Industry and network

Aussies agree - 'We put you first.'

Consumer ratings agency, Canstar Blue has announced that First National Real Estate has won its ‘Most Satisfied Customers – Buyers and Sellers’ award for 2024.

It’s the third time that First National has won the award in Australia, mirroring the achievements of our New Zealand colleagues. Congratulations everybody. You own this result.

Set against the backdrop of real estate industry-wide declines in satisfaction, First National Real Estate was the only major brand to hold fast its levels of customer satisfaction with buyers and sellers.

Since last winning the award back to back in 2016 and 2017, the First National brand has improved its appeal to women, having now achieved a 50/50 balance whereas more men favoured the brand than women in 2017. First National has also substantially increased its band of customers aged 30 to 39 years of age.

Our Fabric 'Deep Dive' with AI hosts

Would you prefer to listen to Our Fabric instead of reading this edition? Take a listen to our 'Our Fabric Deep Dive' to see how two American AI hosts discuss the contents of this edition.

Stay ahead with PMC24 - Empower, Believe, Achieve!

Our annual Property Management Conference is underway, 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

Dates & Registration

SA/NT | 15 – 16 October - REGISTER NOW

WA | 18 October - REGISTER NOW

NSW | 24 – 25 October - REGISTER NOW

QLD | 29 – 30 October - REGISTER NOW

Spring clearance rates soften as volumes increase

After a strong start to the spring selling season, the auction clearance rate fell to the second lowest for the year, the weekend before last. High listings volumes saw the clearance rate fall to 68.2% nationally – the softest since June.

Melbourne’s biggest weekend since Easter saw 61.3% of properties sell
Sydney also had its biggest weekend since Easter and managed 70.3%
With only 206 auctions, Adelaide managed 74.6%
Brisbane, with just 134 auctions suffered a 56.8% clearance

Last weekend, auctions were substantially fewer due to the AFL grand final. The preliminary clearance rate landed at 64.5% across the combined capitals, the lowest early clearance rate since December 2022. Preliminary clearance rates for last weekend were:

Sydney - 66.1% (1,196 auctions)
Melbourne - 56.7% (237 auctions)
Brisbane - 55% (151 auctions)
Adelaide - 74.6% (103 auctions)

Perth, Darwin and Tasmania data unavailable

Negative gearing under threat?

The Prime Minister and Treasurer last week reluctantly confirmed that a request for modelling on changes to negative gearing has been made of Treasury, although neither would admit it was at their instigation. Both refused to clarify what changes to negative gearing or capital gains tax are being considered.

Senior Labor officials have however hinted the options being considered might give Labor a ‘middle path’ to the election by advocating a cap on the number of properties a taxpayer could negatively gear, rather than the radical changes sought by The Greens or the status quo backed by the coalition.

The revelations suggest a third and perhaps final battle may have to be fought to avoid the catastrophic impact on rental affordability and supply that would inevitably unfold, were negative gearing to be curbed.

Principals’ Retreats wrap up

The network’s 2024 Principals’ Retreats have now wrapped up, after events in Victoria (Cape Schanck), South Australia (Adelaide Oval), Western Australia (Busselton), Queensland (Mantra Twin Towns), and New South Wales (Port Stephens).

Michael Sheargold’s presentations have empowered principals with new strategic insights and market share growth ideas, while CEO David Edwards’ presentations on the network's strategy for the next three years have put a spotlight on the network’s future direction.

2025 State Awards: Save the date

RMIT policy paper calls for rent controls

Despite the internationally proven failure of rent controls, a recently released RMIT policy discussion paper argues that an individual investor's property ownership rights should be sacrificed to the collective. It's a complicated plan that can only discourage property investment, thereby constraining rental supply and worsening Australia's affordability crisis. More…

Australia’s privacy law overhaul begins

The Federal Government has introduced its Privacy and Other Legislation Amendment Bill 2024 to parliament, meaning changes will soon affect the way we manage personal data.

What will this likely mean for real estate?

Strengthened enforcement mechanisms for data breaches
Upgraded cybersecurity requirements
More clearly defined steps you must take to protect personal information
Enhanced data sharing protocols to mitigate harm to individuals during a data breach event
Disclosure of any AI being used in decision making i.e. property management systems
Severe civil penalties for non-compliance
Personal data disclosed to other countries – for example, virtual assistant services – must assure privacy protections equivalent to Australia

When the bill receives royal assent, First National Real Estate will develop new privacy policy statements and all offices will need to update the statement hosted on the homepage of their websites.

Kasey McDonald wraps up NSW roadshow

Kasey McDonald completed her recent NSW property management training roadshow, with great feedback from our participants. She explored how to leverage technology and data, boost social media presence, and discussed scripts and dialogues for effective communication—equipping our property managers with a competitive advantage.

Anthony Booth from Alliance Partner, Sensor Global, detailed how Sensor’s smoke alarm software is saving property managers time, while making homes safer.

‘Kasey presented very well, and the session was informative. We all really enjoyed her style.’

Merissa Broderick

FN Goulburn (NSW)

Don’t get caught in CAV’s compliance blitz

Victorian sales staff and principals, join us on 10 October for Business Growth Manager, James Bateman’s briefing on Victorian property legislation compliance.

Consumer Affairs Victoria officers have been on a compliance blitz, handing out fines for the most minor of transgressions. Don’t let one of your listings be the source of an $11,000 fine.

Treasury to introduce new foreign investment portal

The Australian Treasury has announced that the Foreign Investment Review Board (FIRB) will be replacing its current application portal with a new Foreign Investment Portal for agents and investors. The new portal promises:

Greater clarity of information required during the submission process
Reduced requests for additional information
Quicker processing times

Treasury will no longer accept cover letters, so all applicants will need to complete data fields. An online information session is planned for 26 September 2024 and the new portal is anticipated by March 2025.

NSW considers new rules for pets in rentals

The NSW Government has indicated that although it has not yet codified grounds for owners to refuse consent for pets in rental properties, it expects to shortly introduce legislation similar to Queensland’s model.

Associated reforms will also require agencies to always offer tenants a ‘cost-free’ method of paying the rent. Ultimately, Premier Chris Minns says landlords will no longer be automatically allowed to say no.

Learning and development

Online

What: Commercial Webinar 3 with Wendy Thomson & Joel Rauer

When: 3 October 9:30 am to 11:30 am AEST

Where: Zoom Webinar – Online