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Hot Property: The biggest property headlines from the week 6-10 July 2020

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Malavika Santhebennur 9 minute read

The weekly round-up of the biggest news stories from across Momentum Media’s property titles for the week ending 10 July.

Welcome to The Adviser’s weekly round-up of the stories that are getting big reads across Momentum Media’s property titles: The Adviser, Mortgage Business, Real Estate Business, Smart Property Investment and nestegg.

We hope it helps inform you of the biggest issues shaping the mortgage and property markets.

Banks announce expanded loan deferral policies

Australian banks have announced they will support customers with a new phase of COVID-19 support, extending mortgage repayment deferrals by another four months, where appropriate.

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Customers with reduced incomes and ongoing financial difficulty due to COVID-19 will be contacted by their banks and, if they cannot return to repayments or restructure/vary their loan (for example, by extending the length of the loan or converting to interest-only repayment for a period of time) to support their current financial situation, they may be able to extend their repayment deferral by another four months (ending no later than 31 March 2021).

Major bank overhauls guarantor policy

Westpac Group – which includes the Bank of Melbourne, BankSA and St.George Bank – has announced changes to its guarantee policy for home loan applications, which includes an expansion of eligibility criteria.

The list of acceptable family members who can provide a “Family Security Guarantee” now includes: parents, step-parents or legal guardians; siblings or step-siblings; and children or stepchildren.

Approval lags, credit crunch chief pain points among brokers

Lags in the loan application process and credit policy tightening from lenders have been cited as the key concerns among mortgage brokers for the next 12-month period.

Other concerns cited by brokers include a slow economic recovery (23 per cent), changing regulatory and education requirements (20 per cent), and the growth or maintenance of their client base in the aftermath of COVID-19 (19 per cent).

Vic agents ‘well-drilled and ready’ for stage 3 lockdown

Metropolitan Melbourne real estate agents are well prepared for a move back into stage 3 restrictions, the REIV has flagged.

REIV president Leah Calnan said real estate agencies across Melbourne and Mitchell Shire “will continue to service the community, with online inspections returning along with online auctions”.

BresicWhitney welcomes experienced sales leader

Independent real estate group BresicWhitney has hired an experienced sales leader and top auctioneer as it looks to bolster its growth strategy.

Thomas McGlynn joins BresicWhitney from The Agency, where he held the title of national head of sales and chief auctioneer. Throughout his career, Mr McGlynn has also worked for McGrath as a sales leader.

Grays marketplace makes its move in real estate

Grays marketplace is launching itself into the real estate and property market, calling its foray into the sector “the next frontier”.

It is kicking things off with the sale of several blocks of land in Western Australia’s Kimberleys in a series of online auctions in conjunction with First National Real Estate Kimberley.

Regional town remains resilient despite COVID-19

According to First National Real Estate’s chief executive, the Victorian suburb of Echuca is trending in the opposite direction of the capital cities and has risen slightly since the COVID-19 pandemic began.

“While the number of homes available for sale is certainly less than it was 12 months ago, the degree of buyer demand for those homes has kept prices steady or even led to higher-than-expected prices being achieved,” CEO Ray Ellis said.

RBA reveals July cash rate call  

The central bank acted as most economists predicted, holding the cash rate at 0.25 per cent, having previously stated it does not believe negative rates are effective.

HomeBuilder prediction: 8 suburbs set to boom  

Wealthi co-founder Domenic Nesci has noted that hopeful investors and savvy first home buyers are racing to get their feet in the door to take advantage of the HomeBuilder scheme, with two areas particularly well placed to take advantage of the scheme: Western Sydney’s Cobbitty, Leppington, Penrith, St Marys and Westmead. And Melbourne’s “inner doughnut”: Fitzroy North, Heidelberg and Essendon.

Perth sales strongest in 5 years

New data from the Real Estate Institute of Western Australia has revealed that June saw the biggest month of sales in Perth since 2015. According to the group, transactions increased 55.1 per cent in June, compared with May, and are 45 per higher than June 2019.

For more analysis and insight into these stories, tune in to Momentum Media’s new live talk show on Facebook, What’s Making Headlines, featuring Momentum Media’s executive editor - real estate, Phillip Tarrant, and business coach and Real Estate Gym trainer Tom Panos. The live stream can be found via The Adviser’s Facebook page every Thursday at 1.30pm.

Hot Property: The biggest property headlines from the week 6-10 July 2020
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Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

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