Welcome to this month’s REIP Industry Pulse.
What a month October was with both Sydney and Melbourne coming out of lockdown. We are starting to see an increase of listings on the market signalling the start of our predicted late spring market.
In last month’s poll, we asked if you were going to ask your unvaccinated employees to get the jab, and 67% of you said yes. I think we can safely assume that mandatory vaccination in Victoria is playing a role in Melbourne moving rapidly from the most lock-downed city globally to the most vaccinated. Seems those of us in Victoria live in a State of extremes!
The race that stops the nation was run with 10,000 attendees, sadly I wasn’t one of them, however, I did back surprise winner Veery Elegant! The rate that stops the nation announcements were not quite as predicted either and in this month’s market insights, Tim Lawless and I discuss what this means.
Globally world leaders came together in Glasgow for COP26 with the Australian Government committed to net-zero carbon emissions by 2050. We should expect to start seeing buildings become more energy-efficient and switch to more renewable energy sources in the not-too-distant future.
Finally, we have added a bonus insight this month. Domonic Thompson, Head of Business Banking with Macquarie Bank joins us to talk about “How did we seize the moments during COVID?”
Until next month…
REIP Market Insights
Tim Lawless and I discuss the rate that stopped the nation – the Melbourne Cup RBA announcement may have surprised a few with a rate rise expected. We also discuss the impact of borders reopening, increase in national rents and how affordability continues to impact the market.
Seizing the Moment
We chatted with Domonic Thompson, Head of Real Estate Business Banking at Macquarie Bank about his observations of real estate businesses ‘Seizing the moments’ provided by COVID, trends that occurred and the impact of technology.
When it comes to selling property, there is nothing more satisfying than watching multiple offers flood in. The downside is that managing the offer process often requires a series of time-consuming tasks at a time when we need to be able to move fast.
This is why I’m excited to welcome our newest partner Propps to the REIP partner network!
Propps is on a mission to improve how we buy and sell real estate, and their industry leading tech will streamline the offer process, save you hours of admin time and give both you and your customers the premium digital experience that everyone is looking for.
REIP members also qualify for 20% off paid agent features and you can be up and running with Propps in just a few minutes.
Real Care is a free mental health, wellness and performance app specially designed by the real estate industry. It recognises the specific stresses faced by agents and property managers and gives you the tools to manage anxiety, anger, breathing, your physical health goals and even your finances!
The result of thousands of hours of research, The Real Care App is the primary project of the Rise Initiative, a collaborative organisation formed in 2019 to recognise the mental health crisis occurring in real estate in Australia and New Zealand.
Not an REIP Member yet?
A Brave New World
According to CoreLogic data, Australian dwelling values have increased by 20.3% in the last 12 months – the highest annual appreciation since June 1989. However, it’s not just a sharp increase in home values that has shaken our industry over the last 12-24 months.
COVID has been a game-changer for us all in terms of how we operate and the tools we use to keep up with growing client expectations. Remote working, digital inspections and zero-touch technology have all forced us to rethink our ways of working.
However, whatever challenges continue to emerge for our industry and the wider community at large, we can rely on the fact that being armed with the insights and tools to allow us to exceed seller and buyer expectations will remain at the heart of our ongoing success.
Multi-Generational Housing: The Bigger Picture
Studies by the Australian Housing and Urban Research Institute found financial circumstances are an overriding factor in the formation of multi-generational households – and are even more dominant than cultural reasons.
The benefits of a multi-generational household are obvious: companionship, ease in providing care, upholding cultural traditions, practicality and convenience, and inter-generational solidarity. As were the downsides: noise, financial constraints, inadequate space for privacy, and the impact on relationships with other family members.
Keep up to date with the latest industry news.
Subscribe to REIP Industry Pulse