03

July

2009

REIA CALLS FOR RBA TO CONSIDER BANKS' RESPONSE

The Real Estate Institute of Australia (REIA) asks the Reserve Bank of Australia (RBA) to take into consideration the likely response in bank retail lending rates as it prepares for its meeting next week to consider the setting of official interest rates.

01

July

2009

AUCTION HAMMERS OVERWORKED

The Real Estate Institute of Australia (REIA) President Mr David Airey says strong auction clearance results in Sydney and Melbourne are an indicator of an improving property market and show that the market is not being held up by first home buyers.

22

June

2009

POSITIVE NEWS ON STAMP DUTY, BUT STILL A LONG WAY TO GO

The Real Estate Institute of Australia (REIA) President, Mr David Airey said the call for stamp duty to be abolished is positive news for property buyers across Australia, however, there is still a long way to go for this to happen.

19

June

2009

INVESTORS RETURN TO THE PROPERTY MARKET

The Real Estate Institute of Australia (REIA) President, Mr David Airey says there is increasing evidence that investors are starting to return to the property market, due to attractive yields, low interest rates and the ability to earn a positive return.

17

June

2009

DEPOSIT POWER CONTINUES CORPORATE RELATIONSHIP WITH REIA

The Real Estate Institute of Australia (REIA) President, Mr David Airey is pleased to announce Australia’s leading provider of deposit guarantees, Deposit Power, will continue its corporate relationship with REIA.

15

June

2009

REIA RELEASES MORTGAGE CHOICE REAL ESTATE MARKET FACTS: OWNING A HOME BECOMES MORE ACHIEVABLE BUT NO RELIEF FOR RENTERS

The Real Estate Institute of Australia (REIA) has today released the Mortgage Choice Real Estate Market Facts publication for the March quarter 2009.

REIA President, Mr David Airey said that capital cities have shown varied results this quarter with Sydney, Melbourne, Adelaide and Hobart recording a decrease in median house prices while Brisbane, Perth, Canberra and Darwin median house prices have increased, some for the second quarter in a row.

12

June

2009

REIA PRESIDENT HEADS EXPERT PANEL AT BRISBANE HOME BUYER SHOW

The Real Estate Institute of Australia (REIA) President, Mr David Airey said if you’re looking to buy a home or investment property in the next 12 months you simply can’t afford to miss the Market Outlook – Expert Panel at this year’s Home Buyer Show.

10

June

2009

ABS FIGURES SHOW SIGNS OF A STABILISING AND GROWING PROPERTY MARKET

The Real Estate Institute of Australia (REIA) President, Mr David Airey said ABS figures released today highlight a property market that has stabilised and showing signs of growth as investors make a return to the market, with first home buyers continuing to be very active.

09

June

2009

REIA RELEASES DEPOSIT POWER HOME LOAN AFFORDABILITY REPORT: FIRST HOME BUYER ACTIVITY CONTINUES TO CLIMB

In the March quarter of 2009, Australia experienced the highest level of affordability in nearly six years with the national proportion of family income required to meet loan payments decreasing to 28.6% from 32.4% in the previous quarter.

04

June

2009

REIA CALLS ON BANKS TO PROVIDE SMALL BUSINESS WITH GREATER ACCESS TO CREDIT

The Real Estate Institute of Australia (REIA) President, Mr David Airey said that he is concerned with the delays in finance approval times and the significant increase in finance declines for business loans.

02

June

2009

FHOG BOOST DATA SUPPORTS REIA POSITION

Figures released today show that April saw the highest take-up of the First Home Owner’s Grant Boost (FHOG Boost) since the scheme was introduced in October 2008, recording a figure of 18,736.

02

June

2009

RBA DECISION NO SURPRISE

The Reserve Bank of Australia’s (RBA) decision to maintain the current interest rate for the second consecutive month is no surprise considering the continued stability that is evident in the housing market.

12

May

2009

DECISION ON FHOG A POSITIVE OUTCOME

The Real Estate Institute of Australia (REIA) is pleased with the Government’s decision to extend the First Home Owner’s Grant Boost (FHOG Boost) for both new and existing homes”, said REIA President, Mr David Airey.

May

2009

MORE EVIDENCE THAT FHOG BOOST SHOULD BE MAINTAINED FOR EXISITING HOUSING

The Real Estate Institute of Australia (REIA) President, Mr David Airey says the majority of first home buyers are utilising the current historically low interest rates, stabilising house prices and the First Home Owner’s Grant Boost (FHOG Boost) to purchase existing homes rather than new homes.

May

2009

LOW INTEREST RATES, IMPROVED AFFORDABILITY; A GOOD TIME TO BUY

Today’s decision by the Reserve Bank of Australia (RBA) to leave official interest rates unchanged following months of consecutive decreases highlights positive signs for greater stability in the housing market.

April

2009

WHO IS BUYING NEW HOMES?

“Figures released yesterday show that new housing sales have increased for the month of March, but who is buying new homes?”, said REIA President, Mr David Airey.

Mr Airey urged the Government to make decisions on the FHOG Boost based on an overall and accurate assessment of the property market.

April

2009

OPPORTUNISTIC PROPOSAL BY HIA

“The recent proposal by the Housing Industry Association (HIA) to direct even more funding for new housing is nothing more than a blatant grab at taxpayers’ funds”, said REIA President Mr David Airey

April

2009

AN OPPORTUNE TIME FOR RENTERS TO BUY

The Consumer Price Index (CPI) figures released today by the Australian Bureau of Statistics (ABS) show that the housing component of the CPI increased 0.9% for the quarter, bringing the annual increase to 5.5%, over double that of the overall index.

21

April

2009

INCREASES IN FIXED MORTGAGE RATES NEED EXPLANATION

The Real Estate Institute of Australia (REIA) President, Mr. David Airey said it is surprising that two of the largest lenders in the home mortgage market, the Commonwealth Bank (CBA) and Westpac have decided to raise fixed mortgage interest rates given the current reductions in rates by the Reserve Bank of Australia (RBA).

9

April

2009

REIA ELECTS NEW PRESIDENT

The Real Estate Institute of Australia (REIA) has elected Mr David Airey as its new President following a decision by Mr Noel Dyett to step down from the role which he has held since 2007.

8

April

2009

REIA MEETS WITH AUSTRALIAN BANKERS ASSOCIATION TODAY SEEKING EXPLANATION FOR BANKS BEHAVIOUR

Yesterday the Real Estate Institute of Australia (REIA) welcomed the decision by the Reserve Bank of Australia (RBA) to decrease interest rates by a further 0.25%, a decision that should have been welcome news for those contemplating home ownership and existing home owners.

7

April

2009

RBA DECISION SIGNALS HOUSING STABILITY

The Real Estate Institute of Australia described today’s decision by the Reserve Bank to cut interest rates by only 0.25% as a pointer to increased stability for home buyers.

3

April

2009

A TIME TO SHINE FOR THE BEST OF AUSTRALIA’S REAL ESTATE PROFESSION

The Real Estate Institute of Australia has honoured Australia’s most outstanding achievers in the real estate profession at the 2009 REIA National Awards for Excellence, held last night at the Plaza Ballroom, Melbourne.

30

March 2009

GOVERNMENT DECISION ON AGENTS TRUST ACCOUNTS A WIN FOR REIA

The President of the Real Estate Institute of Australia (REIA), Mr Noel Dyett has welcomed the decision to exempt real estate agents trust accounts from the Commonwealth Government’s Guarantee Scheme for Large Deposits and Wholesale Funding (Scheme).

16

March 2009

MARKET RESPONDING TO INTEREST RATE CUTS AND STIMULUS MEASURES

The Australian property market showed signs of stabilising in the December quarter 2008, following a series of decisions by the Reserve Bank to cut the official interest rate by a cumulative 2.75%, and increased activity by first home buyers on the back of the Boost to the First Home Owners Grant.

06

March 2009

REIA/DEPOSIT POWER HOUSING AFFORDABILITY REPORT RELEASED

Proportion of family income required to meet mortgage repayments sees largest change since 1995.

A record change is evident for the December quarter in the proportion of family income required to meet mortgage repayments.  This percentage of family income needed decreased nationally from 38.8% in the September quarter 2008 to 32.4% in the December quarter 2008.

12 February 2009

REIA CALLS UPON THE REAL ESTATE INDUSTRY TO GIVE GENEROUSLY TO BUSHFIRE APPEAL

REIA President Noel Dyett has called on real estate agents around Australia to open their hearts and wallets to the plight of the victims of the Victorian bushfires. Mr Dyett is based in Bendigo, which experienced its worst fire damage in living memory.

03 February 2009

HOUSING AFFORDABILITY IMPROVED

“Although we have seen some improvement, particularly in the first home owner market, with recent interest rate reductions and the First Home Owners Boost (FHOB), many potential home buyers are still reluctant to commit to purchasing homes.  This latest cut in interest rates should provide a lift in confidence across all segments of the real estate market”, said REIA President, Mr Noel Dyett.

13 January 2009

REIA CALLS FOR REVIEW OF SCHEMES IN PRE-BUDGET SUBMISSION

The Real Estate Institute of Australia (REIA) has prepared a pre-budget submission to the Commonwealth government highlighting issues of concern that affect the efficient operation of the real estate industry in Australia.

10 January 2009

SIGNS OF POSITIVE ACTIVITY IN THE FIRST HOME OWNERS MARKET,
LET’S KEEP IT GOING

The Federal Minister for Housing, The Hon. Tanya Plibersek has today released interim figures claiming the success for the boost to the First Home Owners Grant (FHOG).

18 December 2008

REIA WELCOMES THE CHANGES TO ADMINISTRATION OF REAL ESTATE PURCHASES BY FOREIGN INVESTORS

The Real Estate Institute of Australia (REIA) welcomes the Government's announcement of changes to the administration of real estate purchases by foreign investors.

8 December 2008

MEDIAN PRICES FALL, CAUSE FOR OPTIMISM

The Mortgage Choice/REIA Real Estate Market Facts released today has reported that the Australian weighted average median house price decreased from $459,795 in the June quarter 2008 to reach $447,659 in September quarter, a decrease of 2.6% over the quarter, and an increase of 0.7% over the year.

RBA DELIVERS A WELCOME CHRISTMAS PRESENT FOR AUSTRALIANS,BUT WILL THE BANKS PASS IT ON?

The REIA has welcomed the Reserve Bank of Australia’s (RBA) decision to reduce official interest rates by a further 1.0% today, taking the total cuts since September to 3.0%.

REIA WELCOMES $10 BILLION INJECTION TO IMPROVE AFFORDABLE HOUSING

The Real Estate Institute of Australia (REIA) welcomes the announcement of the Government’s $10 billion injection of funds, aimed at improving housing affordability.

REIA RELEASES HOUSING AFFORDABILITY REPORT

The Real Estate Institute of Australia (REIA) has today released its Housing Affordability Report. The report, which the REIA has produced for 22 years, is a comprehensive assessment of the ability of Australian’s to meet the cost of home purchase.

NOEL DYETT RE-ELECTED AS REAL ESTATE INSTITUTE OF AUSTRALIA PRESIDENT

Noel Dyett, of Victoria, has been re-elected as 2009 President of the Real Estate Institute of Australia (REIA).

REIA SUPPORTS HOLISTIC APPROACH TO IMPROVING HOUSING AFFORDABILITY

The REIA supports the Government’s National Rental Affordability Scheme (NRAS) as part of a holistic approach to providing Australian’s with more affordable housing options.

REIA URGES GOVERNMENT TO ENSURE RATE CUTS ARE PASSED ON

Earlier this month, the REIA welcomed the RBA’s decision to decrease interest rates by three quarters of a percent. A decision that should have been welcome news for home owners or those contemplating home ownership.

REIA PRAISED FOR VISION AND FORESIGHT AT WORLD CONFERENCE

At an ICREA (International Consortium of Real Estate Association) Plenary Session, Mr Dyett tabled the REIA‘s Real Estate Trends Focus Group Report under the "input for member associations" part of the agenda. "The ICREA members were so impressed by the report they sought REIA’s permission to have the report uploaded on the ICREA website so their 33 member countries present can access the document," said Mr Dyett.

REIA WELCOMES INTEREST RATE REDUCTION, BUT CALLS FOR STATES TO MAKE A CONTRIBUTION

The REIA has welcomed the Reserve Bank’s decision to reduce interest rates by a further 0.75 % today. Whilst the Federal Government and the Reserve Bank are responding to the current economic position, State Government’s should also play their part.

The REIA provided its support to the Government's initiative to double the First Home Owners Grant on existing property, and triple it for new housing

"This initiative will provide encouragement for first home buyers, and is something that the REIA has been advocating for some time" said REIA President Noel Dyett.

Welcome News, but what will the banks do?

"The Reserve Bank's unexpected decision to reduce the official interest rate today by 100 basis points or one per cent will be a significant boost for the national economy and for both existing and potential homeowners around the country" says REIA President Noel Dyett.

REIA welcomes the implementation of the First Home Savers Account

The REIA welcomes the implementation of the First Home Savers Account and urges those aspiring to own their home to consider opening an account.

Soft Housing Market in first half of 2008

The Mortgage Choice/REIA Real Estate Market Facts released today has reported that the Australian weighted average median house price increased from $458,977 in the March quarter 2008 to reach $459,216 in June quarter, an increase of 0.05% over the quarter, and an increase of 6.0% over the year.

Australasian Auctioneering Championships

New Zealand auctioneer wins 2008 Australasian Real Estate Institutes Auctioneering Championship for the second year in a row.

SOME RELIEF AT LAST FOR HOME OWNERS

"The Reserve Bank's decision to reduce interest rates this month is welcome news to homeowners and potential home owners around the country" says REIA President, Noel Dyett.

Home owners suffering

"Home owners continue to suffer following a sustained period of high interest rates and economic uncertainty," says Noel Dyett, President of the Real Estate Institute of Australia (REIA). "The Deposit Power/REIA June quarter 2008 Housing Affordability Report shows a deterioration in both rental and home loan affordability across every State and Territory in Australia for the first time since March 2004."

Appointment of REIA CEO

REIA President Noel Dyett has announced the appointment of Mr Neil Fisher as the new CEO for the Real Estate Institute of Australia. Mr Fisher recently announced his resignation as the CEO of the Australian Plantation and Paper Industry Council (A3P) and is a former Board member and CEO of Plant Health Australia Limited and Executive Director of the Grains Council of Australia. Mr Fisher will take up his appointment as soon as his term with A3P is completed.

RESIGNATION OF CEO REIA BRYAN STEVENS

Real Estate Institute of Australia CEO Bryan Stevens has resigned his position after almost seven years of service as CEO of Australia’s national association for the real estate profession. Mr Stevens will take up an appointment as CEO of the Pharmaceutical Society of Australia. An announcement will be made in the near future about the replacement for Mr Stevens.

Supply constraints, stamp duty the major impediments to housing affordability

The Senate Committee on Housing Affordability has produced a well-argued report on many of the issues driving housing affordability problems in Australia, says REIA President Noel Dyett. Both demand and supply factors have driven the nation-wide deterioration in housing affordability, both for purchasers and renters. Many of the recommendations made by the Senate Committee are sensible proposals which should be considered in the development of a holistic response to the issue by all three levels of Government.

Housing Hurting

The Australian weighted average median prices for houses and other dwellings have experienced their largest quarterly fall compared with previous quarters for the past five years, according to Mortgage Choice/REIA Real Estate Market Facts. The Australian weighted average median house price decreased by 2.7% to $458,488 in the March quarter 2008, while the price for other dwellings decreased by 2.7% to $355,297.

Enough reports ­ let´s have action on property spruikers

The release of the Green Paper on Financial Services and Credit Reform by the Government is welcome, but it’s now time for action on property spruikers. The result of this consultation process must not be yet another report to be filed away on dusty parliamentary library shelves. Consumers need action to be taken on the regulation of property spruikers.

Relief as interest rates stay unchanged

Last week, the Deposit Power/REIA Housing Affordability Report published data showing that home loan affordability was at an all-time low with 38% of median weekly family income required to meet loan repayments on new home loans. It will be with much relief that new borrowers greet the news that official interest rates will remain unchanged for the moment.

Interest Rate Increases Bite Hard

Renters and buyers are feeling the fallout from consecutive interest rate rises, says Noel Dyett, REIA President. The Deposit Power/REIA March quarter 2008 Housing Affordability Report shows a deterioration in both rental and home loan affordability across Australia.

Housing Hurting in March Quarter

Following a year of strong price increases in 2007, the Australian housing market has softened considerably since the beginning of 2008, according to March quarter house price data released by the REIA. Prices for houses in Melbourne and Canberra, in particular, have fallen significantly in the first quarter 2008, while Sydney and Perth prices are also lower. Adelaide, Darwin and Hobart showed small increases in prices for houses.

Budget provides a platform for new vision BUT the devil is in the detail

Given the current uncertain international economic conditions, and domestic inflationary pressures sitting side by side with very favourable terms of trade, a strong Government response demonstrating fiscal restraint in this Budget was required, says REIA President Noel Dyett. This has been delivered through a pullback on public demand. Promised tax cuts have also been delivered. However they may contribute to inflationary pressures.

HOME BUYERS, HOUSING MARKET HURTING ENOUGH

The decision today to leave interest rates unchanged provides some relief to home buyers, struggling to cope with a blowing out of their mortgage repayments as a result of successive official interest rate rises, as well as the additional interest rate increases imposed by many lenders in recent months, says Noel Dyett, REIA President.

National regulation needed for property investment spruikers

The REIA welcomes the Federal Government’s plans to consider federal regulation of property investment spruikers. A nationally-consistent regulatory environment is required to ensure that consumers across Australia are protected adequately.

REAL ESTATE LEADERS HONOURED AT REIA'S THIRD NATIONAL AWARDS FOR EXCELLENCE

Outstanding customer service, contributions to the real estate profession, innovation and community service were amongst the criteria for success in the Real Estate Institute of Australia's third National Awards for Excellence, announced in Melbourne on Thursday 3 April. Nominees for the Awards came from across Australia, and all had previously been selected as State or Territory Award winners. "Entries in the 2008 Awards were of the highest standard," says Noel Dyett, REIA President. "The commitment to best practice and industry leadership by all the award nominees is impressive."

NO CHANGE A RELIEF FOR HOMEBUYERS

"The Reserve Bank's decision to hold interest rates steady this month is good news for homebuyers, many of whom are still reeling from increases in February and March, as well as the additional increases imposed by some lenders," says Noel Dyett, REIA President.

INCENTIVES FOR INVESTORS TO RETURN TO PROPERTY MARKET DESPITE INTEREST RATE RISES

The Mortgage Choice/REIA Real Estate Market Facts released today has reported that the Australian weighted average median house price moved beyond $450,000 in the December quarter 2007 to reach $471,300, an increase of 6.4% over the quarter and 11.8% over the year. Four capital cities now have a median house price above $450,000: Sydney, Melbourne, Perth and Canberra. Perth house prices have flattened, moving the Perth median back to third place behind Sydney and Melbourne. Hobart remains the cheapest capital city in which to buy property.

RENTERS CANNOT AFFORD ANY MOVES TO PUSH INVESTORS OUT OF MARKET

"Media commentary in recent weeks suggesting that home loan affordability would be improved by removing or restructuring negative gearing provisions for property investors is seriously misguided," says REIA President, Noel Dyett.

BLUNT TOOLS CAN AFFECT MORE THAN THE TARGET

"While the REIA recognises that caution is required to manage the economy in the current circumstances, today’s decision to raise interest rates will hurt many. The Australian housing market is not a ‘one size fits all’ model." says Noel Dyett, REIA President. "Likewise, there are two economies in operation, with the commodities-rich States faring much better than other States. The REIA urges the Reserve Bank to be prudent and take into consideration the complexity of the Australian housing market and forthcoming price data reflecting the impact of interest rate rises, as it makes its decision about interest rates in coming months."

HOUSING AFFORDABILITY FOCUS APPLAUDED, BUT IMMEDIATE ACTION NEEDED

"The Government's announcements today, enhancing their housing affordability policy, are applauded. Initiatives such as the National Rental Affordability Scheme, First Home Saver Accounts and the National Housing Affordability Fund will assist in increasing supply, reducing development costs, and providing support to both renters and first home buyers over the medium and long term. Supply is a major problem, but this will take time to fix. Immediate action is needed to help those already in difficulty" says Noel Dyett, REIA President.

RENTERS AS WELL AS BUYERS FEEL THE STRESS

"Another severe blow was dealt to home buyers in the December quarter 2007, with interest rate rises biting hard and home loan affordability deteriorating across Australia, except in Western Australia", says Noel Dyett, REIA President. The proportion of family income required to meet average home loan repayments rose to 37.4% in the December quarter 2007, the highest level reached during the 22 years that REIA has recorded home loan affordability data. REIA data relates to all new home loans in a quarter, and excludes refinancing.

BUMPER QUARTER FOR HOUSING PRICES: FEAST OR FAMINE

The December quarter 2007 was a bumper quarter for house prices across the country, with a house median above $450,000 for four out of the eight capital cities (Sydney, Melbourne, Perth and Canberra), and price growth in all cities except Perth where the median house price was unchanged from the September quarter. "This is, of course, welcome news for home owners; however, it is making it increasingly difficult for potential owners to enter into the market," says REIA President, Noel Dyett.

INFLATION PRESSURES AND PAIN FOR HOME BUYERS

"The decision by the Reserve Bank (RBA) to raise interest rates is no surprise. Nor is the increased pain for home buyers," says Noel Dyett, REIA President. ‘Inflation is one threat, particularly in an international environment where the United States looks set to experience an economic downturn which will undoubtedly affect the Australian economy. The end result of today’s decision, however, is an increased burden for those already in debt and pain for would-be buyers, many of whom are already struggling.