Reianews Issue 70: August 2017

REIANEWS ISSUE 70: AUGUST 2017

ALSO IN THIS ISSUE

STATE/TERRITORY FINALISTS AUSTRALASIAN REAL ESTATE INSTITUTES’ AUCTIONEERING CHAMPIONSHIPS 2017

PROFESSIONALISM – IT ALL STARTS WITH ETHICS

WHAT THE NBN MEANS FOR THE REAL ESTATE SECTOR MORE WANT TO FIND OUT ABOUT PROMOTING YOUR BRAND IN REIA NEWS?

CONTACT REIA ON 02 6282 4277 OR AT [email protected] FOR FURTHER INFORMATION. Mr Malcolm Gunning REIA President

PRESIDENT’S REPORT

Welcome to the August edition Schools Championship competitors WELCOME of REIA News. learning from the masters and seeing FROM REIA’S a pathway into the profession. The lead story in this month’s REIA PRESIDENT News is about the Australasian More information about the event that Auctioneering Championships (AAC) attracts contestants, judges, observers in Adelaide on 5-7 September. and families from around Australia The Championships is an annual and across the Tasman, including event conducted jointly by the Real how to attend can be found at Estate Institute of New Zealand www.auctionchampionships.com.au (REINZ) and the REIA representing Following on from last month’s article the most skilled auctioneers that by REINSW President and REIA Board New Zealand and Australia have member, John Cunningham, on the to offer. The story showcases all journey the REIA has embarked on the finalists from the state and towards professionalism, this month territory Real Estate Institutes. we have the second in that series. This year’s event will also be the This month the article is about second year of the Australasian ethics and its role in enhancing the Auctioneering Schools Championships practice and culture of the real estate will be contested by finalists from industry to becoming the trusted South Australia, Tasmania, and, for real estate adviser and providing a the first time, Victoria. I am sure that high level of consumer satisfaction. this year’s Championships is going I hope you enjoy reading this to be one of the best ever with the month’s edition.

Mr Malcolm Gunning REIA PRESIDENT

Follow us on Twitter @REIANational ..it happens. And when it does, you’ll want to be sure your house, and the things that make it a home, are protected. Adelaide Bank offers Home and Contents Insurance - and it’s worth its weight in gold. Home and Contents Gold from Adelaide Bank covers you for a broad range of accidental damage or loss, anywhere in Australia and New Zealand. It’s our most comprehensive, and most popular policy. But not everyone goes for Gold. Our Silver and Bronze policies could be all you need to protect what matters to you. Compare. Just for interest’s sake. A renovation, a 100 inch TV and a new couch to watch it from. If your home and contents have changed over time, so should your cover. Take a minute to review your needs. Then compare what your current home and contents insurer has to offer with our Gold, Silver, or Bronze policies. Visit adelaidebank.com.au/insurance for a quote, or call 1300 652 220 for help with choosing the cover that’s right for you. If you like what you see (or hear), make the switch. Because it’s not what happens. It’s what happens next… Get a quote now

adelaidebank.com.au/insurance

Adelaide Bank a division of Bendigo and Adelaide Bank Limited (the Bank) ABN 11 068 049 178 AFSL/Australian Credit Licence 237879 GPO Box 1048 Adelaide SA 5001. In arranging this insurance policy, the Bank acts under its own Australian Financial Services Licence number and under an agreement with the insurer CGU Insurance Limited ABN 27 004 478 371 AFSL 238291 and receives a commission based on a proportion of the product’s premium. The information in this advertisement is general in nature has been prepared without considering your objectives, financial situation or needs. You should consider your circumstances and the relevant Product Disclosure Statements available online at adelaidebank.com.au. Full details can be found in the Bank’s Financial Services Guide and PDS. The Bank and its related bodies corporate do not accept any liability for, or guarantee benefits in respect of this insurance. (S55178)(06/16) FINALISTS AUSTRALIAN CAPITAL TERRITORY

JUSTIN NICKERSON • QLD

WINNER

2016 Australasian Real Estate Institutes’ Auctioneering Championships

Alec Brown Andrew Potts Alec Brown, Peter Andrew Potts, Independent Blackshaw Real Estate Property Group Manuka, has a true Gungahlin, is a licensed passion for auctioneering real estate agent & and achieving the best auctioneer in the ACT. results. With a focus on Since commencing his creating a truly exceptional real estate career in 2005, experience Alec strives Andrew has consistently to make each auction achieved outstanding better than his last. results. His technical and Having a full understanding market knowledge, coupled PHOTO: SHANE EECEN and belief of the whole with meticulous follow auction process is up and a strong work The Australasian Real Estate Institutes’ something Alec prides ethic, has allowed him to himself on and is always maximize the value of his Auctioneering Championship will be held more than happy to clients property assets. in Adelaide on 6-7 September 2017. share his knowledge to As an auctioneer, Andrew’s his colleges and clients. professional approach and Greg Troughton, Chairperson of the Steering Committee, Training and mentoring up calming demeanor is an said that this is the most prestigious auctioneering and coming auctioneers asset for both sellers and competition in Australia and New Zealand. is a new avenue that Alec agents alike. His goal is to has recently embarked. “The competitors represent the most professional, skilled ensure all parties involved and entertaining auctioneers that each state, territory As well as calling the top have a positive experience and New Zealand has to offer. Over two days they will three highest residential on auction day. This, compete to determine the best auctioneer in Australasia”. auction sales in the ACT, along with a high auction “To win, the auctioneer needs to conduct an auction that Alec often participates success rate, has ensured is both technically perfect and entertaining”, Mr Troughton in charity events, even his continued success. concluded. securing himself this year’s ‘Allhomes Charity The winner last year was Justin Nickerson from Queensland Auctioneer of the Year’. and is one of the finalists representing Queensland again Alec loves using his skills this year. to help the community A profile of the competitors for the Australasian Real Estate in any way he can. Institutes’ Auctioneering Championship for 2017 follows and REIA wishes each and every competitor the best of luck.

»» article continues »» continued

FINALISTS FINALISTS NEW SOUTH WALES NORTHERN TERRITORY

Jesse Davidson Clarence White Daniel Harris Karl Secondis Jesse has now been Clarence began his When Daniel Harris takes Karl Secondis has been conducting auctions at auctioneering career with the stage and performs auctioneering for over 20 auctionWORKS for nine McGrath Estate Agents an auction, it’s obvious years in the Territory and years, earning him the and spent four years he came from under the is certainly well known for role as a Director in the there before joining the wing of a long line of gun his passion and success. business. In 2010 he team at Bresic Whitney auctioneers in the top end. He certainly knows his won the REINSW Novice in 2017. In 2014 he won Never one to be outdone, business well and continues Auctioneer of the year. This the REINSW Award for Daniel’s involvement in to surround himself with was followed up with the Excellence (Auctioneer) hundreds of auctions the market leaders within REINSW Senior Auctioneer and was a finalist at the with Darwin’s largest the auction fraternity across of the year in 2015 and Australasian Auctioneering agency Real Estate Australia as it assists him in a finalist in 2016. Jesse Championships. In 2015 he Central in the Northern keeping on top of his game. is also a two-time NSW was again a finalist in the Territory has instilled representative. He prides REINSW Award for Karl also gives back each in him all the skills of a himself on his relaxed Excellence (Auctioneer) year to his local community brilliant auctioneer with a and friendly style and category. lending his skills as an determination for achieving boasts some of the best auctioneer to raise much outstanding results. clients in the industry. needed funds for various Daniel’s natural ability to organisations such as the connect and communicate Starlight Foundation. In with people saw him the last three years Karl expand Real Estate Centrals has raised almost half a dominance of the Top million dollars from just End Auction business three charity auction events and grow its market at the Paspaley Star Ball. share considerably. Karl is committed to being Daniel’s skill in commanding the best auctioneer he can the attention of people in be so that he can offer his everyday life translates clients the opportunity into the auctioneering to obtain the very best arena where he engages result on auction day. the crowd to achieve the highest possible price every time.

»» article continues »» continued

FINALISTS FINALISTS NEW ZEALAND QUEENSLAND

Ned Allison Mark McGoldrick Matthew Condon Justin Nickerson Ned Allison, Grenadier Real Mark has completed three Integrity underpins Justin’s unwavering belief Estate Ltd, Christchurch, years as an auctioneer in everything Matthew and understanding of the saw auctioneering as an Canterbury, all with NZ Condon aspires to be and auction process is the exciting opportunity to Powerhouse Harcourts. For do. While still eminently cornerstone of his working expand his horizons and him the competitions were able to put on a show, he’s relationships. His love of scope of practice. He enjoys a non-negotiable because ultimately a no-nonsense auctioneering translates the fast-paced nature of his brother, mentor (and and honest auctioneer, to an energy that is an auction, the engagement at that time boss) Phil was always seeking the best irresistible on auction day. with the bidders, and and is among the legends outcome for all parties. One of Australia’s most achieving great results for of the Kiwi comps, not to Matthew initially cut highly regarded auctioneers, his owners. With four years mention the Australasian his real estate teeth on Justin is formally recognised of full time calling behind competition. The reasons sales in a major franchise as the leading auctioneer him he is always looking for non-negotiability are group, quickly proving across Australia, winning to grow and improve yes, to compete against his competence with the prestigious Australasian as an auctioneer. The the best. But also to be a the auction process as Auctioneer of the Year competitions offer a great better auctioneer, to be it became his naturally for 2016. He is a four chance to run against some better at the day job. preferred method of sale. time winner of the REIQ of the best auctioneers This experience proved to Auctioneer of the Year in Australasia and put his be a solid foundation for award for 2018, 2017, abilities to the ultimate test. his subsequent career as a 2016 and 2013 making him professional auctioneer. the state’s most awarded auctioneer of all time. Now almost a decade later, Matthew is proud to include several high profile Brisbane agencies amongst his loyal client base and has successfully sold thousands of properties under the hammer.

»» article continues continued

FINALISTS FINALISTS SOUTH AUSTRALIA TASMANIA

AJ Colman Bronte Manuel Conor Canning Andrew de Bomford Adrian AJ Colman is an The 2015 & 2016 Conor Canning is one of Andrew is a 16 year veteran Independent Auctioneer REISA Auctioneering Hobart’s leading real estate of the real estate industry servicing the South Championships winner, professionals with a focus and has been working Australian real estate Australasian Auctioneering on creating clients for with Harcourts Burnie industry conducting over Championships contestant life through high quality for the last seven years. 1000 Residential, and past winner of the honest service and going A passionate exponent Commercial & Rural Golden Gavel (2014), Bronte above and beyond to of the Auction process property auctions has started his auction secure the best possible and he has been the no.1 since 2008. competition on a high note, price for his clients. Auction listing Agent for having only appeared on Conor has also been able to Harcourts Tasmania five the competition scene in maintain a 100% positive out of the last seven years. the past three years. feedback on popular rating Andrew and his wife Bronte’s relaxed country website ratemyagent. Heidi have seven adult auction style comes from com.au through constant children between them, his background in selling communication and a the youngest being a set Riverland Real Estate. strong work ethic. He of identical twin boys who Bronte is focused on his has been nominated for have just turned 18. training and hopes to put the Rising Star Award SA auctioneers on the and was recognised as a A bricklayer by trade Australasian map in the top two salesperson in Andrew’s catch cry is not too distant future. Tasmania at the 2016 Ray “I used to build them, White awards night. now I sell them”. Conor is also a keen auctioneer and has competed in national auctioneering competitions; charity auctions and the recent Ray White “Raise More Hands” event calling over twenty auctions in one night.

article continues continued

FINALISTS FINALISTS VICTORIA WESTERN AUSTRALIA

Harry Li Michael Wood Tom Esze David Vitale As a former winner of the A genuine love of real Tom Esze commenced In 2001 David began his Australasian Auctioneering estate is reflected in his his real estate career in career in Real Estate and Championships in 2015, enthusiasm, hard work and February 1987 following has never looked back since. Harry knows the tough commitment to achieving a six year engagement in He has now had his own road ahead to be able outstanding results for the Australian Army. boutique agency ‘Vitale Fine to regain the title. his clients. A talented Properties’ that specialises in Throughout his real estate auctioneer, Michael was selling and leasing properties Even though the level of path he has seen and selected as a finalist in the in Perth’s waterside competition is getting experienced most scenarios REIV senior auctioneering suburbs for 10 years. better by the year, Harry that can happen to an competition in 2013, is determined to not only agent, as well as practicing As an already successful 2014 and 2016. Michael’s bring the title back to all methods of sale available ‘private treaty’ orientated passion for real estate Victoria, but also join the in the market place… in his agent, David further honed has been at the expense rare club of winning the own words, “The method his skills and became an of his golf handicap. He competition multiple times. of sale by auction is the ‘auction focused’ agent due still tries to play as often most accountable and to developing a steadfast as possible as a member effective process available faith in the process when of the Victoria Golf Club. to the seller and the agent facilitated by a true He also frequently visits to realise the premium professional. The natural the Kooyong Lawn Tennis outcome!” He likens the progression from there was Club and enjoys using the process for an agent to of course to become an club’s facilities by keeping a skilful surgeon, scalpel Auctioneer. He now calls fit in the gym or playing in hand and performing auctions for many agents the odd game of tennis. a routine procedure all over Perth as a freelance with true precision Consultant Auctioneer and and real conclusion! passionately advocates the advantages of going with the ‘auction option.’

Australasian The Real Estate Institutes’ of Australia and New Zealand present the Australasian Auctioneering Schools Auctioneering Championship to be held in conjunction with the Australasian Auctioneering Championships in Adelaide in September Schools 2017. Come along and see the youth and vitality of the next generation of real estate agents. Students from Tasmania, Championship South Australia and Victoria who have succeeded in their respective Real Estate Institute’s competitions and have earned the right to compete at the highest level.

2017 AUSTRALASIAN AUCTIONEERING CHAMPIONSHIPS

CROWNE PLAZA ADELAIDE 5-7 SEPTEMBER

FOR MORE INFORMATION VISIT: WWW.AUCTIONCHAMPIONSHIPS.COM.AU

This article is brought to you by John Cunningham President, REINSW and REIA Board Member PATH TO PROFESSIONALISM PART2

IT ALL STARTS WITH ETHICS

If you think ethics is just for Being ethical is part of what defines Perception or reality? us as human beings. We’re rational, philosophers and intellectuals, The Professional Standards Councils, thinking, choosing creatures and think again. Ethics are at the with its agency the Professional we all have the capacity to make core of everything we do and Standards Authority, is the conscious choices – although we independent statutory body shape our behaviours. As our often act out of habit or in line responsible for promoting industry travels the pathway to with the views of the crowd. professional standards. professionalism, we must We all ask ourselves ethical questions They use the 5 Es to define the decide the guiding principles whenever we think about how we elements that are necessary to qualify that define our collective should act, and our ethics provide as a profession. The first E is ethics a framework for answering these and, in order to be recognised as a behaviours and strive to always questions. Importantly, ethics allow profession, our industry must act in accordance with them. us to act in a manner that accords demonstrate that we collectively with a core set of principles. adhere to a prescribed set of ethical standards. Ethical people have what philosopher Thomas Aquinas called a “well- Consumers don’t trust real estate agents and survey after survey informed conscience”. They live what shows this. Socrates called “an examined life”. They try to answer the questions of how to Market research company Roy Morgan live by reflecting on difficult situations. has been polling Australians about the And they act in a way that’s true to trustworthiness of different professions who they are and what they believe. since 1975. Real estate agents have always polled poorly. In its 2016 Image So what does this have to do with of Professions survey only 10 per cent real estate and why is it relevant to of those surveyed rated agents as professionalism? ‘very high’ or ‘high’ in terms of ethics

»» article continues »» continued

and honesty. Only advertising people As an industry, we’ve developed a like mushrooms’. Buyers weren’t and car salespeople scored worse. ‘look at me’ mentality. Agents are considered to be important. After all, known for their ‘it’s all about me’ This ‘unethical and dishonest agent’ we were the ones that were in control. mentality and we joke about ‘real stereotype was tested by CoreLogic We controlled the stock levels, we estate rock stars’. It’s a mentality in its 2015 Consumer Perceptions of controlled the property, we controlled that’s incredibly damaging and one Real Estate survey. The key finding everything. It’s an attitude that, in that doesn’t signal professionalism. was while a majority of sellers a lot of ways, continues today. reported positive experiences with Like it or not, our behaviour But we live in a changing world. agents, with 31 per cent rating matters. Consumers judge us on our The power balance has shifted and the experience as ‘excellent’ and behaviour and for our industry to consumers hold far more power. 35 per cent as ‘good’, slightly rank so low for ethics and honesty They’re more sophisticated and more than a third of respondents means that our behaviour has been have access to far more information (34 per cent) said the service they well below par for a long time. received was underwhelming than ever before. Their expectations and even angered them. A changing world are high and if they’re not satisfied they’ll let you know – loudly! Whether agents are actually unethical It begs the question: why has it and not to be trusted is beside been allowed to go on for so long? The bar has been raised and the point. Perception is reality consumers have no hesitation in and our industry has a massive There’s been a lack of appetite in the calling out behaviour they see as perception problem. But why? industry to address the issue. The focus unprofessional and unethical. for far too many agents for far too In a word, behaviour. Every action long has been on making money – and Missing piece of the puzzle we take and every word we say is lots of it. Why derail the gravy train? driven by our learned behaviours. The fact ethics is not part of the Disappointingly, the need to behave But what is it that’s informing these formal learning process agents in a professional manner seems behaviours? It should be ethics – must go through to gain their our system of guiding principles to have been missed by some qualifications is a fundamental flaw that allow us to judge good from agents – lost along the way in their in the industry’s education system. bad and right from wrong. desire to gather all the outward symbols and trappings of success. As agents, we don’t receive any The real estate industry has all formal training in ethics. There but lost its collective system of A prevailing attitude of arrogance should be an ethics unit in our formal guiding principles. Ethics have and entitlement is also at play. learning framework and all agents long been forgotten. They’re not I can remember going to training should be required to pass it. trained and are not held as being courses and conferences back in the essential to success as an agent. 80s and being told to ‘treat buyers But can ethics be learnt? Yes.

»» article continues »» continued

Some will argue that ethics can’t Starting point influencers to take the new code of be learnt. I disagree. Ethics don’t ethics back into their teams, agencies The fact that the journey toward necessarily come naturally – but they and franchises and lead by example. professionalism starts with can be learnt. We learn ethics from ethics is no coincidence. We can’t expect to move beyond the our parents as we’re growing up. bottom rungs in consumer opinion We learn them at school. And when Ethics needs to inform everything you surveys unless we first behave in a way we head out into the workforce, we do as an agent. Without ethics, your that provides a better experience for learn them from those around us. education and experience means little. clients, so they place a higher value on Ethics provide a structure within which Ethics must be your driving force. our services. Until this happens, there to act. Once you understand that Why do you get up in the morning will be continued downward pressure structure, you know how to act and and do what you do? Is it because you on the perceived value of what we do. genuinely care about doing the best you can flourish. Our industry leaders REIA is focused on driving the are in a position to set the tone. But job for your clients? Or are you just in it for yourself? For the money? evolution of our industry and we’ll if our leaders are demonstrating be working closely with members to a flawed ethical compass – if An ethical agent is someone who puts ensure the most appropriate ethical they’re slaves to the mentality of their client’s interests at the forefront. framework is in place so we can ‘me’ – then that’s what we learn. It’s a big shift in mindset – moving achieve the standards set down by As well as being part of the formal from a ‘me’ focus to a focus on clients. the Professional Standards Councils. When faced with challenging questions, learning process, ethics training We’re looking forward to working with ethical agents always ask themselves must become part of every agent’s members as we establish a new ethical ‘what ought I do?’. They always put ongoing professional development. framework for our industry that will their client first and their clients know Learning and applying ethics is an create new consumer expectations precisely what they stand for. Their ongoing, never-ending process. And about what it means to deal with a behaviours are informed by a guiding we can all learn from those agents professional member of the state set of principles to which they stay true. who are already operating ethically and territory Real Estate Institutes. and honestly. Over the last few Over the next 12 months, we will years, we’ve seen a lot of agents be working with agents across really up their game. More and more, the industry and consumers to agents are striving to operate at the draft a new code of ethics. highest level and act in a completely The new code of ethics will be our professional manner. They don’t just guiding principles. It will reflect our talk the talk, they walk the walk. collective values and represent the way But what’s missing is a formal ethical we want consumers to view us. We’ll framework for the industry. then be looking to industry leaders and

»» article continues Dr Deen Sanders CEO of the Professional Standards Authority

»» continued

UNDERSTANDING PROFESSIONAL ETHICS

CEO of the Professional Standards The goal is to build an ethical system When a profession is looking to be Authority, Dr Deen Sanders, that articulates ethical practices recognised under the professional explains what ethics means in the in a document that is far more standards legislation, we’re not context of professionalism. substantial than a simple statement only interested in the fact that a When we talk about ethics in the of what is right and wrong. documented code of ethics is in context of professionalism, we’re place, but who was involved in the really talking about ethical systems. Negotiation development of that code and how it encourages good practice and For a code of ethics to be meaningful, When most people think of ethics, they affects changes in behaviour. think about the personal idea of right it has to be negotiated with the entire and wrong. But in a professional context, professional community – and that It’s about inviting people into a we’re not just talking about personal community extends further than conversation about the ethical views. We’re looking at how right and the practitioners themselves. standards that are shared and how members of the profession will be wrong are defined by the collective There needs to be negotiation held accountable to those standards. group of professionals and how that and consultation with not just feeds into a professional system of practitioners, but also with clients Compliance codes and rules that give everyone and consumers. What an agent confidence in the right procedure. thinks professional, ethical behaviour For a code of ethics to be genuinely There’s a difference between personal looks like could potentially be quite robust, the real test is how compliance ethics and professional ethics. different to consumer expectations. is monitored and enforced. When it comes to professional ethics, It’s quite normal for emerging How do you test for compliance? How it’s not a case of what you may professions to spend a lot of do you measure it? An important part personally believe is ethical. It’s about time talking to each other and of a good code of ethics is building in what the collective profession has not enough time talking to ‘evidential capacity’. Writing practice negotiated and agreed to be ethical. consumers about their services. standards and ethical statements in

»» article continues »» continued

such a way that it can be objectively, This means they need to – via their that the members of the profession rather than subjectively, determined professional body – investigate are always going to be competent. instances of failure or malfeasance if someone has failed to meet their To that end, the regulatory framework and take steps to enforce penalties, ethical obligation under the code. applied by the Professional which may include the loss of Standards Councils and its agency, Ultimately, genuine professions registration or membership. Generally, the Professional Standards are about ensuring consumers a complaint system will be in place to can have confidence in dealing Authority, involves annual audits of allow consumers and other members professional associations to ensure with its members, which means of the profession to report instances not only the maintenance of ethical a profession is really only strong of potential non-compliance. standards, but also their continued when it removes the people improvement in response to market, that undermine that confidence. Ongoing commitment member and community needs. The brand of every professional Approval as a profession is a lifelong member is affected by the unethical commitment. It’s a commitment and unprofessional practices of to a different future for members a small minority of members. So of the professional community you need to have an evidential, – practitioners and consumers objective framework against which alike. And it’s a commitment you can assess why they should to continuous improvement of stay or why they should go. professional standards and conduct. This is also why an industry trying The barrier to recognition as a to meet the requirements of a profession is high and the standard profession must demonstrate that required to maintain professional they have the capacity to police status is equally high, because the their own ethical standards. community need to have confidence

»» article continues Rob Ward CEO at Di Jones Real Estate

»» continued

AN AGENT’S PERSPECTIVE: TRANSPARENCY IS THE KEY

It’s true. Our industry has a real their credibility and it feeds a – everyone has a different version of perception problem. And, in a lot of perception of dishonesty – that what clean is. It’s the same with ethics. ways, we’ve done ourselves no favours. they’re hiding something. Everyone has a different background and a different life story. We all look I believe the perception that agents As an industry, we need to treat at situations slightly differently. That’s are dishonest and unethical can, in all our clients in the way we would why we need to come together and many ways, be traced back to a lack of like to be treated. Only by being as agree on our collective values in transparency. If we’re going to change transparent as possible across all the form of a new code of ethics. this perception for the better, we need aspects of the transaction will we Agency leaders have a central role to become more transparent about start to chip away at the perception to play. We need to lead by example. what we do and why we’re doing it. that agents are unethical. We need to demonstrate to our Far too many agents continue to But one of our biggest challenges is teams that our behaviours matter. keep clients in the dark. By not defining what is and what isn’t ethical being transparent, they damage behaviour. It’s a bit like cleanliness ACCC TAKES ACTION AGAINST DOMAIN REGISTRATION BUSINESSES

The ACCC has instituted proceedings against Domain Name Corp Pty Ltd and Domain Name Agency Pty Ltd (also trading as Domain Name Register) (the Domain companies) alleging that they engaged in misleading or deceptive conduct and made false or misleading representations to Australian businesses about the domain name services they offered.

The ACCC is also alleging that the sole signing up for a new domain name Background director of both the Domain companies ending in either a .net.au or .com The ACCC’s Scamwatch website suffix that the business might not have was involved in the conduct. has previously warned about needed or wanted,” ACCC Deputy From November 2015 to at least April unsolicited domain name registration Chair Dr Michael Schaper said. this year, the Domain Companies offers link( is external). sent out approximately 300,000 “It is alleged that the notices sent out Unsolicited domain name registration unsolicited notices to businesses, by the Domain Companies offered offers are a type offalse billing scam which the ACCC alleges looked like domain names that looked very similar (link is external). In 2016, more a renewal invoice for the business’s to the business’s current domain than 14,500 individual reported existing domain name. Instead, these name. This detail and the fine print to a combined loss of more than notices were for the registration disclaimer were easily missed.” $650,000 to false billing scams. of a new domain name, at a cost “The ACCC believes that Australian ranging from $249 to $275. businesses and organisations paid Source: Australian Competition “The ACCC alleges that because approximately $2.3 million to the & Consumer Commission these notices looked like they were Domain Companies as a result of renewal invoices, many businesses receiving the notices,” Dr Schaper said. paid them thinking they were simply The ACCC is seeking declarations, renewing the domain name for their injunctions, pecuniary penalties, business. The ACCC is alleging that the corrective advertising, disqualifying businesses were instead unwittingly orders against the director and costs. Protect your client’s rental property and income

Landlord insurance from just $1 a day* Terri Scheer is Australia’s leading landlord insurance specialist, offering protection for your client’s rental property from risks that standard building and contents insurance may not cover. Loss of rent Malicious and accidental damage by tenants Theft by tenants Flood, storm and water damage Damage by pets May be fully tax deductible Call 1800 804 016 or visit terrischeer.com.au

Australia’s Leading Landlord Insurance Specialist

*Across Australia, 71% of Terri Scheer customers paid $1 or less a day for their Landlord Insurance Policy. Premium is based on all Terri Scheer Landlord Preferred and Landlord Self-Managed Insurance policies purchased or renewal in the 12 months 01/03/16 to 28/02/17, inclusive of taxes. Conditions and legibility criteria apply. Consult your tax advisor in relation to tax deductibility of premium. Insurance issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as Vero Insurance. In arranging your insurance, Terri Scheer Insurance ABN 76 070 874 798 AFSL 218585 acts under authority given to it by Vero Insurance. Read the Product Disclosure Statement before buying this insurance and consider whether it is right for you. Call 1800 804 016 for a copy. Protect FAKE LISTINGS CREATED your IN RENTAL SCAM client’s rental

Scammers uploaded 31 fake property listings on a REINSW member’s website and the property property portal Domain, in a bid to possibly obtain bank details and photocopies of passports and drivers licences.

The scam targeted an agency in If anyone had filled in the application a consequential business interruption and Sydney’s northern beaches over form, including their bank details, it loss caused by a system outage. is possible the scammers could have the weekend by uploading fake However, some insurance would stolen money from their account listings which purported to be from offer this cover as an extension together with their identity. income the agency. for an additional premium. It is not known how the scammers The principal of the agency, who has JLT added there are crime insurance gained access to upload the been in real estate for 33 years, policies which will normally extend contacted REINSW to warn members listings and this incident is the the cover to include “the unlawful to be on their guard against a similar latest of several scams which have taking or fraudulently induced cyber-attack. targeted real estate agencies. transfer of monies resulting from REINSW reported in May how a computer violation or unauthorised He said: “I first twigged something * member had $757,000 stolen from manipulation of computer systems”. was wrong when I started receiving Landlord insurance from just $1 a day their trust account in an online theft. phone calls on Sunday morning about The benefits of a crime policy are: Terri Scheer is Australia’s leading landlord insurance specialist, offering protection for your client’s rental Read more about the theft here. properties for rent on our website • It can be tailored to clients’ needs property from risks that standard building and contents insurance may not cover. that were not in locations we list in. How can you protect yourself • Coverage includes acts by Loss of rent “Some of the properties were in from online scams? unidentified employees • It can be extended to cover Malicious and accidental damage by tenants Melbourne, Brisbane, Tasmania There are several cyber insurance and Western Australia, and for silly third party theft, forgery, Theft by tenants policies available, but these counterfeiting and computer prices to bait people to apply. Flood, storm and water damage only cover certain incidents. crime making it a comprehensive commercial crime policy. Damage by pets “As soon as I found out we contacted Jardine Lloyd Thompson, who the portal who uploads our listings May be fully tax deductible underwrite Realcover Professional REINSW also advises members to who took them down on the same Indemnity Insurance, say a cyber be diligent in checking their website Call 1800 804 016 or visit terrischeer.com.au day. We also contacted anyone who insurance would not normally frequently to avoid a similar situation. made enquiries to find out if they cover a pure financial loss from had applied, but fortunately no one fraudulent access which doesn’t Source: The Real Estate Institute had filled in an application form.” involve the loss or damage of data or of New South Wales Australia’s Leading Landlord Insurance Specialist

This article is brought to you by Ray Ellis, CEO of First National Australia Get some NEW FINANCIAL YEAR: YOUR PROPERTY GOALS good advice from the super professionals for the real estate industry.

We’ve been managing super for Australia’s real estate employees since 1975, so it’s fair Whether you’re looking to buy Whether you want to buy soon or ‘“Rentvesting” – the practice of to say we know what we’re doing. your first home, upsize, sell or in the future, non-property owners renting out your main residence in one invest, there are plenty of who are looking to get on the place and purchasing an investment For over 40 years our members have enjoyed: ladder should start saving towards changes you can make to reach property in a more affordable area • Low fees a deposit in 2017. This goal may was also identified as an emerging • All profi ts returned to them your property goals this new impact lifestyle choices but there • Strong long-term investment returns* financial year according to First are simple ways to save, including: trend in the CoreLogic Report’. Our expert advisers can assist with: National Real Estate chief • Your monthly budget should 3. Sellers – make a smart renovation executive, Ray Ellis. reflect income and expenses • options on how to maximise your super If you are not planning to sell your • Reduce ‘lifestyle’ choices • investments ‘At First National Real Estate, we’re by taking lunch to work home in 2017, it is the perfect • insurance encouraging all of our customers • Eliminating unnecessary spending time to make renovations that • retirement planning to make (and keep) a property- • Ensure your bank accounts will increase your home’s value. related goal’ said Mr Ellis. maximise benefits for you A fresh coat of paint or new light Call us on 1300 13 44 33 for low-cost ‘Whether you want to buy your first • Take advantage of the Federal fixtures will add value to a home advice on your super options, or visit home or take advantage of new Government’s First Home but be careful not to over-capitalise. www.reisuper.com.au/super/advice Government incentives to downsize, Super Saver Scheme. The main game is to prepare your *Past performance is no indication of future performance. there are steps you can take to make 2. Homeowners – purchase an home now in preparation to sell. your property dreams reality this year’. investment property Here are First National’s three If you already own a home, this Work with a real estate agent in tips for the financial year could be the year to purchase an order to understand what buyers are 1. Prospective buyers – stash away investment property. Property looking for in your local market. First a deposit investors enjoy the benefits of: National Real Estate is Australia’s Low fees Not having the deposit is the number • Reasonably secure returns largest independent network of Profi ts to members one roadblock for property buyers, • Owning an asset with a real estate agents, with nearly Strong returns as outlined in the recent Housing potential to grow in value 400 offices throughout Australia, Braden Walters, REI Super member www.reisuper.com.au Affordability Report by CoreLogic. • Leveraging their existing New Zealand and Vanuatu. Although you aren’t required to property equity to facilitate an investment loan have a 20 per cent deposit to buy a home, it certainly helps to have • A reliable income from Issued by: First National Real Estate rent payments. a substantial deposit before taking For further information contact: out your first mortgage because ‘You don’t necessarily need to Stewart Bunn, National Communications Manager, First National Real Estate The information provided does not constitute fi nancial product advice. However, to the there will be no need for expensive, be a property owner to become extent that the information may be considered to be general fi nancial product advice, on 1800 032 332 or 0413 624 317 REI Super advises that it has not considered any individual person’s objectives, fi nancial ongoing, mortgage insurance. an investor’ said Mr Ellis. situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. Please note that past performance is not a reliable indicator of future performance. REI Superannuation Fund Pty Ltd ABN 68 056 044, 770 AFSL 240569, RSE L 0000314, REI Super ABN 76 641 658 449, RSE R1000412 MySuper unique identifi er 76641658449129. April 2017. REIS 52664 Your life your fund

Get some good advice from the super professionals for the real estate industry.

We’ve been managing super for Australia’s real estate employees since 1975, so it’s fair to say we know what we’re doing.

For over 40 years our members have enjoyed: • Low fees • All proﬁ ts returned to them • Strong long-term investment returns*

Our expert advisers can assist with: • options on how to maximise your super • investments • insurance • retirement planning

Call us on 1300 13 44 33 for low-cost advice on your super options, or visit www.reisuper.com.au/super/advice

*Past performance is no indication of future performance.

Low fees Proﬁ ts to members Strong returns Braden Walters, REI Super member www.reisuper.com.au

The information provided does not constitute fi nancial product advice. However, to the extent that the information may be considered to be general fi nancial product advice, REI Super advises that it has not considered any individual person’s objectives, fi nancial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. Please note that past performance is not a reliable indicator of future performance. REI Superannuation Fund Pty Ltd ABN 68 056 044, 770 AFSL 240569, RSE L 0000314, REI Super ABN 76 641 658 449, RSE R1000412 MySuper unique identifi er 76641658449129. April 2017. REIS 52664 AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION ASIC WARNS CUSTOMERS ABOUT SCAM EMAILS

The Australian Securities and Some customers continue to receive To help protect yourself online, emails claiming to be from ASIC, you should: Investments Commission containing attachments or links to • keep all anti-virus, malware (ASIC) has again warned its fake invoices. These fake emails and spyware protection Registry customers to be appear similar to ASIC emails and software current generally instruct the recipient to click • avoid clicking on any suspicious links vigilant of scam emails on a link or download an invoice. • ensure you have a firewall purporting to be from ASIC. Scammers use a variety of deceptive and it is up-to-date; and methods to elicit payments, spread • scan email attachments with software viruses, install spyware security software before or malware programs to access opening them – especially if or steal personal information. they are executable (.exe) files or zip (.zip) files. These files are ASIC Commissioner John Price said, more likely to contain malware ‘It is always important to be wary or ransomware viruses. of unsolicited emails that demand Anyone unsure about the authenticity payment or contain suspicious of an email, can visit the ASIC attachments or links, especially website for more information, at if you have never dealt with the www.asic.gov.au/asic-scams organisation they are from.’ ASIC’s MoneySmart website has An email will not be from ASIC if some great tips about protecting it asks you: yourself from online scams. • to make a payment over the phone Anyone affected by a scam can • to make a payment to report it to the ACCC via the receive a refund Scamwatch ‘Report a scam’ page. • for your credit card or bank details directly by email or phone • to download software to Source: ASIC your electronic device. And is probably a scam. When did you last review your Professional Indemnity cover?

When your business is starting out you like to keep things simple, but as your agency grows, so does your level of risk. The cover that was right for you in the beginning may now place you in a position where you are underinsured.

Don’t be caught out, get a free insurance health check and ensure you have the right level of cover.

Contact: 1300 734 274 [email protected] aon.com.au/realestate

* Conditions apply. For full policy wording please contact 1300 734 274. © 2017 Aon Risk Services Australia Limited | ABN 17 000 434 720 | AFSL 241141. This information is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. So before deciding whether a particular product is right for you, please consider the relevant Product Disclosure Statement or contact us to speak to an adviser. AFF0834 0517 THE DEPARTMENT OF COMMUNICATIONS AND THE ARTS WHAT THE NBN MEANS FOR THE REAL ESTATE SECTOR

The Department of Communications and the Arts provided the following information about the NBN and its implications for the real estate sector to the REIA.

We are all using the internet more mean better access to a wide range would organise other infrastructure and more every day. We use it at of services including video services like electricity, water or sewerage. work to source information and like Foxtel, Netflix and Stan. Developers can choose any communicate with clients and it is a telecommunications provider to With our reliance on broadband vital platform in real estate marketing. service their development. If a growing, we expect new property For most of us, the internet is also developer doesn’t choose a provider, buyers and renters will be increasingly now one of the main ways we access NBN Co is the infrastructure interested in the types of broadband entertainment and stay in touch with provider of last resort where it has services available at properties and family and friends. This means fast, already established its network and reliable broadband internet is quickly whether broadband is connected. in larger developments (100 lots becoming an essential service. Many real estate agents are already or more). This means NBN Co providing information about the must provide infrastructure on Our existing telecommunications availability of the NBN or other commercially agreed terms if no infrastructure has come under telecommunications services at other telecommunications provider is pressure as our internet usage properties. This is information that supplying it. Telstra is responsible for becomes more sophisticated and can easily be provided on sales smaller developments (less than 100 data-intensive. That is why the websites or flyers for inspections. lots) pending the rollout of the NBN. Australian Government is rolling NBN Co, the company rolling out the out the NBN across Australia to NBN, provides a detailed rollout map As with established properties, we replace the Telstra copper network expect buyers and renters in new at www.nbnco.com.au/rollout. in residential areas. In 2012, the developments will increasingly be average internet download speed in The rollout of the NBN has also asking what telecommunications Australia was just 4.1 Megabits per led to significant changes in the infrastructure is available at their second (Mbps). The NBN will make provision of telecommunications premises. They will want to know the internet speeds of at least 25 Mbps in new developments. Developers developer has done the right thing and available to all premises and much are now responsible for organising had infrastructure installed so services higher speeds to the majority of telecommunications infrastructure can be connected once they move in premises. Better broadband will in their developments just as they and contact a retail service provider.

More information is available on the Department’s website at www.communications.gov.au/telecommunications-new-developments You can also contact the Department’s New Developments team at [email protected] or phone 02 6271 1000 VALE ROBERT (BOB) WEMYSS FREWIN OAM

Robert (Bob) Frewin, who had a long and • Member, Indicative Planning Council of distinguished career in real estate, passed NSW for the Housing Industry 1975-1990 away on 4 August 2017. • Board member of World Real Estate Robert Frewin was a distinguished past Federation 1973-1984 president of both the Real Estate Institute of • Chairman, World Real Estate Congress Australia and the Real Estate Institute of New Sydney 1973 South Wales. • Inaugural Chairman, Small Business Development Council of NSW, 1976-1977 In 2007, Robert was awarded the Medal of the • Consultant, Chambers and Frewin First Order of Australia (OAM) in the General Division National Real Estate since 1985; for service to the real estate industry, former owner particularly through executive roles with • Involved with the development of shopping professional organisations, and to the centres at St Ives, Northbridge, Hurstville, community through charitable, aged care, Hillsdale, Turramurra and Hornsby. sporting and service groups. • Member, Building Committee, Hornsby • President – Real Estate Institute of Ku-ring-gai Care Association, Honorary Australia 1981-1982 Director 1993-2003; the Association controls the charity that owns three • Vice President – Real Estate Institute aged care facilities in Turramurra of Australia 1980-1981 • Vice President Ex-Servicemen’s Association • Member of the Board of the Real Estate Pymble Golf Club 1994-2004 Institute of Australia from 1962-1984 • Member of Convocation Macquarie • President – Real Estate Institute of New University South Wales (REINSW) 1970-1971 • Member Wahroonga Rotary Club 1976-1984. • Vice President 1961-1962 nominated to the Board of REINSW 1960 a member since Frewin had many friends and colleagues in the 1958 and awarded Life Membership industry and will be sadly missed. of REINSW in 1979 The Real Estate Institute of Australia and the • Awarded Certificate of Merit REINSW 1974 Real Estate Institute of New South Wales extend • REINSW representative Auctioneers and their sincere condolences to his wife Nona, his Agents Council 1979-1988 daughters Sandra, Wendy and Cheryl, his • REINSW representative Society of Land sons-in-law, his grandchildren and great Economists for five years grandchildren. FIABCI

NEWS

The first FIABCI World President from India, Farook Mahmood, launched his term with a visit to two FIABCI Asia-Pacific Chapters: FIABCI-Taiwan and FIACI-Malaysia. His agenda for both visits included a discussion of the City Prosperity Index (CPI), UN-Habitat’s tool to provide metrics and data for evaluating urban development. The tool has been applied in more than 500 cities around the world to date.

A qualitative aspect of the tool Ajderhanyan signed an MoU in who is talking with FIABCI Chapters measures the perceptions of people Nairobi with UN-Habitat in support about opportunities to engage in living in the urban area. This important of city sustainability assessment positive urban transformation in component is thanks to an online tool worldwide. The CPI initiative is an times of continuous urban growth. “Through the evaluation of this offered by FIABCI, built using Circles important part of this agreement. index, cities can have a better of Sustainability methodology. It is “The aim of the CPI is to enable city understanding of themselves. It being modified to have the same authorities to identify opportunities identifies the underlying problems, indicators of quantitative CPI. and potential areas of intervention the strengths and weaknesses. It In May of this year, 2015-’16 for their cities to become more gives a snapshot of the current state of the city, paving the way FIABCI World President Kirkor prosperous,” said Farook Mahmood, for development by adapting the most efficient strategies for sustainable urban development.” Beyond the CPI discussion, the goal of the Chapter visits was to boost ties with this important world region and to explore opportunities to grow the membership in the Asia-Pacific region.

FIABCI panel on CPI initiative at 2017 MIPIM. Pictured L to R: 2017-18 World President Farook Mahmood, 2016-17 World President Kirkor Ajderhanyan, Eduardo Moreno (UN-Habitat), 2015-16 World President Danielle Grossenbacher and 2010-11 World President Enrico Campagnoli Register now for the 2017 REALTORS® Conference & Expo 3-6 November 2017 Chicago USA The sky’s the limit! Read more INDUSTRY UPDATE Industry news from around Australia

NCAT legislation amends appearing in RP Data Professional. “Our members are now equipped with needed ASAP A new partnership between REIWA the finest WA property data to be able to provide extensive market information A decision that could leave tenants and and CoreLogic means the recent sales and analysis to their clients to help West landlords with no remedy to disputes results reported on reiwa.com will now must be rectified immediately. appear within RP Data Professional, Australians make more informed buying and selling decisions,” Mr Pozzi said. The legal loophole emerged after the giving agents access to the state’s best Court of Appeal declared in February that data within one of Australia’s best Source: Real Estate Institute the NSW Civil and Administrative Tribunal property data and analytic platforms. of Western Australia (NCAT), which handles disputes between REIWA CEO Neville Pozzi said he had been tenants and landlords, has no jurisdiction impressed with the depth and breadth if one party lives in another state. of the data, analytics and research Surging Darwin property sales REINSW President John Cunningham said offerings of CoreLogic, which would confirms market rebound the residential rental property market is now provide REIWA members with the The REINT’s June 2017 Northern Territory crucial to our society and involves significant most up-to-date and accurate WA data investment by a broad investor base. Real Estate Local Market Report (RELM) to help them grow their businesses. Report shows that residential house He added: “Inevitably there are disputes sales increased in Greater Darwin by between parties which requires resolution. “As a result of this partnership, we now These disputes must have an efficient have two of WA’s biggest and most 3.9% in the June quarter, which is up by and cost effective means of resolution. trusted data suppliers uniting. This 15.9% compared to last year. In addition, agreement has far reaching benefits for the median house price increased by It is not satisfactory for government to ignore the issue uncovered earlier the WA real estate community, and we 1.9% to $540,000 for the quarter. this year as doing so creates additional are thrilled to join with a company whose Inner Darwin led the recovery with problems, costs and disharmony sole purpose is data and products that a massive jump of 57.1% in sales between the parities involved. assist our industry,” Mr Pozzi said. volumes for the quarter. The Darwin A resolution can be achieved in full or “The CoreLogic RP Data Professional North Coastal region recorded an part by replicating legislation in other system delivers agents an exceptional increase in volumes of 6.2%. states where the problems created by experience both in terms of its extensive Unit results were even stronger with the NSW legislation does not exist. data and ability to create reports, and sales volumes up 16.8% for Greater In the best interests of this important especially its delivery on mobile. But what Darwin, while the median price rose by sector, the NSW Government must act we have really been impressed with is the 9.3% from the previous quarter. Inner swiftly and effectively and rush the quality of analytics and experience behind Darwin apartment sales led the way required amendment to the legislation RP Data Professional, which is really just through parliament as quickly as possible. with volumes up by 44.8%, with then the tip of the iceberg. The company has a median price in this region up by 17.2%. Source: REINSW comprehensive understanding of ‘big data’ and is at the forefront of helping agents Away from the capital, Palmerston navigate future technology and marketing house volumes slipped a little in the June CoreLogic and REIWA partner trends to improve their businesses.” quarter dropping by 2.5%, but this is still 23% up from twelve months ago. In Alice to provide exceptional property Mr Pozzi said combining Western data for Western Australia Springs, house volumes increased by Australia’s most comprehensive 18.3% from the March Quarter and 47.9% CoreLogic and REIWA are delighted sales listings and results, with the compared to the same time in 2016. to announce that West Australian world’s biggest property data and real estate agents will get the best of analytic company, offered a powerful Source: Raine & Horne Darwin both worlds with reiwa.com data now package for WA real estate agents. MAKING NEWS General national news

people like us. The sleep out is as much about raising money as it is spreading awareness of the incredible work Father Chris and his team do,” said Mr Cooley. “Charity events that raise big money have to have scale and reach. Last night we had 180 people all spreading the word and raising money for Youth Off The Streets,” he said. Dinner for the local agents was a humble feast of pies and sausage rolls dished up out the back of a van by Youth Off The Streets volunteers. Father Chris Riley was there before lights out to talk to the participants and introduce them to a number of young folk from the Bankstown Damien Cooley and Father Chris Riley. Photo credit: Jack Crombie Youth Off The Streets program. After a night of sleeping rough on cardboard boxes supplied by Storage Sydney’s property professionals attendees and this year that figure has King Eastgardens, the agents were brave the big chill for a good cause reached an unbelievable $256,000 - served up a modest barbecue breakfast and counting. That incredible result is at 6am in the morning out the front They’re used to putting roofs over likely to rise as the fundraising stays of the North Bondi Surf Life Saving heads when selling multimillion dollar open for another seven days. Club. The much appreciated meal was homes, but on 24 July more than Passionate about Father Riley’s community a helping of bacon and eggs dished up 180 Sydney real estate professionals, work, Mr Cooley has a longstanding with the help of local club members. including auctioneer Damien Cooley of relationship with the youth specific Donations closed and the final Cooley Auctions, hit the sack on chilly agency. Just this May Cooley Auctions amount raised was $277,275.43. Bondi Beach to help youth in need. held its 10th and final Cooley Golf Classic, The Real Estate Sleep Out on Monday, an event that has raised in excess of 24 July was organised to raise money $500,000 for YOTS over the decade. and awareness for Father Chris Riley’s Now Mr Cooley has turned his attention to Youth Off The Streets, a charitable the Real Estate Sleep Out, which is now the community program aimed at helping auctioneer’s flagship fundraising event. homeless and troubled youth. “Events like the Real Estate Sleep Out go Last year’s inaugural event chalked up a long way to keeping organisations like more than $134,000 with just over 100 Youth Off The Streets alive. They rely on POLITICAL WATCH Information and news from government

Trend dwelling approvals non-residential building rose 3.4 per cent liveability and sustainability; innovation rise 0.1 per cent in June while residential building fell 0.1 per cent. and digital; governance, planning and regulation; and housing. The number of dwellings approved rose Source: Australian Bureau of Statistics Source: Consult Australia 0.1 per cent in June 2017, in trend terms, after falling for three months, according A new era for cities to data released by the Australian Bureau Ten years of growth: Australia’s of Statistics (ABS) in early August. Leader of built environment body population hot spots on data-driven approach to cities “Dwelling approvals have been relatively Regional population data released recently stable in trend terms over the first six The interim National Cities Performance by the Australian Bureau of Statistics (ABS) Framework [NCPF] announced recently months of the year, after falling from shows that the number of people living in by Minister Angus Taylor has been record highs in mid-2016,” said Daniel Australia’s capital cities grew by 2.9 million declared ‘a new era for cities and how Rossi, Director of Construction Statistics at between June 2006 and June 2016. This the ABS. “The June 2017 data showed that they are managed,’ by Cities Reference Group member and Chief Executive accounted for 77 per cent of the country’s the number of dwellings approved is now total population growth over the decade. 15 per cent below the peak in May 2016”. of Consult Australia, Megan Motto. Representing some 49 000 consulting Melbourne experienced the largest growth Dwelling approvals increased in June in the firms in the built environment, Ms Motto of all capital cities, increasing by 964,600 Australian Capital Territory (5.9 per cent), was speaking on the announcement of people, followed by Sydney (773,600), South Australia (3.2 per cent), Western the 41-indicator framework for Australia’s Brisbane (452,000) and Perth (445,100). Australia (1.7 per cent), Queensland 21 largest cities and Western Sydney. “Tarneit, in Melbourne’s outer west, (1.1 per cent) and Tasmania (0.7 per “Australia is changing. In half a century, was the largest-growing area in Australia cent), but decreased in the Northern future Melbourne will be the size of between 2006 and 2016, increasing by Territory (2.7 per cent) and Victoria present day Melbourne and Sydney 28,800 people,” said Beidar Cho, ABS (1.9 per cent) in trend terms. Dwelling combined. Future Sydney will have Director of Demography. “This was approvals were flat in New South Wales. doubled – times two in shops, in followed by Baldivis, an outer southern In trend terms, approvals for private traffic, requiring homes, schools, suburb of Perth (up by 27,400 people) and sector houses rose 0.8 per cent in June. hospitals and employment. the inner city area of Melbourne (26,200). Private sector house approvals rose in “A data-driven approach to managing “Darwin had the fastest population growth Queensland (1.8 per cent), New South this future is critical which is why the of all capital cities between 2006 and Wales (1.1 per cent) and Victoria (0.5 per National Cities Performance Framework 2016, increasing by 29 per cent. This was cent), but fell in Western Australia (0.6 per is so important. For the first time, it will followed by Perth (28 per cent), Melbourne cent) and South Australia (0.1 per cent). bring together data sources from housing (26 per cent) and Brisbane (24 per cent).” to commuter time and employment In seasonally adjusted terms, dwelling to air quality, breaking down siloes to Source: Australian Bureau of Statistics approvals increased by 10.9 per cent in provide a holistic and much-needed June, driven by a rise in total dwellings planning approach to our cities.” excluding houses (20.1 per cent), while The Framework is designed to total house approvals rose 4.0 per cent. measure how well cities performing The value of total building approved rose against the Australian Government’s 1.3 per cent in June, in trend terms, and Smart City priorities of jobs and has risen for five months. The value of skills; infrastructure and investment; THE WORLD Property news from around the world

New property listings fall in UK Residential property market French property market sees record for second month in a row in Dubai unlikely to see sales in 12 months to May 2017 New property listings across the UK much growth in 2017 The residential property market in France have fallen for a second month in a row Considerable supply pipelines for both is recovering with record sales higher since the general election, down 1.6% apartments and villas in Dubai means than expected in the last 12 months and in July, the latest research shows. that the residential property market prices rising in some towns and cities. This follows a drop of 1.9% in June and is unlikely to see much price or sales Overall, the latest property report from the figures suggest that the expected growth in 2017, new research suggests. the Notaires de France, says that they boost to the market after the election expect prices to rise by 1.2% year on Apartment prices in Dubai fell by 3% in did not materialise, according to the year by the end of this month but some property supply index compiled by the second quarter of 2017 compared locations are seeing much higher growth. online estate agents HouseSimple. to the previous quarter, partly due For example, in Bordeaux prices are Home sellers held off marketing their to a rising number of affordable up 15.5% year on year, although this properties before the election but it property launches and completions. is likely due to the new high speed rail would appear that the result which With many of Dubai’s largest developers link which is reducing times from the produced a Hung Parliament and now targeting middle income investors, city to Paris to just over two hours. The continued uncertainty from the Brexit Notaires said there has been a particular negotiations mean that would be there has been a marked shift to smaller rise in demand for older apartments. sellers are not rushing to the market. units, lower priced properties, according Of the 100 towns and cities covered by the to the latest analysis report from Asteco. In the southern city of Nimes prices per square meter increased by 11.1% index more areas actually saw an increase There is also more choice in terms of in the 12 months to May 2017 and in in property supply in July compared to payment options as developers seek to the northern city of Lille they were up June but supply fell as a whole across the attract buyers who may be struggling with country, led by a 30% fall in Newquay and by 8.5% while prices in Paris increased the high loan to value ratios stipulated by 25.6% fall in King’s Lynn month on month. by 5.5% over the same period. the UAE Central Bank, the report explains. However, Dundee in Scotland saw new Source: PropertyWire.com property listings almost double in July, up The data also shows that rental rates 96.9%, while new properties advertised dropped marginally quarter on quarter in Truro in Cornwall were up 55.2%, but year on year they are down by 7% and which is less than 30 minutes away from a downward pressure on apartment rents Newquay which has seen the biggest fall. is expected to continue as projects are Supply in London dropped off at more completed and delivered to the market. than twice the UK average in July, down However, landlords are increasingly 4% compared with June. Supply was offering incentives such as furnishings, strongest in some of the outer London boroughs, such as Redbridge with a rentals inclusive of DEWA bills, or rent rise of 22.7% and Sutton up 13.2%. free periods of up to two months. Source: PropertyWire.com Source: PropertyWire.com REIANEWS

IS A PUBLICATION BROUGHT TO YOU BY THE REAL ESTATE INSTITUTE OF AUSTRALIA. FOR FURTHER INFORMATION ABOUT ADVERTISING, PLEASE CONTACT REIA ON 02 6282 4277 OR AT [email protected]

16 THESIGER COURT, DEAKIN ACT 2600 02 6282 4277 I WWW.REIA.COM.AU