Some popular suburbs across Australian states where people are moving in

Millions exchanged hands this week as agents, buyers and sellers raced to beat the COVID-19 crackdown on inroom property auctions, while others embraced the start of livestreaming sales. Prime Minister Scott Morrison announced on Tuesday that all inroom auctions and group open homes would cease from midnight Wednesday, leading the industry to take the events fully digital, with bidding done online or over the phone. This week was on course to be the biggest of the year for auctions, with Brisbane volumes up 52.2 per cent, compared with the same time last year, with 172 homes listed to go under the hammer, according to the CoreLogic Auction Market Preview. “After the weekend, we should have a better idea on how this is going to impact the auction market going forward,” a CoreLogic spokesperson said. Among the virtual sales last night (Thursday) were 10 conducted through Ray White Queensland chief auctioneer Mitch Peereboom on the Gold Coast. “These are online private auctions. Buyers register to bid, they are able to watch the auction live and bid via our platform. We are really excited about this creative solution because we know buyers want to buy and sellers want to sell. The property market is performing strongly and we welcome this new opportunity to deliver our clients the same outcomes (they would have achieved).” Stuart McCrea of Place Estate Agency in Coorparoo said the industry could work around the safety measures introduced to protect buyers and sellers from coronavirus. “The use of video walk-throughs, all these things, allow people to bid with confidence. When your dream home comes up you shouldn’t be worried about coronavirus.” Read more:x Coronavirus: Millions in home sales as virtual rea... Millions were exchanged in a bidding frenzy as agents, buyers and sellers raced to beat the COVID-19 crackdown on inroom auctions, while others embraced the start of livestreaming sales. www.realestate.com.au

Having anticipated the recent bans on auctions and open for inspections, many propert agencies have launched a new virtual inspection tool which will allow buyers and sellers to remain in business. “Digital Inspections is the first of our new features to help the market adapt to the evolving conditions. “We all have a responsibility to flatten the curve when it comes to the spread of COVID-19, and we are focused on helping our customers continue to operate their businesses in a safe environment.” There is already digital technology in the marketplace for auctions, however REA Group CEO Owen Wilson says agents and buyers also have other paths of negotiation they can take. “It may become more common place for agents to use expressions of interest and private treaty methods to support buyers and sellers as an alternative to traditional auctions,” he says. https://www.realestate.com.au/news/open-for-inspections-go-online-as-property-market-shifts-to-virtual/x Inspections remain open online despite government ... Despite the ban on auctions and open for inspections, realestate.com.au's new tool means you can still virtually tour your dream home. www.realestate.com.au

Rental regulations around Australia are set to change in 2020 as the number of Australian renters continues to climb. While the specifics of the reforms differ across the states and territories, key changes are being implemented that have the potential to impact landlord insurance. NSW, Victoria and the ACT have already legislated changes with all three governments moving to give tenants more control over their environment, with fewer restrictions on pets, permission to make minor modifications to rental properties, limitations on rent hikes and no penalties for domestic violence victims who break a lease. Implications for insurance A number of the rental reforms have the potential to impact landlord insurance cover, and landlords and agents should review existing policies to ensure cover is adequate. Key changes and insurance cover (make sure you check the legislation in your state to determine the exact impacts on your investment): Pets In many jurisdictions, landlords will not be able to refuse tenants keeping pets at the rental. While it is the responsibility of the tenant to repair any damage caused by their pet, in the event they fail to make good, landlords may look to their insurance.  Many landlord insurance providers do not offer cover for pet damage at all, may impose low claim limits or place restrictions on cover (such as naming the pet on the lease). Landlords should check that their policy includes pet damage, the limits of cover and any conditions. EBM RentCover policies provide up to $65,000 for pet damage and place no onerous conditions on cover. Modifications Tenants in most states and territories will be able to make minor modifications to their rentals without landlord permission. As any type of work at the property increases the risk of accidental damage, landlords will need to check they have cover for this as some insurers only offer this as an additional level of cover (EBM RentCover automatically provides up to $65,000 cover for accidental damage). Certain works also need to be undertaken by licenced trades, such as plumbing and electrical, and failure to do so could void the insurance. In addition, there could also be an increased liability risk from injury or property damage. Breaking leases Being implemented and under consideration are new rules concerning breaking leases and tenants not incurring penalties for doing so (primarily in domestic violence situations). Any changes to responsibilities for broken leases which result in landlords being left out-of-pocket could impact loss of rent claims. Minimum standards In general, the condition of a premises can have a direct impact on whether an insurer will take on the risk and offer cover. The introduction of minimum standards may contribute to an insurers’ assessment of the property’s risk profile. Substandard properties (those which fail to meet health and safety requirements, which already exist in various acts, regulations and codes) are unlikely to be insurable. In addition, it is already a condition of most building policies that the premises must be maintained and failure to undertake maintenance can void a policy. State of play The rules are shifting for landlords and tenants. Read details about all states inside:x Changing legislation and landlord insurance Rental regulations around Australia are set to change in 2020 as the number of Australian renters continues to climb. While the specifics of the reforms... propertyupdate.com.au

Despite current uncertainties, experts assure Australians that the national economy has the key fundamentals in place to make a strong recovery in the event of a breakthrough in the global coronavirus (COVID-19) pandemic. KDL Property Group Managing Director Kent Leicester said COVID-19 has become a life-changing health crisis, but lessons have been learned from the global financial crisis a decade ago to find a way forward when the virus can be contained. “While we are in uncharted territory as COVID-19 spreads around the world, the response from governments, the Reserve Bank of Australia and the major banks is encouraging as we battle these unprecedented headwinds,” Mr Leicester said. “A total of $189 billion is being injected into the economy by all arms of the government, with more expected to assist business, keep people working and help those hit hard by the financial impact of COVID-19.” “A lot was learned [from] dealing with the GFC, in the end, which did not impact as badly on Australia compared with the rest of the world.” In response to COVID-19, the RBA has cut official interest rates to a record low of 0.25 per cent. At the time of the GFC in August 2008, the RBA cash rate was 7.25 per cent and was lowered to 3.0 per cent by April 2009, still way above current levels. According to the Queensland-based property developer, borrowers had lived through a decade of low interest rates with no likelihood in the near future of rates increasing significantly. “This is an excellent environment to enable investment in the recovery phase and property will be a safe haven with the share market experiencing so much volatility,” Mr Leicester highlighted. “When the health crisis is under control, people, particularly investors and residential first home buyers, should feel comfortable with what should be an amazing environment for growth.” According to the latest UBS real estate update, interest rate cuts, strong owner-occupier demand and attractive site acquisition opportunities have provided an upbeat outlook for property developers despite COVID-19. Mr Leicester said KDL Property Group, which has residential and commercial real estate projects throughout South East Queensland, has also been receiving positive feedback from customers. “Businesses have been proactive in changing the way they work under COVID-19 and are doing what is required.” “Our customers are trying to be business as usual. We are still looking to acquire sites and are continuing to work with councils on planning matters. We are thinking about the next two to three years and are viewing COVID-19 as a temporary situation we can overcome. “We are really seeing people taking a long-term and mature view of the market.” Source:x Economy will recover from health crisis hit: exper... Despite current uncertainties, experts assure Australians that the national economy has the key fundamentals in place to make a strong recovery in the event of a breakthrough in the global coronavirus... www.smartpropertyinvestment.com.au

It is a seemingly confusing time, as Australia and the world battles what has been dubbed a ‘once in a generation event’. These distressing and unusual times bring unforeseen difficulties. And unfortunately landlords and property managers will not walk away unscathed from this global pandemic. The Coronavirus outbreak will undoubtedly impact some tenants and their ability to pay rent. And it may, for a period of time, influence the way property managers inspect rental properties. …most noteworthy, the situation may determine whether or not investors can continue to pay mortgages. During this time, a lot of you will look to landlord insurance to recoup costs and cover losses. But will the rental property be protected? We answer this question (and others) honestly and transparently, to help you better understand how an EBM RentCover policy will respond during these times. Please find the answers to the below common questions inside:As states prepare to lockdown, and businesses close their doors, how does this impact the running of EBM RentCover and will I still be able to touch base with the team if I need guidance about my policy?This is a time for leniency and we have recognised our tenants need help. Can we avoid sending late notices and change our processes? What is acceptable and will this impact insurance?I have a short-term rental (protected with RentCover ShortTerm) and everyone is cancelling their reservations in light of the Coronavirus outbreak. Am I covered?If tribunals close, how does this impact a claim?Can we rely on landlord insurance to protect rental properties during times of pandemic?How is landlord insurance impacted if there is a ban on rental property inspections due to the risk on personal health and safety?I need to make a claim – is this process still the same?If my tenant loses their job due to the economic outlook (which stems from the Coronavirus) and stops paying rent, will I be able to recoup costs through my insurance?If my tenant gets Coronavirus and can’t work or pay rent, am I covered?What happens if my tenant gets caught overseas, or has to self-isolate, and during this time does not want to pay rent? Is this covered?Will the policy offer cleaning/decontamination cover following my tenant having Coronavirus and having to isolate in a rental property?It appears the Coronavirus may impact the need for rental properties. If my tenant is soon to move out and then I can’t secure another tenant because there is little demand for apartments, will losses be covered?What if we lose contact with our tenant (who told us they were going back to China or Europe) and there has been rent arrears – do we need to go to our tribunal to request possession of the property? And then when will insurance step in? Details inside:x FAQs: COVID-19 and the impact on landlord insuranc... It is a seemingly confusing time, as Australia and the world battles what has been dubbed a ‘once in a generation event’. These distressing and unusual... propertyupdate.com.au

Earlier this week, the government confirmed that it has cracked down on in-room public auctions and open house inspections. Here’s how some of the nation’s real estate bodies have responded. On Tuesday, 24 March, Prime Minister Scott Morrison confirmed that from midnight on Wednesday, 25 March, a series of new restrictions are to be applied as part of the government’s efforts to combat the spread of COVID-19 on Australian shores. “In the retail space, auction houses, gathering together in auctions rooms, that can no longer continue,” the PM said. “Real estate auctions and open house inspections, that cannot continue.” Following the news, a number of real estate bodies reached out to offer their perspective on the crackdown. Details inside:x How real estate bodies are reacting to a ban on pu... Earlier this week the government confirmed it has cracked down on in-room public auctions and open house inspections. Here’s how some of the nation’s real estate bodies have responded. www.smartpropertyinvestment.com.au