The tourism sub-sector of the commercial property market has been an outlier over the past three years – for worse during the pandemic and now for the better. “For the rest of the commercial property market, volumes hit new highs as interest rates fell in 2020 through to 2022, with a range of new investors … Read more
Outgoing Reserve Bank Governor Philip Lowe has used a farewell address to deliver some insightful remarks about inflation, unemployment and productivity. Before Dr Lowe became governor, inflation was quite stable. But during his seven-year stint in the top job, inflation ranged from a low of -0.3% to a high of 7.8%. “My view is that … Read more
Why Airbnb is contributing to the sharp rise in rents More property investors are renting out their homes through Airbnb and similar platforms, which is reducing the number of properties in the long-stay rental market and pushing up rents, according to a new report. The Real Estate Institute of Australia (REIA) in its ‘Short Stay … Read more
Albanese govt reforms first-home buyer program The federal government has made it easier for first-home buyers to access the First Home Super Saver Scheme. Previously, if first-home buyers wanted to use the scheme, they had just 14 days to request a release of savings after entering into a contract. That has now been extended to … Read more
Consumers snapping up cars in “unprecedented” numbers Australian car buyers have set their second consecutive monthly record. After consumers purchased 96,859 new vehicles in July – the highest number ever for July – they followed up by purchasing 109,966 new vehicles in August – a record for the month, according to the Federal Chamber of … Read more
Australia’s small business ombudsman, Bruce Billson, has launched an inquiry to examine how reforms to commonwealth procurement rules have affected the small business sector. Mr Billson said many small businesses had told him they felt excluded from the chance to tender for federal government procurement contracts. “They have low awareness about procurement opportunities unless they … Read more
The Australian Taxation Office (ATO) has flagged that one of its “key focus areas” for this financial year will be to improve the tax compliance of the small business sector. As part of that focus, the ATO said it would take a digital-first approach and encourage small businesses to do likewise. This would allow … Read more
Following its meeting today, the Reserve Bank of Australia (RBA) chose to hold the cash rate at 4.1%. This is the third month in a row the Bank chose to hold the cash rate following positive signs in inflationary data. With the cash rate currently four percentage points higher than it was at the beginning … Read more
The shift to remote working has reduced demand for office space and affected how businesses interact with their workspaces, according to Ray White Commercial Head of Research Vanessa Rader. “Some businesses look to downsize their spaces and perhaps sub-lease, while others have reconfigured the working environment to provide flexibility and collaboration, or relocated to new … Read more
Industrial has been the standout asset class of 2023, amidst challenging times for the commercial property sector, according to one of Australia’s leading commercial property experts. Ray White Commercial Head of Research Vanessa Rader said commercial property had experienced a tough 2023, due to fast-rising interest rates and the challenge of obtaining finance. That’s led … Read more
