Media Releases 2016

  • Date of Release

    Title

  • 14 December 2016

    Property Prices Reflect State Economies

    REIA today released the REIA Real Estate Market Facts for the September quarter 2016 which shows that the weighted average capital city median price increased by 1.4% for houses and 1.6% for other dwellings.

    “The weighted average median house price for the eight capital cities is now $712,776. Reflecting the differing fortunes of state economies, over the quarter, the median house price increased in Sydney and Melbourne while the rest of the capital cities recorded decreases. Compared to the corresponding quarter of the previous year, the median house price went up by 2.2% and, with the exception of Perth, Canberra and Darwin, all the capitals contributed to the increase”, said Mr Malcolm Gunning, President of the REIA.

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  • 09 December 2016

    Moderating Housing Finance

    The latest housing finance figures released today by the Australian Bureau of Statistics (ABS) confirm a moderating housing market.

    The Real Estate Institute of Australia (REIA) says the figures for October 2016 show, in trend terms that the number of owner-occupied finance commitments fell by 0.9 per cent – the tenth consecutive month of slight declines.  If refinancing is excluded, in trend terms for October, the number of owner-occupied finance commitments decreased by 0.8 per cent – the twelfth consecutive month of decreases.

    REIA President, Malcolm Gunning said “decreases were recorded in all states except Tasmania with the Northern Territory having the largest decrease of 3.2 per cent. The increase in Tasmania was 0.7 per cent.”

    “In trend terms, the number of established dwellings purchase commitments fell by 1.0 percent while new dwelling construction decreased by 0.7 per cent and the purchase of new dwellings decreased by 0.3 per cent.”

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  • 08 December 2016

    REIA welcomes new President

    The Real Estate Institute of Australia has welcomed the election of the new President, Malcolm Gunning from New South Wales.

    Mr Gunning was elected to the Presidency today at the Annual General Meeting held in Canberra. Mr Gunning has over 40 years of experience in all facets of real estate agency practice, property development and property valuation. He is the Immediate Past President of the Real Estate Institute of New South Wales (REINSW).

    Currently, Malcolm is the principal of Gunning Real Estate, a property agency and consultancy with offices in Hurstville and Surry Hills whose business focus is sales and leasing in commercial, industrial, retail, residential and development real estate.

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  • 07 December 2016

    Historically low rates were unable to offset increasing mortgages

    The Real Estate Institute of Australia (REIA) says that in the September quarter of 2016, housing affordability in Australia declined marginally with the proportion of the median family income required to meet average monthly loan repayments increasing to 29.5% from 29.4% in the previous quarter.

    REIA President Neville Sanders says, “The latest Adelaide Bank/REIA Housing Affordability Report shows that whilst the proportion of the median family income required to meet average monthly loan repayments increased by 0.1 percentage points, it is still at the lower end over the last seven years. Unfortunately, historically low interest rates were unable to offset the increasing size of mortgages resulting in the rise in the proportion of the median family income required to meet average monthly loan repayments.”

    “Over the September quarter, affordability improved in Victoria, South Australia, the Northern Territory and the Australian Capital Territory. New South Wales remained the least affordable state or territory for home buyers. Tasmania had the smallest average loan size while the proportion of first home buyers on the owner-occupier market was the largest in Western Australia.”

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  • 28 November 2016

    REIA welcomes Government decision on change to FIRB rules

    Following industry representation the Government has announced changes under the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement on it.

    Previously, the on-sale of an off-the-plan apartment was regarded as a second-hand sale, which was not open to foreign buyers who are only able to buy new dwellings.

    “This is most welcome news and will minimise the negative impact of off-the-plan sales to foreign purchasers not being completed’, said Mr Neville Sanders, President of the Real Estate Institute of Australia.

    “The Government needs to be commended in the promptness with which it responded to industry approaches on this matter. Following industry concerns the REIA first approached the Government on this issue in mid October with a result in a little over a month.”

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  • 11 October 2016

    Housing Finance Confirms Fewer First Home Buyers

    The latest housing finance figures released today by the Australian Bureau of Statistics (ABS) confirm fewer first home owner occupiers in the market.

    The Real Estate Institute of Australia (REIA) says the figures for August 2016 show, in trend terms that the number of owner-occupied finance commitments fell by 1.3 per cent – the eighth consecutive month of declines. If refinancing is excluded, in trend terms for August, the number of owner-occupied finance commitments decreased by 1.2 per cent – the tenth consecutive month of decreases.

    REIA President, Neville Sanders said “decreases were recorded in all states except Tasmania where there was an increase of 1.0 per cent. The largest decrease of 2.1 was in the Australian Capital Territory.”

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  • 14 September 2016

    The June quarter shows moderate increase in activity on the property market

    The Real Estate Institute of Australia (REIA) says that property prices decreased in the June quarter with the weighted average median prices rising 2.1% for houses and 0.4% for other dwellings.

    According to the latest REIA Real Estate Market Facts publication, the weighted average median price approached the $700,000 mark for houses and was around $545,000 for other dwellings.

    The REIA President Neville Sanders says, “The majority of the capital cities recorded increases in the second quarter of the year. Perth was the only capital city where the median price fell for both houses and other dwellings due to slowing population growth and decreasing activity market.”

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  • 09 September 2016

    THE AUSSIES RETAIN THE TITLE OF AUSTRALASIAN AUCTIONEERING CHAMPION FOR 2016

    Congratulations to Justin Nickerson of Queensland, the 2016 Australasian Real Estate Institutes’ Auctioneering Champion.

    Real Estate Institute of Australia (REIA) President Mr Neville Sanders says, “Justin is the current REIQ Auctioneer of the Year and was a finalist in the 2013 and 2014 Australasian Championships.”

    During a gala dinner held at Ooraminna Station Homestead out of Alice Springs last night, Justin was announced as the title holder after a tight contest between five outstanding auctioneers.  The other finalists were Gavin Croft from New South Wales, Daniel Coulsen from New Zealand, last year’s winner Harry Li from Victoria, and Andrew North also from New Zealand.

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  • 08 September 2016

    Finalists Compete for Australasian Auctioneering Glory

    The battle between Australia and New Zealand is most famously played on the rugby field, but today in Alice Springs, the two countries thrashed it out for supremacy at the 2016 Australasian Real Estate Institutes’ Auctioneering Championships.

    This year, the Real Estate Institute of Northern Territory (REINT) is playing host and the five finalists battling it out today are Justin Nickerson from Queensland, Gavin Croft from New South Wales, Harry Li from Victoria, Andrew North and Daniel Coulson both from New Zealand.

    Real Estate Institute of Australia (REIA) President Mr Neville Sanders says, “Harry Li of Victoria was the winner last year and the Kiwis want revenge this year with New Zealand’s Coulson and North strong contenders.”

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  • 07 September 2016

    Release of Adelaide Bank / REIA Housing Affordability Report June 2016 quarter

    Good news for Australian home buyers and renters

    The Real Estate Institute of Australia (REIA) says that housing affordability in the June quarter 2016 improved to levels last seen seven years ago.

    REIA President Neville Sanders says, “The latest Adelaide Bank/REIA Housing Affordability Report shows that the proportion of the median family income required to meet average loan repayments was 29.4%, which is the best level since the June quarter 2009. Affordability improved through more favourable interest rates and modest increases in income.”

    “Most states and territories saw improvements in housing affordability. The only quarterly decline was seen in the Australian Capital Territory while no change was recorded in New South Wales and Queensland.”

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