Hot Property: The biggest stories this week 2 - Oct

1.       South Australia to see ‘mini property boom’

Land Services SA has seen a 30 per cent increase in the number of new land parcels issued from plans lodged for subdivision compared to this time last year – thanks to stimulus. This sharp rise in new land parcel activity has not occurred since 2010.

Further, they have observed a 94 per cent increase in the purchase of the Property Interest Report product for vacant blocks, which is the key lead indicator for a property sale.

2.       Rule of thumb for first-time property investors

Australians looking to break into the property market are being advised to do their research, speak to professionals and use debt in the right way to accumulate assets.

3.       1 in 4 Aussies wants to buy a property now

The research, commissioned by ING, has found that 26 per cent of Aussies think now is the time to buy a property in order to safeguard their future. Forty-four per cent described property as the strongest investment option.

Low interest rates was pinpointed as a key factor for 32 per cent who feel more confident to buy property, while 27 per cent said it was the prospect of lower house prices.

4.       Back-to-back records broken on Sydney’s upper north shore

It’s been a big year for the Ray White Upper North Shore team, director David Walker has said.

“We completely restrategised, particularly through the lockdown period, and by doing this, we led the way and continued our momentum over this difficult period.”

5.       How this agent-turned-project manager offers vendors the whole package

OBrien Real Estate’s Lambros Bollas (Melbourne) has created a niche in his local market, where he offers clients the “whole package” – from designing a home to costing and delivering a build and on-selling the property for vendors.

The agent can combine his industry experience with a love of architecture and interior design.

6.       The most complex part of property investing

While understanding what’s driving markets is integral in maintaining a successful property portfolio, it is often the most complex part of investing, according to Propertyology’s Simon Pressley.

He said the value of understanding market drivers is key to a sustainable investment strategy: “[It’s] the thing people are most interested in, but it’s also the most complex. It’s impossible for everybody to know everything or to become an expert in market research, unless you’re doing that for a living.”

7.       ASIC deputy chair Crennan resigns

ASIC deputy chair Daniel Crennan QC has resigned following Friday’s revelations that the regulator may have incorrectly paid $70,000 worth of his rental costs.

It comes after an audit of ASIC’s financial statements by the Australian National Audit Office found that total remuneration paid to both ASIC chair James Shipton and deputy chair Daniel Crennan QC may have exceeded relocation expense limits set by Remuneration Tribunal Determinations. Mr Shipton “stepped aside” on Friday, expecting Mr Crennan would take over as acting head in the interim.

8.       Westpac rolls out new offer for mortgage guarantors

Westpac Group has announced the introduction of a new term deposit rate offer for guarantors providing security for a mortgage under the existing Family Security Guarantee. Effective from Friday, 23 October, eligible guarantors supporting a home loan customer using a two-year term deposit will receive a 2.29 per cent interest rate on guaranteed funds. 

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