Real Estate Industry

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As is the case with a range of sectors, Facebook has removed the posting of a range of major real estate portals, trade media and real estate member organisations.

The Facebook pages of Realestate, Domain, Allhomes and Urban, have all been obstructed as real estate portals have been affected by Facebook’s decision to ban Australian news content from its platform.

REIA is currently assessing the situation and the impact on the industry as a whole as Facebook has been an important channel to connect with Australian’s looking to buy and rent property.

The move follows the debate on proposed legislation from the Australian government that seeks to push internet platforms — with a particular focus on advertising giants Facebook and Google — to pay news publishers directly for access to share their content.

REIA President, Adrian Kelly said he is confident real estate marketing will continue to reach its customers.

“From a real estate sales perspective, buyers will go where the properties are being advertised which could ultimately be to Facebook’s detriment," Mr Kelly said

“Covid has proven that estate agents are very quick to adapt to new technologies and that will be the case in the current environment."

“As with COVID-19, for agencies and our customers, the show must go on,” Mr Kelly added.
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Facebook has removed the posting of a range of major real estate portals, trade media and real estate member organisations as of this week

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Australian real estate slapped by Facebook takedowns

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For the first time in NSW, the Government and non-Government sector will combine to conduct large-scale street counts in regional and rural areas, to help inform the state’s homelessness investment.
Minister for Families, Communities and Disability Services Gareth Ward said the initiative would complement the $10.7 million expansion of assertive outreach services to Newcastle and Tweed Heads.
“This week is National Homelessness Week and I’m proud to be part of a Government that is leading the charge on this important issue,” Mr Ward said.
“We are committed to halving rough sleeping by 2025 and these street counts will assist with planning and investment around this ambitious target.
“We are supporting people at risk of homelessness by putting more boots on the ground in the form of assertive outreach teams, which engage directly with rough sleepers and help them into stable homes.”
Assertive outreach already operates in Sydney’s CBD, Parramatta and on trains at night. They work in partnership with health services, general practitioners and NGOs to provide a targeted response and case management approach.
Recent figures reveal that more than 455 people previously sleeping rough on Sydney streets have been housed since 2017, with 92 per cent sustaining their tenancies.
“The NSW Government’s assertive outreach program is achieving great outcomes for some of the most vulnerable people in our State,” Mr Ward said.
“However, we recognise that homelessness can also be hidden. Our $1 billion investment includes initiatives to address all forms of homelessness, including programs to increase the supply of social and affordable housing.”
In 2019, Sydney became the tenth city, and NSW the first state, to join the Institute for Global Homelessness Vanguard City program. The first trial street counts will take place in Newcastle, Tweed Heads and Western NSW in coming months with a statewide count planned for February 2020.
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Efforts ongoing to shed light on regional homelessness

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The much anticipated purchase of Top Level Real Estate Pty Ltd by the Perth-based publicly listed The Agency Group Australia has been delayed yet again.
The Agency advised the December 17 settlement would be "slightly delayed."
It claimed it was "due to the time of year and public holidays."
The parties apparently remain committed to completing the transaction, and "are hopeful of doing so prior to year’s end."
It told shareholders that final consents to satisfy all conditions precedent to the acquisition are yet to be finalised.
The company undertook to keep the market updated on the move that would consolidate its east coast status.
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/19/Top-Level.jpg" target="_blank">to enlarge</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/19/Top-Level.jpg" alt="">
The Agency Group has advised its desired East Coast operations undertaken by Top Level have delivered its best month to date for FY2019.
For November 2018, The Agency (East Coast) reported Gross Commission Income (GCI) of A$2.4 million for the month.
The sales included Bellevue Hill’s Rona estate which sold for $58 million in conjunction with L&amp;S in an Australian record for a non-waterfront property.
<div class="layoutArea">The Agency (WA) and Sell Lease Property now have over 4% market share in WA, compared to the market leader which has 9% market share.</div>
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<div class="layoutArea">The Agency also experienced strong results in November 2018 reporting GCI of $1.2 million and 126 properties sold across the combined group (The Agency and Sell Lease Property) in WA.</div>
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The Agency (WA) reported 65 sales worth $33.2 million with GCI of $655,595.30 while SLP reported 61 sales worth $28.8 million with GCI of $556,000 for November 2018.
It was December two years ago when McGrath Limited has lost its head of sales, Matt Lahood.
Lahood had been with the McGrath business since 1997. He was director of sales for 12 years.
It was September when The Agency reportedly secured the funds to secure Top Level Real Estate, run by the east coast McGrath rebel agents.
It is via a complicated $8.4 million share placement, along with $5 million of Top Level debt to be converted into shares at $0.01 per share.
The extensive documentation advised total debts of Top Level currently sit at $26,993,812, and immediately following the deal will be $18,760,100.
It's less than the simple outright $10 million capital raising being sought to fund the purchase, which they <a href="https://www.urban.com.au/news/87898-the-agency-secures-two-month-extension-to-find-funds-for-the-mcgrath-rebels-acquisition" target="_blank">continually delayed</a>.
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The Agency's acquisition of McGrath rebels delayed yet again

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Three Australian cities, Sydney, Melbourne and Brisbane, feature in the Top 15 most transparent real estate markets in the world, according to JLL’s new City Transparency Report analyzing 158 cities.
By country rankings, Australia has been consistently ranked in the top two globally.
JLL and LaSalle’s Global Real Estate Transparency Index, which has "tracked the evolution of real estate transparency for two decades," has been expanded to cover 158 metropolitan areas across the globe.
In the inaugural City Transparency Index: ‘2018 Transparency in 158 cities’, London tops the ranking with the world’s most transparent real estate market.
Los Angeles, Sydney, San Francisco and New York City round out the top five.
CEO of JLL Australia, Stephen Conry said:
“We see a strong relationship between transparency and cross-border investment activity.
“New investment mandates into Australia from cross-border investors typically specify Sydney and Melbourne as their preferred destination with Brisbane increasingly identified as a market on the cusp of a cyclical recovery.
“For the three Australian cities highlighted in the JLL Global rankings – Sydney, Melbourne and Brisbane – the cross border investment figures for 2018 demonstrate the investor interest.
Among their finding JLL figures also showed that 89% of all offshore investment in the first nine months of 2018 has been concentrated in New South Wales, Victoria and Queensland.
Offshore investment into office, retail and industrial totaled $5.1 billion in the first nine months, compared to $5.73 billion across all of Australia.
“For Queensland, the offshore proportion of total investment has been high at 46.3% and New South Wales and Victoria are both at about 25%,” said Conry.
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Sydney ranks third in the world for real estate transparency: JLL

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AMP Capital announced new appointments in its real estate business, including a new role focused on growing its real estate capabilities in international markets.
Kylie O’Connor has been appointed Chief Operating Officer for Real Estate, responsible for AMP Capital Real Estate’s group-wide functions of finance, strategy, research, governance, risk and compliance, sustainability, business platforms and corporate marketing and communications.
Currently Fund Manager for AMP Capital Diversified Property Fund (ADPF), AMP Capital’s largest pooled real estate fund.
To continue to leverage the strengths of AMP Capital’s real estate capabilities globally, Merran Edwards has been appointed to the new role of Head of International Strategy, Real Estate. 
Merran Edwards joined AMP Capital in March 2016 as Executive Manager, Origination and soon after was appointed to the role of Head of Corporate Portfolio Strategy. 
Luke Briscoe, as Managing Director Office &amp; Industrial, will assume a broader role with accountability for office and mixed-use development. This change aligns with AMP Capital’s integrated management model and includes the delivery of office development including the Quay Quarter Sydney project.
AMP Capital Global Head of Real Estate Carmel Hourigan said she was delighted to announce these appointments to her leadership team, and Briscoe’s expanded role.
“I’m confident these changes support our continual focus on delivering outstanding investment experiences and our aspiration to maximise opportunities for our clients. The changes align to our ambitious international and domestic growth strategy and also demonstrate the strong talent pipeline and succession planning of our people,” Hourigan said.
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AMP Capital expands their real estate team

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Knight Frank and the Launceston firm Woolcock Partners Real Estate will be merged on July 1.
The merged operation will employ a total of 85 people.
The new firm will be branded Knight Frank with Knight Frank CEO Scott Newton and Woolcock Partners Director Sam Woolcock taking places on a Tasmanian Knight Frank board.
The new entity will offer commercial, residential, consulting and research, project marketing and valuation services.
“The new firm comes into operation on July 1. Initially our two Launceston offices … will continue to trade as normal and we aim to launch our new single brand Knight Frank in new premises in the coming months,” Newton said.
“Together we will be able to offer our clients in Northern Tasmania a complete real estate package.”
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Knight Frank real estate expands in Tasmania with merger

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The property industry is buzzing, with subscribers to the Avdiev Property Remuneration Report 2018 suggesting business conditions are better than ever in 2018.
97% of subscribers to the Avdiev Report are doing well or very well, none are doing badly, according to Avdiev.
Rita Avdiev, managing director of the Avdiev Group, says the speed of property activity is ramping up.
“From a slow start in January, companies expect to be flat out till Christmas and beyond”.
Property salary rises are up again, well above the general workforce 1.8% (ABS) and CPI 1.9 percent increases.
The juniors are doing best in the pay stakes, especially in development, design and building.
The report found that shortages of competent staff with desirable skills and attitudes are keenly felt by employers. 
The young are outpacing their seniors in the race for remuneration rises.
“The young are the future of the industry” says Avdiev. 
”Recognized and rewarded at last, they are pushing the boundaries, bypassing old hierarchies and may bring some much needed change into attitudes and working relationships of the 21st Century.”
The RBA no longer frets about the property bubble. Its new focus is on Australia's fast growing economy, expecting the flow on effect of rising company profits to lift pay levels in the general workforce this year. 
The report found that the commercial sector is set to provide the most work, with competition forcing retail assets into redevelopment.
A solid two year pipeline of work is predicted, most from the commercial sector with foreign fund inflow, asset growth and capital raisings the source. 
The Avdiev Property Industry Remuneration Report © is published annually in March.
It is the product of a formal Australia wide survey of property, investment, construction employers and built environment related consulting companies. It gives vital information on current remuneration ...
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Speed of property activity ramping up as the young take charge: Avdiev

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LJ Hooker's think-tank LJX-Lab has developed an online and offline real estate agency model to work in partnership with the LJ Hooker business.
Named Settl, it is led by a start-up team staffed with people from Uber, Atlassian, Freelancer and Airtasker. It has been in development for 18 months and is expected to launch Q2 2017. 
L Janusz Hooker, chairman LJ Hooker, said LJX-Lab is perfectly placed to create and commercialize PropTech like Settl in Australasia.
“Australia is on the cusp of a wave of property innovation. By leveraging our global network of 650 offices and partners to identify the best home grown inventions and entrepreneurs, LJX-Lab is in a unique position to develop and launch technology for the real estate industry," he said.
“We have been closely monitoring global trends for several years, and have seen new models gain momentum in overseas markets like the UK. Settl will open up this new market in Australia, giving digital-natives the choice and control they want,” he said.
 “Australia is a unique market with its own distinct circumstances - and we’ve seen time and time again that standardised overseas models are not overly successful here.
“We see the ongoing human value added from agents a critical part of real estate services into the future. To ensure customer satisfaction, Settl’s unique hybrid “online to offline” model aligns the agent 100 percent with the vendor’s result.
“By developing a model that is custom-built by Australians for Australia, and scaling it with the LJ Hooker network, we will bring more choice to consumers while growing an exciting new market for the entire industry.” 
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LJ Hooker's think-tank LJX-Lab offers hybrid model

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Over 100 real estate industry professionals faced the winter chill at Bondi Beach on Monday, spending the night sleep on the sand to raise funds and awareness for Youth Off The Streets. 
Damien Cooley of Cooley Auctions, who put together the initiative, had his initial expectations exceed, with 104 people registering for the event.
Hi initial total fundraising goal was also far surpassed, with it currently sitting at over $133,000.
<img src="/images/2016/08/26/700_jack.jpg" alt="">
Cooley and Youth off The Street’s Father Chris Riley have had a relationship for over 10 years.
There were a number of agencies that raised money as a team. Savills Real Estate is the current fundraising leader. 
Rain on the day didn't get in the way of the sleep out going ahead and despite the unfavourable conditions, the attendees were in great spirits.
Cardboard boxes to sleep on were provided by Storage King Eastgardens, with some attendees also bringing swags.
<img src="/images/2016/08/26/700_group.jpg" alt="">
Everyone made it through the night to be greeted the next morning with a bacon and egg roll from a BBQ trailer by Youth Off The Streets Volunteers.
Damien Cooley of Cooley Auctions and Youth off The Street’s Father Chris Riley have had a relationship for over 10 years.
Damien is a member of the Youth Off The Streets development committee and dedicates a lot of professional and personal time to the cause. 
“The wind got up at about 3am but I think everyone had a pretty good sleep and it really was an iconic experience sleeping on Bondi Beach,” Damien said. 
The success of the event has encouraged Damien to aim higher, with hopes of one year raising $1 million for Youth off The Streets and getting more of the industry involved.
<img src="/images/2016/08/26/700_group2.jpg" alt="">
“Next year we would really love all of the real estate agencies to really get behind and support the event by promoting it within their networks”.
“Youth Off The Streets is all about taking kids off the street and giving them a home and as agents and auctioneers, we put people in homes for a living!”
The Real Estate Sleep Out everydayhero donation page will be open until August 30, so it’s not too late to contribute to this great cause and help change the lives of youth in need.
<a href="https://www.everydayhero.com.au/event/youthoffthestreetssleepout" target="_blank">Click here to donate</a>
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