and three letters of employment to support five loan applications.

8. Major bank hikes fixed rates amid turnaround time debacle

ANZ has increased its two-year fixed home loan rate for owner-occupiers paying principal and interest by 10 basis points. It follows reports of a “blow-out” in ANZ’s turnaround times, with data from the bank revealing that mortgage applications are taking up to 23 days for approval.

9. ‘No signs of distress yet visible in housing market’

While the current crisis could exacerbate high mortgage debt, there are currently no signs of distress visible in the housing market, according to new research.

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