Hot Property: Biggest headlines from the week that was1

04 JUN 2020 By Grace Ormsby 12 min read Investor Strategy

With Australia on track for a recession despite the loosening of COVID-19 restrictions, the Prime Minister has dropped yet another stimulus package: Here’s the biggest stories from this week.

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Welcome to Smart Property Investment’s new weekly round-up of the stories that are most important to you as an investor.

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To compile this list, not only are we taking a look at the week’s most-read stories and the news that matters to you, but we are also curating it to include stories from our sister platforms that could have an impact on your investment journey.  

  1. RBA reveals June cash rate call

The Reserve Bank of Australia has announced its decision on the June cash rate, as the COVID-19 pandemic continues to put pressure on the Australian economy.

  1. HomeBuilder is here: Who is set to benefit?

The government has unveiled the HomeBuilder scheme, which will see eligible owner-occupiers who are either building or undertaking a substantial renovation given $25,000 for doing so. But who will actually benefit from the stimulus?

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  1. How to improve your serviceability

OPINION: Serviceability is arguably the most important factor when building your investment portfolio because it can limit your ability to achieve your financial freedom goals, writes Lloyd Edge.

  1. Does the government’s tradie rescue package go far enough?

Industry experts have applauded the announcement of a “tradie rescue package” but do not believe that the government’s plan goes far enough. Builders are already noting up to a 40 per cent decrease in work in the pipeline.

  1. ‘Earlier than expected’ recovery pinpointed for property

RPM Real Estate Group has released research that pinpoints the moment COVID-19 put the brakes on the Victorian property market mid-March.

A period of bleakness following the pandemic being declared. However, signs of buyer activity in April and May are promising, “pointing to a potentially earlier than expected recovery”.

  1. Global brand shakes up Aussie leadership

RE/MAX Australia has today revealed a changed leadership structure that will see managing director Michael Davoren take up the role of chairman on the company board in a company refresh.

  1. REB Awards sales agent – metropolitan finalists revealed

REB, in partnership with ListReady, is pleased to announce the finalists in a number of categories at this year’s REB Awards.

More finalists will be revealed over coming days!

  1. Can online auctions achieve the same financial results?

A property promoted on Openn Negotiation has gone for $150,000 over reserve after being listed for just 13 days.

Selling agent Michael Tomadakis of Biggin & Scott Inner North said “the bids came in quickly and it all happened so fast. Three minutes had passed and the property had reached the price $1,080,000”.

  1. ANZ overhauls assessment process

ANZ has bolstered its assessment team and will prioritise “sensitive” loan applications to address a continued blowout in turnaround times.

According to a communication sent by ANZ to its broker partners on Tuesday (2 June), the bank’s turnaround times have now increased to an average of 35 business days for refinance applications and an average of 15 business days for property purchases.

  1. CBA announces interest-only lifeline  

The Commonwealth Bank has followed Westpac in offering customers a new form of financial assistance during the pandemic.

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