Hot Property: The biggest stories this week - OCT 2020

1. ‘We expected better’: REINSW puts state government on blast

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”.

2. Raine & Horne expands Victorian network despite lockdown

Raine & Horne has launched the new office at Berwick, which is being headed up by real estate principal James Fernando, who joins the group from independent agency Xenith Real Estate, which he has operated since 2018 with the support of six sales agents and two property managers.

3. 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?

4. 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.”

5. 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.

6. 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.

7. 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.

8. 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.

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