The weekly round-up of the biggest news stories from across Momentum Media’s property titles for the week ending 25 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 “Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers) (Mortgage Brokers) Regulations 2020” build on the draft regulations released in August 2019 for public consultation, which better explain how the regulations will operate.
Westpac has appointed Chris de Bruin as chief executive of its consumer division.
Mr de Bruin, currently CEO of Middle Eastern non-bank Deem, will join the big four bank in “early 2021” (subject to regulatory approvals).
The REIV argues that the government hasn’t taken time to understand the impact of a “complete lockdown” of the property market on ordinary Victorians, noting requests to restart the market have been ignored.
“Mr Premier, I don’t think you understand,” the REIV’s statement begins. “The inability to buy/sell/lease property in Melbourne is creating enormous emotional and financial distress in the community.”
A WA agency has been hit with an $18,000 fine after it failed to lodge 19 tenancy bonds on time.
Verse Property pleaded guilty to breaching the Residential Tenancies Act in its failure to lodge the bonds with the Bond Administrator from 16 properties it managed as soon as practicable and/or within 14 days after receipt.
According to director of Coronis Now Jodie Stainton, property managers are shifting towards starting their own business as working remotely has shown there’s potentially better opportunities for managers who start their own business.
She said in the past six months, “more than 500 property managers have contacted me and enquired about starting their own business, working for themselves and running their own portfolio”.
Former banker-turned-real estate agent Jason Roach has most recently been aligned with Century 21, but said he was seeking “a premium, energetic brand that projects prosperity and success” for the next stage of his business expansion in his move across to The Agency Upper North Shore.
Foreign investment from China in Australian real estate has been quietly on the decline for several years, dropping significantly to $6.1 billion in 2018-19, writes David Hancock.
The decline is attributable to: Chinese restrictions on money leaving the country, smaller Chinese student numbers, diplomatic tensions and a stronger Australian dollar. In addition, Australia tightened regulations, increased fees and taxes, and banks tightened lending to foreign investors.
Westpac chief economist Bill Evans has revised his predictions, having previously expected a 10 per cent slump between April 2020 and June 2021, to a now 5 per cent correction through to late 2021.
The economist is now predicting short-term pain for property investors before a surge in value over the next two years.
The Domain Buyer Demand Indicator has revealed houses and apartments in the outer suburbs of Sydney, Melbourne, Brisbane and Perth were the highest demanded properties for those cities for the month up to 6 September.
Consumers are starting to adapt to the new norm, with working from home making living near the office less crucial in capital regions.
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.
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