Hot Property: The biggest stories last week 1 - Nov 2020

To compile this list, not only are we taking a look at the week’s most-read stories and the news that matters to you, but we are also curating it to include stories from our sister platforms that could have an impact on your investment journey.  

1.       RBA reveals race day rate decision

Following an out-of-cycle rate reduction in March, the RBA has followed market consensus and reduced the official cash rate to 0.10 of a percentage point from the already record low 0.25 of a percentage point.

2.       $20m in 2 weeks: How this St Kilda agent did it

The lifting of the 112-day lockdown has seen St Kilda’s Sam Hobbs sell five homes in the last 14 days – totalling $20,275,000 – which he has attributed to people reconsidering their lifestyles post-lockdown.

3.       0.1% cash rate a real ‘shot in the arm’

The dropping of an already record-low cash rate has been well received by the real estate industry for its support of Australian property markets.

4.       Migrants, expats to drive demand in Aussie property market

According to a recent report by McGrath Estate Agents, millions of migrants consider Australia their “lucky country”, attracted by its scenic and wide open spaces, energetic economic growth, stable democracy, world-class educational opportunities, clean air and laidback lifestyle.

“Expats are already returning home, and migrants are expected to follow once the international border reopens.”

5.       Regional Australia becomes new hotspot amid pandemic

Before the pandemic, Australians were already shifting to regional areas, primarily due to cheaper housing, McGrath found.

The median dwelling value for the combined regional areas was $397,791 in September 2020, 37.4 per cent lower than the combined capital city median of $635,196.

6.       Aussie John retires

The founder and chairman of mortgage brokerage Aussie, John Symond, has announced his retirement.

The 73-year-old founder and chairman of Aussie, John Symond, is to retire from the company after starting it up nearly 30 years ago.

7.      Property investors missing out on big deductions: expert

Investment property owners could be leaving thousands of dollars in the ATO’s coffers because they fail to take full advantage of the deductions they are entitled to, according to an expert.

8.       Emerging Sydney hotspots highlight transition to remote work

With the pandemic triggering a change in the Australian way of life, demographer Bernard Salt said that he expects most of the population to look for more space and safer apartments as a part of the post-pandemic pivot into the work-from-home era.

A Westpac survey showed that 77 per cent of their respondents would now prefer to live in a house. By mid-2020, one in five Aussies was already looking for a new home in suburbs with larger properties. Backyards, outdoor entertainment areas and studies were particularly highly valued features.