Network & Industry

2024 Satisfaction Survey Complete!

The 2024 Member Satisfaction Survey results are in and more than 65% of First National principals participated.

Thank you for taking the time to tell us what you value and where we can do better. Analysis is now underway and a report being prepared for the Board of Directors and membership.

Welcome, Robin Johnston

Robin Johnston has been appointed Chief Financial Officer at First National Real Estate, and he brings the financial authority of over 30 years of executive experience spanning retail, wholesale distribution, logistics, and the fast-moving consumer goods sectors.

Robin’s career stands testament to his commitment to bolstering independent business owners - a mission he's championed across pharmacies, supermarkets, hardware chains, and renowned retailers.

At First National Real Estate - a cooperative that champions the success of independent real estate professionals - Robin's experience is invaluable.

New listings rise as total listings fall

New listings volumes in September 2024 were 2.8% higher over the month and 10.1% higher year-on-year. This makes it the most active September for new listings since the same month in 2015. However, the total number of properties for sale has fallen amid a 2.2% decline in old listings.

Key total listings statistics:

Total listings have fallen from 249,523 in August to 243,739 in September
Melbourne showed the largest monthly fall in total listings – 3.5%
Brisbane’s total listings fell 6.5%
Perth total listings decreased 4.8%
Adelaide listings reduced by 5.8%
Hobart total listings fell 3.6%
Darwin’s total listings collapsed by 8.6%
Sydney’s total listings lifted by 0.7%

So, fresh listings (under 30 days) are up, most notably in Darwin (+25.8%), Perth and Hobart (+3.7% and 5% respectively), whereas Melbourne and Brisbane saw declines of 6.3% and 0.7%. Most cities, however, saw a reduction in older stock during the month, with Canberra being an exception, leading with a 13.3% increase.

Nationally, asking prices have increased slightly. Houses are up by 0.5% and units by 1.6%. The combined national change is a modest 0.7%. The average asking price across all capital cities shows a 0.9% increase.

Stay ahead with PMC24 - Empower, Believe, Achieve!

Our annual Property Management Conference continues, giving you an unparalleled opportunity to reconnect with colleagues and forge new connections in a social setting.

Join leading industry trainers to:

Refresh and enhance your skills
Develop a better understanding of cultural differences to achieve better outcomes in your role
Master the art of reading the room and de-escalating situations
Develop strategies to handle abrupt customers with ease
Establish boundaries that minimise challenges and conflicts

Remaining Dates & Registration Links

NSW | 24 – 25 October - REGISTER NOW

QLD | 29 – 30 October - REGISTER NOW

Negative gearing concerns smoulder

Treasurer Jim Chalmers confirmed last Tuesday in question time that Labor would not ‘knock off the current tax breaks in its housing policy. Liberal MP Michael Sukkar asked whether Chalmers directed his department ‘to work on a secret new housing tax’, to which Chalmers said it was not unusual to get policy advice.

‘We have made it really clear our policy is not to knock off negative gearing or the capital gains discount,’ Chalmers said. ‘That’s because, unlike those opposite, we are focused exclusively on building more homes. We are focused on housing supply.’

Meanwhile…

First National’s backchannels confirm that Labor’s ‘head office’ is seeking feedback from potential election campaign advisors on a cap of two or three properties being negatively geared.
The International Monetary Fund (IMF) has also chimed in, calling on the government to make Australia's tax system ‘more equitable and efficient’ by phasing out CGT and superannuation concessions.
Results of a Resolve Political Monitor survey suggest public support for negative gearing is softening, with 46% of voters favouring limits to the value or number of claims people can make with investment properties.
ABS statistics show there was a 7.3% increase in housing completions in the March quarter, but total dwelling commencements fell 1.1%, with new apartments/townhouses down 12.3% over the past 12 months (at this rate, we’ll be 800,000 homes short of targets over the next 5 years)

FN Commercial Conference – Red, Loud & Proud

The FN Commercial Conference is scheduled for 12-13 November at Melbourne’s Pullman on the Park and promises a vibrant agenda. Best of all, your office doesn’t need to be a FN Commercial subscriber to attend; all agents with an interest in commercial real estate are welcome.

Find out more and get registered here.

Learning and development in the spotlight

Learning & Development Consultant, Trevor Maher

First National is pleased to announce Learning and Development contractor, Trevor Maher. Between now and Christmas, Trevor will be reviewing First National’s training processes, past and current training programmes, and determining the suitability of an online learning management system that may complement our traditional methods.

Trevor brings over two decades of experience in HR and Learning & Development, with expertise in organisational change, talent strategy, and the design of award-winning training frameworks. He has previously led transformative L&D initiatives at prominent organisations including Crown Casino, Hamilton Island Enterprises and Salvos Stores.

His draft findings will include a thorough audit of our learning management systems, HR policies, compliance frameworks, and training programmes. His review will also consider the employee lifecycle, incorporating:

Onboarding and induction
Job-ready training
Leadership development
Ongoing professional development
Compliance and industry standards

By engaging both internal and external stakeholders, Trevor will identify gaps and benchmark our practices against industry standards to ensure alignment with First National's goal to deliver you and your teams a programme of outstanding quality.

His findings, to be presented in December, will offer strategic recommendations aimed at elevating our L&D framework and supporting the needs of our National Support Office (NSO), network principals, and their teams throughout Australia.

REIV reports on CAV meeting

The Real Estate Institute of Victoria (REIV) has met with Consumer Affairs Victoria (CAV) to obtain feedback on what the Underquoting Taskforce has been focusing on.

Pricing

Focussing on how agents are determining estimated sales price
Reviewing comparable properties and determining if they are in fact comparable
Reviewing if the median price listed is outside 10%
SOI – must be in line with regulations
They are more flexible in regional areas due to not as many comparable properties
70% of complaints being flagged are from competing agents

Blind Pricing

Blind pricing is still a key issue
REA have addressed this and price view should now override
To be clear, back-end price needs to match public price
ESP must match price view even if it says 'Contact Agent' or no visible price

Revision of Sales Price

Have to engage the seller in writing if an agent believes the price has moved
If an agent receives offers but continues to advertise at a lower price, or taking feedback from inspections the property is worth more, then the agent must change the price
If a vendor knocks back an offer that is higher than the price range, then it is known the price is wrong so the agent must change the advertised price

Fines

If a fine is issued, you can't challenge it unless you ask for a formal review
Each cover letter should explain the issue and include the inspector's email address for discussing why the fine has been issued. However but you can't debate the issue via the inspector it is simply to gain clarification

Please note CAV is undertaking to understand the “intent of the law” as opposed to the fine interpretation of each explicit requirement in the Regulations. Any time an agent is selling or leasing they must consider their obligations under professional conduct and anything that could be considered misleading.

Rental Taskforce

Rental bidding

Issuing fines for any agent not putting a price on the ad or putting a range on the ad
It is an offence to solicit a higher price which the above the advertised price

Minimum Standards

Inspecting properties at opens to ensure compliance to Minimum Standards.
CAV don't want to issue a breach in the first instance
If it is advertised but not meeting min standards, it’s not a breach however as soon as it is leased it then it’s a breach

NSW ‘Rent Check’ arrives

The NSW Government has introduced a Rent Check website, where prospective tenants and landlords can find out the median rent in particular suburbs. Unfortunately, the outcome appears to be confusion for both tenants and landlords, as each side queries their rent being too high, or not high enough.

Lodge your figures by 1 November, please

Our 2025 State Awards evenings have been finalised, so you can now add the dates to your diaries. VIC/TAS, we'll have a date confirmed for you shortly. Don’t forget to lodge your figures by 1 November as well please.

Lodge your figures here

Staying out of trouble

Victorian Business Growth Manager, James Bateman’s compliance update webinar saw 40+ diligent staff jump online for a quick refresh on all the points of compliance that CAV are focused on at present.

Thank you to FN Waverley City (Mt Waverley, VIC) for permission to reference your authority forms throughout the webinar.

‘I just wanted to thank you for the webinar on sales compliance this morning. The session was incredibly informative and exactly what we needed to help protect our business and stay proactive. I really appreciate the effort you put into organising and presenting the session. I believe we would benefit from more of these types of sessions in the future.’

Jessica Chea

FN Waverley City

Learning and development

NATIONAL

What: FREE Commercial Q & A with Sangeeta Thaker, Property Law Academy

When: Every Wednesday, 12:30 pm AEDT

Where: Zoom