The weekly round-up of the biggest news stories from across Momentum Media’s property titles for the week ending 18 September.
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.
The Victorian government has announced a $100-million support package to assist sole traders in the state, building on a $3-billion support package announced on the weekend to support businesses.
All 5,000 places allocated for participating non-major banks within the FHLDS have now been reserved for the 2020-21 financial year.
A sharp increase in new home sales has been attributed to a bump in sentiment from the federal government’s HomeBuilder scheme.
The recent COVID-19 outbreak in Victoria and, to a lesser extent, NSW highlights the extreme nature of this pandemic and how it is likely to remain part of our lives for many months or even years to come. So, what can we expect from the property market in the short, medium and long term as we deal with the fallout from COVID-19? Dominic Cavagnino asks.
One in five Australians would opt for a split mortgage if they were to refinance, while the younger cohort most value flexibility, according to new research.
A new survey has found that almost half of Australians with property in their pocket are actively looking to expand their investment portfolio in the next six to 12 months.
According to the 2020 PIPA Annual Investor Sentiment Survey, which gathered insights from over 1,000 property investors during August, Australians remain largely optimistic about buying in the months ahead, with 44 per cent of investors looking to purchase in the next six to 12 months.
Lachlan Marshall and Jared Johnson, formerly of Ray White Surfers Paradise, have taken to the top spot as the directors of Harcourt Coastal’s newly formed commercial division. The move sees the pair become equity partners in Harcourts Coastal Commercial.
Jason Andrew has been confirmed as the group’s incoming CEO. He replaces outgoing CEO Tony Warland, who has been with the network for more than 31 years, including the past 12 spent as CEO of Ray White Queensland. Mr Warland will remain as a member of the Queensland board and commence a new role as Queensland North director.
“[Not a lot of] data exists on the current dynamics between investors and landlords, which is becoming increasingly important as we approach the expiry of a moratorium on evictions, which has already been extended in some states,” said Eliza Owen, head of research at CoreLogic.
Almost a third of real estate professionals surveyed had seen an increase in requests for rent reductions. Over a quarter had seen an increase in rental delinquencies, and 8.8 per cent had noted an increase in evictions. Of those who had seen an increase in rental delinquencies, 56.8 per cent were based in Victoria, suggesting renewed restrictions across the state have impacted tenants’ ability to service rent, Ms Owen noted.
The recent passing of the Retail Leases Amendment Bill 2019 further proves the Victorian state government’s unwillingness to work with the real estate industry, according to the REIV.
In a statement issued to REB, CEO Gil King and president Leah Calnan said the passing of the bill follows a number of pleas “directly to the Premier, the Treasurer and other ministers to pull the bill from Parliament during the COVID-19 pandemic” going unanswered.
Small is the New Big co-founder Ian Ugarte said the NSW government’s proposed overhaul of existing planning provisions will spark negative consequences to housing affordability.
The housing commentator likened the proposed changes to a “sledgehammer to the existing polices when only a scalpel is needed”, noting the changes will “cripple the entire mum and dad investment sector, with the result being that only inefficient community housing providers or large profit-driven commercial property developers can operate in the sector”.
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, andbusiness coach and Real Estate Gym trainer Tom Panos.
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