Weekly Market Wrap 20/03

Weekly Market Wrap 20/03

20 March 2020

Emergency interest rate cut by RBA

The Reserve Bank of Australia cut official interest rates yesterday to a record low of 0.25 per cent as it seeks to protect the economy from the financial fallout of the coronavirus pandemic. Read RBA Governor Philip Lowe’s statement.

Industry reforms and residential tenancies changes to commence this Monday, 23 March 2020

These changes are the biggest we have seen in years and will allow agents to deliver an enhanced standard of service, signaling a new era of professionalism for the industry.

As part of these wide-ranging changes, many agreements and forms needed to be updated. REINSW has been working tirelessly behind the scenes to ensure these are compliant. These will be available from the REI Forms website for your use as of Monday, 23 March 2020.

Auction rates remained strong at the weekend despite coronavirus concerns

According to CoreLogic there were 749 auctions held in Sydney this week, returning a preliminary clearance rate of 74.6 per cent. In comparison, there were 830 auctions held over the previous week and the final auction clearance rate was 75.2 per cent. A number of regions, namely Ryde, Parramatta, Blacktown and Northern Beaches saw 80%+ preliminary clearances, continuing to demonstrate the strengths in those markets.

Coronavirus: what you can do to prepare your business and staff

REINSW is monitoring the evolving situation in relation to the impact of Coronavirus Disease 2019 (COVID-19). We are putting precautions in place so that the normal course of business may continue as usual.

It is important to make sure your business runs as smoothly as possible in these uncertain times. If you’re wondering what you can do to prepare your business and staff find out more here. 

Hot Topics

REINSW Awards entries open next Friday

The Awards for Excellence recognise the industry's top performers and are designed to encourage, recognise and promote excellence. Whether you’re a seasoned professional or just starting out, your achievements deserve to be recognised! Submission entries open 27 March 2020.

WIRE 2020 has been postponed due to coronavirus concerns

It is with disappointment that we have postponed WIRE 2020 due to health and safety concerns around coronavirus. The welfare of our attendees and speakers is our highest priority, and in the interests of keeping our members safe, the decision has been made to reschedule the WIRE conferenceto a date later in the year. At this stage, it is too early to give you a new date for the conference, but all attendees will be notified as soon this has been selected.

REIA Awards for Excellence cancelled

The REIA Board and REINT, as the host organisation, have announced the cancellation of the 2020 REIA National Awards for Excellence. The REIA will be making an official announcement of the Winners of the 2020 REIA National Awards for Excellence in due course. Click here for more information.

Want more?

  • Want to keep up-to-date with industry news? Become a member today
  • If you're a member and have any questions call the REINSW Helpline on 9264 2343.
  • Save time and money having your experience recognised with the Recognition of Prior Learning. Discounts offered for groups of five or more. Learn more.