Property news you need to know: The week ending 29 August

Here are the biggest stories for the week ending 29 August 2021:

1. NSW cans strata building pet bans

Furry friends will be more welcome in NSW strata schemes from 25 August, after the state government’s introduction of new laws to overturn “blanket bans” on pets.

2. Chairman tips ‘the biggest property boom in history’

The best is still yet to come, according to Raine & Horne executive chairman Angus Raine, even after the group reported two of its best trading months ever.

3. McGrath releases FY21 results

ASX-listed McGrath Ltd has revealed an $18.3 million boost to its net profit after tax in its full-year results announcement.

4. Singapore is now the largest foreign investor in Australian property market

Singaporean investors have increasingly moved to fill the gaps in Australia’s property landscape left by the recent exodus of Chinese foreign investment. 

5. Government opens up criteria for SME Recovery Loan Scheme

The eligibility for the SME Recovery Loan Scheme has been expanded again to help assist SMEs dealing with the impacts of COVID-19.

6. Industry outsider to spearhead network’s strategic growth

A former tech unicorn’s head of growth will be tasked with driving the strategic growth of one of Australia’s biggest real estate brands.

7. Housing markets brace for ‘tricky’ territory, but a rapid snapback could be on the cards

Housing markets are entering tricky territory, according to Westpac, as affordability constraints surface.

8. Australia’s build boom could end in 2022 as lack of migrants bites

A record volume of new detached homes under construction is expected to continue well into 2022, before Australia’s migration standstill begins to yield problems, new research has shown.

9. Broker numbers are rising: FBAA

There are more credit representatives and licensees identifying as brokers, data released by the broking association suggests.