Source:  Australian Property Journal

RATINGS agency Fitch is forecasting house prices will decline by 5-10% over the 12 to 18 months due to lower immigration but economists disagree and believe the housing downturn will soon come to an end and they predict values could rise by up to 15% in 2021. Fitch noted that immigration was already slowing prior to the outbreak of the pandemic but numbers have plunged due to the government's stricter controls on international travel to com...

Source: Illion New data released today by illion shows the important role coffee is playing in helping COVID-weary Aussies cope with the daily grind. Whether it's a time-honored cappuccino or a trendier macchiato, cafephiles in Sydney and Melbourne continue to feed their cravings for fresh ground caffeine in the suburbs. Sydney Coffee consumption in Sydney City, has fallen. However, the traditional latte lines of Sydney have increased their suburban café spending, with th...

Source:  Carter Capner Law In September 2007 Derek Eckford and wife Gale were enticed by a sign advertising the sale of undeveloped lots in the Avalon@Coolum estate. They drove up to the hilly subdivision to find the site office and were instantly attracted by the panorama that extended in the distance to the east, the Pacific Ocean and to the south, Mount Coolum. The sales brochure handed to them showed 17 of the 60 blocks including lot 10 on which the Ken Guy Rea...

Source:  Australian Property Journal - Nelson Yap OVER 14,000 tenants across Queensland impacted by COVID-19 have requested rent reductions significantly higher the state government's estimates of 3,950 with Brisbane landlords and renters bearing the brunt. According to the Real Estate Institute of Queensland (REIQ), agents have been involved in negotiating temporary reduced rents on behalf of more than 14,000 rental tenants with their landlords. REIQ CEO Antonia Mercorella s...

Source: Corelogic - Eliza Owen   COVID-19 has brought about downside risks for the economy and housing market. A 0.3% decline in March GDP confirmed a technical recession is underway in Australia, total wages paid fell 5.4% between mid-March and early May, and Australian dwelling market values saw the first month-on-month decline since June 2019. But one surprising sign of stabilising emerged in May. Home sales have risen, with home owners testing the mar...

Source:  McCarthy Durie Lawyers - Jon McCarthy As this financial year draws to a close it is time to consider the things that we can capitalise on going into 2020/2021. The 'new normal' demands that we focus our efforts to produce leaner more efficient businesses able to capitalise on opportunities that an economy in recovery presents. Everything must be 'on the table' service offering, staffing, premises, IT, working hours and locations everything! In normal tim...

Source:  SMH - Stephen Bartholemeusz How do you value anything in the time of the coronavirus? Things are, of course, being valued. Shares, bonds, property and businesses are being traded despite the raft of uncertainties spawned by the coronavirus pandemic. Whether it's a share, a property - or a business like Virgin Australia -prospective buyers are having to think through the impacts of the pandemic on the particular asset. They know some businesses will be impacted more sever...

Source:  Australian Property Journal RESIDENTIAL vacancy rates surged across the country in April, with CBDs and holiday destinations feeling the full force of the COVID-19 outbreak as the Sydney and Brisbane city markets hit record highs. SQM Research shows the national rate jumped from 2.0% in March to 2.6%, with the total number of vacancies Australia-wide now at 88,668 vacant residential properties. All states recorded increases in rates with the exception of Darwin, which record...

Source: CoreLogic The Reserve Bank has announced a 25 basis point reduction in the cash rate, to a new historic low of 0.25% and made it clear the cash rate will remain at this level until labour markets are moving towards full employment and inflation is tracking to be within the target range of 2-3%. Under normal circumstances, such an extraordinary move from the Reserve Bank might be greeted with renewed optimism towards housing market activity. Research from the Reserve Bank points to...

Source:  Australian Property Journal According to the latest CoreLogic Home Value Index, Melbourne saw the sharpest reversal in conditions over the months, with values ticking down by 0.3%. Sydney values rose 0.4%, but both cities averaged monthly growth of around 1.7% over the previous six months. Most regions recorded a rise in home values, but the national monthly pace of growth eased from 0.7% in March to 0.3%. The April result was the smallest month on month movement since a f...