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 cen...
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...
Will tenant criteria change post COVID-19?
While location and price are top priorities for renters, the latest behavioural search data from realestate.com.au reveals what renters are looking for in a home – but could this change post COVID-19?Australia’s favourite rental house is a three-bedroom, two-bathroom abode, while the most popular rental unit has two bedrooms and one bathroom.Preferences change, however, depending on which subur...
The Relative Resilience of Property Values
So far, the COVID-19 downturn has had a dramatic impact on agent activity and listings volumes in residential real estate. But the value of dwellings has been relatively resilient.It is still likely that property values will fall amid the downturn. But the decline in momentum across property values has been mild relative to what has happened in market activity.The chart below shows the rolling ...
Will rent reductions put landlords at risk?
LANDLORDS who show leniency to struggling tenants as a result of the coronavirus pandemic could void their right to claim on insurance.The Federal Government last week placed a six-month ban on evictions for tenants who are unable to pay rent due to COVID-19.Prime Minister Scott Morrison called landlords and tenants to work together to come to an arrangement around rental payments.That request ...
Tenants and landlords are left in limbo as to how they will be affected by COVID-19
The national cabinet has agreed to consider advice from Treasurers on commercial and residential tenancies at their next meeting on Friday April 3.Tenants and landlords are left in limbo as to how they will be affected.A six month ban on evictions has been announced, although the plan is yet to be fully outlined.It was nearly a week ago that Scott Morrison said there will "soon b...
Six month moratorium on evicting residential tenants during the coronavirus shutdown
The Prime Minister has announced a six month moratorium on evicting residential tenants during the coronavirus shutdown.There were no specifics in the announcement."Evictions will be put on hold for six months by the states and territories," the PM announced."Landlords and renters are encouraged to talk about short term agreements."More information was to come this week," the official update ad...
Rental market takes a hit from COVID-19
It’s impossible to tell what the future holds for Australia’s property market amid the rapidly evolving pandemic situation. But we are starting to see a change in dynamics on realestate.com.au, and it appears the rental market is the first to be hit. The Federal Government is currently in discussions with state and territory leaders about model rules for landlords and tenants in the curr...
The big four banks are letting borrowers hit pause on their payments, but this is no mortgage holiday
There's one question a lot of Australians will be asking at the moment: What if I can't pay my mortgage?The answer in the short term is simple: for now, you'll be OK if you're with the big four banks. You'll be able to keep your home.The longer-term picture is a little murky though.The health crisis brought on by the coronavirus pandemic is producing an unfolding financial crisis and the potent...
