Three of the Big Four banks now offering home loan cash backs
More than a dozen lenders are offering cash incentives for home owners willing to move their business to a new lender, with Suncorp Bank, Reduce Home Loans and 86 400 the latest, according to RateCity.Suncorp Bank is now offering up to $3,000 to refinancers, plus an additional $1,000 for people working in essential services roles, such as doctors, nurses, teachers and police officers.A total of...
Property prices set to surge post-COVID-19
Investors are being reminded that the pain in the property market will be short-lived, with property prices expected to bounce back post-pandemic.Research conducted by PIPA chairman Peter Koulizos analysed annual median house price and index data for seven consecutive years, including the start of each recession or economic downturn from 1973 to the GFC. The data found that five years after eac...
How COVID-19 has impacted tourism hotspots
New research has revealed the impact COVID-19 restrictions have had on Queensland’s tourism property markets. The Palaszczuk government’s mandatory COVID-19 restrictions went live from 20 March 2020, with knock-on effects to the state’s property market.However, despite the perceived effects, the REIQ said the Sunshine Coast capital — Brisbane — has reported a relatively stable vacancy rate of ...
Which rental markets have been impacted most by COVID-19?
COVID-19 is having varied impacts on residential property, but arguably the biggest impact could be in the rental space.Prior to COVID-19, the Australian rental market was already weak. Now, new challenges are here. As Australian borders remain closed to tourists, and government policies restrict short-term rental arrangements, Airbnb rentals are converting to long-term rental supply. The added...
Low Rates Poised To Buoy Prices
The low interest-rate environment will be crucial in helping cushion the negative impact of the coronavirus outbreak on house prices, according to the Property Investment Professionals of Australia (PIPA).Peter Koulizos, chairperson of PIPA, said the recent rate cuts by the Reserve Bank of Australia are amongst the many financial supports available that would help prevent any significant price ...
Property Values Stable Amid COVID-19
While the COVID-19 outbreak has already significantly affected market activity and listing volumes, property values remained in the positive territory in the previous weeks, according to CoreLogic's latest market analysis.Over the 28 days ending on 21 April, property prices still clocked a 0.4% growth. However, growth had been slowing down from the 1.1% in mid-March.Eliza Owen, head of resident...
Fears of 'second-class' Queensland tenants amid new coronavirus rent laws
Coronavirus-affected tenants risk becoming an underclass of renter during the crisis as landlords shy away from what they think are risky tenants, experts warn.It comes as the Queensland government faces criticism for watering down their renter protections, and adding a new way for landlords to evict.The measures ensure tenants and landlords will engage in negotiations about rent decreases, and...
Realestate.com.au Search Activity Increases
Despite COVID-19 shutdowns, Australians are maintaining a keen interest in property. New data shows search activity across the Buy and Rent sections of realestate.com.au has increased over the past week and is considerably higher than it was a year ago.In promising news for vendors, search activity on realestate.com.au increased by 5.3 per cent over the past week and is now 37 per cent higher t...
Guide to the COVID-19 tenancy legislation changes
Today, the the Palaszczuk Government enacted the Residential Tenancies and Rooming Accommodation (COVID-19 Emergency Response) Regulation 2020 (COVID-19 Regulations), which temporarily amends the Residential Tenancies and Rooming Accommodation Act 2008.The regulation will remain in place during the COVID-19 emergency period and will expire on 31 December 2020, as outlined in the COVID-19 Emerge...
