Hot Property: The biggest stories this week 2- OCT 2020

1. 9 new offices cement LJ Hooker’s growth

LJ Hooker has bucked the COVID-19 downturn, having opened nine new offices in the last 10 months, with a further four changeovers pending, as it focuses on its strategy for ongoing expansion.

2. Landmark judgment invalidates apartment building ban on pets

A decision by the NSW Court of Appeal to allow pets in a high-rise is set to have major ramifications for corporations and apartment owners.

The matter centred around Darlinghurst-based complex The Horizon, which sought to ban tenant Jo Cooper from keeping her 13-year-old Miniature Schnauzer named Angus at the premises.

The NSW Court of Appeal struck down the attempt by The Horizon, saying to ban animals from the building was a breach of legislation.

3. Stone sets sights on the Shire

Stone Real Estate has made its first foray into one of Sydney’s largest regions this week with the rebranding of local business leader Wade Gilmore and Coleen Bown’s agency to Stone Engadine.

4. Victoria’s most affordable suburbs revealed

The Real Estate Institute of Victoria has just released the quarterly median prices for the three months to September 2020. Overall, the stats point to promising signs, particularly given the state has been hit with doom and gloom predictions off the back of the coronavirus pandemic, coupled with renewed restrictions forcing Melbourne into a stage 4 lockdown recently.

5. Could Sydney house prices reach a $1.5m point of no return?

With the availability of credit improving and interest rates declining, it is very possible Sydney could once again enter a market frenzy, writes Luke J Graham.

If Sydney’s median house price reached $1.5 million, it would become more than 22 times NSW’s median personal income. If other variables don’t intervene and Sydney prices indeed approach or exceed this level in the midst of the post-pandemic recovery, homeo wners could reach an intimidating point of no return.

6. State-by-state comparison: Why Perth’s office market is outshining the rest

Moves by the WA government during the coronavirus pandemic have set the state up for greater prosperity, especially when it comes to Perth’s office markets, new research from Ray White Commercial’s latest Between the Lines report found.

According to Ray White Commercial (WA) director of office leasing Clive Norman: “Vacant stock levels have grown just 5.33 per cent to 18.4 per cent vacancy – this represents a good result during this period when compared to the east coast.”

7. FHLDS New Home Guarantee details released  

The additional 10,000 places form part of what is now being called the FHLDS New Home Guarantee for new homes and newly built homes. The additional scheme allocations are available to first home buyers that are Australian citizens and at least 18 years old and wish to build a new dwelling or purchase a newly built dwelling with a deposit of between 5 and 20 per cent of the property’s value.

8. Why haven’t property markets crashed?

Despite the current climate, property markets have remained remarkably resilient, writes Dominic Cavagnino.

Price falls in the June quarter have been limited to around 2 per cent nationally, with Melbourne suffering the biggest quarterly fall of 3.5 per cent. To put things in perspective though, prices are still up 6 per cent nationally when reviewing the sales figures over the last 12 months.

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