Weekly Market Wrap 20/12

20 December 2019

Weekly Market Wrap 20/12

Property industry reforms confirmed to take effect 23 March 2020

The reforms are aimed at improving the professional and educational standards of agents working in the property industry, increasing transparency, accountability and streamlining the licensing framework.

The new regulatory controls set out in the reforms give the profession more guidance and support to meet consumers’ increased expectations.

Find out more about how the property industry reforms will affect you.

Sweeping changes coming next year affecting residential tenancies

Tenants, landlords and property managers will be affected by changes to residential tenancies coming into effect on 23 March 2020.

The NSW Office of Fair Trading has announced sweeping changes to the Residential Tenancies Amendment (Review) Act 2018 [NSW] and the Residential Tenancies Regulation 2019 [NSW].

Learn more about how the residential tenancy changes will affect you.

Housing market 2019

The housing market has moved through the largest and longest correction on record in 2019, followed by a fast-paced rebound in values throughout the second half of the year, CoreLogic reported this week.

Housing turnover fell to record lows this year as did advertised stock levels.

First home buyers were better able to join the housing market by taking advantage of interest rates which were reduced this year to levels previously unseen.

Final week of auctions saw clearance rate drop

Auction clearance rates were down this week with 2750 capital city homes taken to auction according to the results released by CoreLogic. The rate dropped below 70% as it tapered off due to the coming holiday season.

8466 homes were taken to auction in Sydney last week. Preliminary results show the clearance rate down slightly to 73.6% and this compares to 38.8% for the same week’s results a year ago.

Hot topics

WIRE 2020 - get your early bird tickets 20% off!

Wire 2020 ‘Legacy’ is the chance for you to define your mark. Hear from incredible women (and men) who carve out their legacies every day. WIRE 2020 will help you design your journey. Be the influence you know you can be. Make the moves you’ve been longing to make

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2020 Roadshow - venues have now been confirmed and tickets are still selling fast. Early bird tickets on sale

With the Industry Reforms and residential tenancy changes proposed to commence in March, 2020 is shaping up to be one of the biggest years for the industry in decades.

Reaching 19 locations, over four months, the Roadshow will be an opportunity for agents to up-skill, advance their knowledge and ensure they are ready for the changes ahead.

Get your ticket now! Click here for more information.

Happy Holidays!

REINSW wishes you a happy and peaceful holiday season.

We will be closed from 23 December 2019 and will open again on 2 January 2020.

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