News Articles

REIA Budget Snapshot

15th May 13

Click here to view the REIA BUDGET 2013-14 Overview

Budget talking points

First home buyers

The Budget has called on the jurisdictions to reform inefficient state taxes including stamp duty. This pays lip service to the need for reform and ignores the leadership role that the Commonwealth should be taking. Current arrangements apply.

Cap on work related self-education

The cap of $2000 per annum on work related self-education expenses penalises workers wishing to maintain the currency of their initial study and qualifications.

CGT

Ensure better compliance with the foreign resident Capital Gains Tax regime. This will mainly affect new unit developments which currently attract foreign investors, as a developer applies in advance for exemptions.

Aged pensioners downsizing trial

A pilot for senior Australian home owners who want to downsize to reflect their changed requirements and who will be able to deposit up to $200,000 for 10 years without an impact on their pensions is a positive move.

Budget disappoints first home buyers

15th May 13

The Real Estate Institute of Australia (REIA) says the federal Budget has ignored the plight of many young Australians when it comes to housing affordability.

REIA President Mr Peter Bushby says, "There’s nothing in this Budget for first home buyers. Numbers of first home buyers have plummeted since the First Home Buyer Boost was abolished."

"In May of 2009, 31.4% of all purchasers were first home buyers. The figure from March this year is 14.2%, well below the long term average of 20.2%."

"However, REIA is pleased to see the Government is trialling a program to support age pensioners who want to downsize their homes".

"Under the trial program, eligible pensioners who have lived in their own home for at least 25 years and want to downsize will need to put a minimum of 80% of the excess sale proceeds from the sale of their former home into a special account."

"Those funds will not be counted under the pension income and assets test for up to 10 years or until a withdrawal is made from the account."

"The initiative should lead to better utilisation of existing housing stock."

"However, it is most unfortunate that stamp duty as an impediment to downsizing has again been ignored," added Mr Bushby.

"The Budget has called on the jurisdictions to reform inefficient state taxes including stamp duty. This pays lip service to the need for reform and ignores the leadership role that the Commonwealth should be taking."

"Australians want to own their own homes. They see it as a priority and more needs to be done to assist first home buyers," concluded Mr Bushby.

Negative gearing not broken, no need to fix

9th May 13

The Real Estate Institute of Australia President, Mr Peter Bushby, says the Government should retain negative gearing for property investment in its current form.

"Recent chatter suggesting there are changes in the wind is extremely concerning and would negatively impact on the supply of housing and the level of rents in an already tight rental market," says Mr Bushby, speaking in the lead up to next week’s Federal Budget.

"It would adversely affect the most disadvantaged in our community, who are caught in the rental trap while facing a long wait for social housing."

"We need to remember what happened in 1985 when the Hawke Government abolished negative gearing for property, only to bring it back in 1987. During that period rents increased by 57.5% in Sydney, by 38.2% in Perth and by 32.0% in Brisbane."

"It is important to know that the 2010 Henry Review stated that any changes to negative gearing arrangements should only occur after reforms to the supply of housing and to housing assistance," added Mr Bushby.

"Current arrangements, in addressing the supply of rental accommodation, are complementary to the Government’s goal of increasing the supply of rental property."

"Negative gearing could be the difference between investing or not in rental housing in a subdued market, as is the case at present. Any tweaking to the current taxation arrangements could tip the balance against property investment."

REIA says the view that negative gearing is only for wealthy investors, is a myth. According to ATO data, around 80% of the total individual taxpayers who claimed a tax deduction for property, earned less than $80k pa.

"To amend the current negative gearing provisions for housing would be treating real estate differently to other asset classes, creating a distortion on the investment landscape and resulting in a resource misallocation. It would be a grave mistake," concluded Mr Bushby.

Rate relief welcome by housing sector

7th May 13

Homeowners have been given a helping hand this month as the official cash interest rate was slashed at the Reserve Bank board meeting this afternoon, said the Real Estate Institute of South Australia (REISA).

REISA President, Mr Greg Moulton, said that today’s rate drop was much anticipated and many buyers had been waiting for a fall in the official cash rate before they signed a contract.

“Times have been tough in the housing market for some time and buyers have been waiting for this downward movement in rates,” he said.

“REISA members across the State are commenting that the housing market is measured and homebuyers, particularly first homebuyers, remain cautious.”

“We are seeing a watchful interest in the housing market with both buyers and sellers genuinely anxious about taking the next step and a cut in interest rates may just be the deciding factor.”

Mr Moulton said that housing affordability is still in the spotlight and interest rates are always front and centre of the homebuyers decision making.

“Home affordability is a key issue which is raised with REISA members on a daily basis and monthly mortgage repayments have to be considered by virtually every purchaser, whether they are buying to live in the property, or buying for investment purposes.”

Mr Moulton also said that the next challenge was to all the major lenders to pass on the rate drop and has urged banks to pass the cut onto Australian households.

“Banks should follow the lead of the Reserve Bank and pass on the full cut to ensure meaningful relief is felt by Australian households.”

“Bit by bit, we are starting to see indicators that the property market may be strengthening again and today’s decision is another driver which will see people return back to the stable investment of bricks and mortar.”

Regional housing moving up in new year

15th Apr 13

Regional house prices have started to lift, showing a 4% increase in the median, compared to the same time last year, the Real Estate Institute of South Australia (REISA) said today.

Although the market in regional South Australia was patchy, the overall results show that the market is slowly recovering and should be set for a positive movement in 2013.

REISA Vice President, Mr Ted Piteo, said that Port Lincoln experienced growth of 13% compared to the same quarter in 2012 and Naracoorte also moved up 2.65% over the same period.

“Some of the towns where mining has been a focus have slowed in the past few years, and this was to be expected after policy changes, however the long-term opportunities for other industries are still there and we expect these towns will lift in future,” Mr Piteo said.

More broadly, the quarterly statistics showed that the State median recorded growth of 0.84%, compared to the same quarter last year. The volumes are similar to the December quarter and when data is finalised, it is predicted by REISA, that volumes will be a little stronger than the same time last year, with around 5100 houses changing hands across the State.

Commenting on what local agents are seeing in the market place, Mr Piteo said that more people are starting to come out to open inspections and there appears to be a pick-up in the level of interest in buying property.

“REISA members are telling us that the low interest rates are encouraging people to think about bricks and mortar. Although house prices have not moved considerably in recent times, they haven’t moved backwards either, and that is highlighting the stability of property in the longer term,” he said.

Town	1 Q 2013		Quarter	12 month
	Sales	Median	% Change	% Change
Millicent	16	178500	5.62%	-3.51%
Mount Gambier	65	218000	-5.22%	-9.54
Murray Bridge	65	235000	7.55%	-6.00%
Port Augusta	19	250000	8.70%	1.32%
Port Lincoln	39	320000	0.47%	13.07%
Port Pirie	30	158500	-20.55%	-19.75%
Victor Harbour	71	341250	10.08%	-1.52%
Whyalla	50	267950	-3.44%	-4.30%
Barmera	5	195000	22.64%	-6.25%
Berri	16	143750	-13.92%	-36.11%
Naracoorte	17	232500	11.24%	2.65%
Renmark	10	152750	13.46%	-8.53

*Towns with low volumes should be aware that statistical variance can occur and median prices should only be used as an indicator of local activity

Middle suburbs outperform the pack in latest sales data

15th Apr 13

Suburbs in middle Adelaide have outperformed those in the inner and outer in the latest quarterly sales data, according to the Real Estate Institute of South Australia (REISA).

Somerton Park, Henley Beach South and Plympton topped with growth of 19.5%, 19.2% and 17.3% respectively, comparing the March quarter to the same period in 2012.

REISA Vice President, Mr Ted Piteo, said that these areas have the right balance of distance to the city and excellent local amenities which makes them attractive to buyers.

“These suburbs are often found in the top performers, and these suburbs often carry stock with generous sized blocks which is also an attractive feature for buyers.”

More broadly, the quarterly statistics showed that metropolitan Adelaide recorded growth of 1.96%, compared to the same quarter last year and finished the quarter with a median of $390,000.

The volume of sales are similar to the December quarter and when data is finalised over the coming months, it is predicted by REISA that volumes will be a little stronger than the same time last year, with around 3750 houses changing hands in metropolitan Adelaide.

Examining the unit and apartment market shows little change over the past 12 months, with the median price moving down to $300,000, down slightly from $305,000 in the corresponding quarter.

“Housing is a medium to long-term investment which has provided long term security for many Australians and REISA is confident the number of sales will continue to slowly rise over the course of 2013.”

SAâ��s real estate stars recognised as the best of the best

15th Mar 13

Two South Australians were honoured for their incredible achievement and commitment to the real estate profession at the national Real Estate Institute of Australia Awards in Canberra this evening.

Mr Simon Winter of Raine and Horne Business Sales won Business Broker of the Year, whilst local marketing experts, Toop&Toop, took to the stage to accept the national Communications Award.

Real Estate Institute of South Australia President, Mr Greg Moulton, said that he was delighted to see South Aussies up on the national stage being recognised at this elite level.

“The work of a real estate practitioner is tough as its long hours, hard work and often emotionally challenging, but the people on stage tonight love what they do, they value their clients and they offer a service which is over and above what people expect.”

“It’s great to see them being recognised for this tireless commitment and professionalism.”

“REISA congratulates Simon Winter and Toop&Toop whole heartedly for taking out a national Award, against other very worthy finalist from across Australia.

Stability in rates felt by housing market

5th Mar 13

The decision to again leave the cash rate unchanged for March is a boost of confidence for the property market as it shows that these lower rates are sustainable and will prevail for some time, according to the Real Estate Institute of South Australia (REISA).

REISA President, Mr Greg Moulton, said that the stability of these low rates is starting to stimulate more interest in the property market which is a strong indicator of movement across the State.

“REISA members are saying that the first two months of the year have started to show some promising signs that housing stock is starting to move and the low interest rates are no doubt an important factor in purchase decisions,” he said.

“Of course a further cut to rates would be welcome, but the reality is, our current interest rate levels are very low and with this expected to continue for some time, people are really starting to turn back to property as an investment decision.”

“After a tough few years, it is good to see a spring in the step of the market a little more. Whilst the recovery won’t be overnight, incremental increases in volume is what is needed to boost the market.”

Rental market vacancies stabilise across the State

14th Feb 13

The rental market has remained relatively stable over the past three months with little change in vacancy rates and median price ranges, according to the Real Estate Institute of South Australia (REISA).

Metropolitan Adelaide recorded a vacancy rate of 3.1% for the December quarter, whilst the regional areas recorded a vacancy rate of 3.7%.

Releasing the December quarter data, REISA commented that the market has recorded similar vacancies and comments to what we were seeing during 2012, with properties taking 4-6 weeks to lease in many situations, and tenants being particularly price sensitive.

“Property managers across the State are consistently highlighting that the rental market is responding slower to filling vacancies and tenants are often only responding when the price meets the local market,” Mr Moulton said.

“We’ve really seen price be a major factor in tenant’s decisions in the past 12 months and as there are slightly more properties available for lease, the tension between vacancy and price has eased.”

“The western suburbs in the metropolitan area are still higher than other areas, and in the regions there has been a noticeable reaction to the slow-down in mining activity around the Upper Spencer Gulf.”

Reviewing rental median prices shows that little has changed over the past year and quarter. The metropolitan median price for houses in Adelaide is $320 per week, unchanged from the previous quarter and up from $315 twelve months ago. Regionally, the median house price is $250 per week, again unchanged from the September quarter of 2012 and up from $240 twelve months ago.

The unit and apartment market has recorded a rental median house price in metropolitan Adelaide of $270 per week and $190 per week in the regional areas.

The table below summarises the rental vacancy data for December 2012. Over 21,000 properties were included in the survey.

City/ North Adelaide	3.0%
West	3.7%
South	2.3%
East	2.4%
North	3.7%
Hills	3.4%
Eyre Peninsula	5.0%
Upper Spencer Gulf	3.6%
Mid North	2.9%
Fleurieu/Kangaroo Island	3.5%
South East	4.9%
Riverland	2.1%
Yorke Peninsula	5.3%

Real estate body renews calls for stronger consumer protection

11th Feb 13

Real estate professionals have again called for property managers to be licensed in South Australia to ensure that landlords and tenants receive professional and fair treatment when involved in a rental transaction.

The months of January and February are typically the busiest time of year for property management and with this in mind, the Real Estate Institute of SA (REISA) said that it was the right climate to encourage the State Government to consider the issue of licensing.

“With national licensing for real estate professionals on the agenda, there has been broad agreement that property managers will be licensed, to align with other States and Territories, but REISA wants licensing introduced sooner rather than later, for the benefit of all South Australians,” REISA Chief Executive Officer, Mr Greg Troughton said.

“Other States and Territories have long realised that licensing is essential in this area, and we’re encouraging the Government to move the decision forward and bring South Australia into line with our interstate counterparts.”

“It has to be remembered that property managers have the responsibility of assisting people in securing shelter and conflict needs to be handled with respect, whilst still abiding by the law.”
“Professional property managers who value quality training and enjoy the challenges of this job strongly support the move to licensing as it’s a key to raising professionalism and valuing the role that property managers play in the community in managing hundreds of thousands of tenancies around the State.”

Steady start to 2013

5th Feb 13

Today’s decision to leave the official cash rate on hold is no surprise to the property sector after a series of cuts in 2012, according to the Real Estate Institute of SA.

REISA President, Mr Greg Moulton, said that the market is slowly starting to record a little more activity after the series of rate reductions over the past six months, so it made sense the Reserve Bank would take the conservative option of leaving rates on hold at their first meeting for 2013.

“Whilst REISA members are starting to see more faces at the open inspections, the change in market activity is only incremental and the Reserve Bank will need to watch activity carefully and take action in the coming months if economic conditions indicate further cuts are needed,” he said.

“The official cash rate is now just 3% which offers excellent buying opportunities but there still may be a little movement downward later in the year which could stimulate activity further.”

“Job security and stability are important for those wanting to buy property and these factors will also be reviewed by the Reserve Bank as they keep a close eye on inflation and growth.”

Prominent real estate professional named in Honours list

26th Jan 13

Respected auctioneer and REISA member, Brett Roenfeldt, has been named in the Australia Day Honour’s list today, recognising his long-term commitment to real estate over many years.

REISA Chief Executive Officer, Mr Greg Troughton, said that he was simply delighted to learn of Mr Roenfeldt’s inclusion in the Honours list.

“To be recognised, at this level, for contribution to the community, is just incredible and the REISA membership congratulate Brett Roenfeldt for his outstanding achievement.”

“Mr Roenfeldt has won both the State and national Award for service to the real estate profession and this Award just takes it one step forward.”

Mr Roenfeldt’s business is as a freelance auctioneer and real estate trainer, however he has worked in nearly every facet of real estate, including sales, property management and real estate marketing.

His contribution extends to other community service including service to Concordia College and the wine industry (where his family runs a small boutique winery, Roenfeldt Wines).

Brett is one of the most respected real estate identities in South Australia. In recognition of this work, he has received a range of industry awards:

2009 National President’s Award (Real Estate Institute of Australia)
2008 Presidents Sir Robert Torrens Award (Real Estate Institute of South Australia)
2005 Inaugural Society of Auctioneers and Appraisers Hall of Fame Winner (in recognition of outstanding service to auction and the real estate profession)

Regional housing market steady moving into 2013

15th Jan 13

The regional housing market has recorded the same median house price in December 2012, as the same period in 2011, finishing both years with a median of $250,000.

Commenting on the release of the official Government settlement data for the December 2012 quarter, the Real Estate Institute of SA (REISA) said that the regional market has been through a tough 12 months, but with little change in the median, and a small increase in the volume, there are positive signs for 2013.

REISA President, Mr Greg Moulton, said interest rate rises have started to buoy purchaser interest in the local markets and this will hopefully carry through to 2013.

“Regional markets often follow the metropolitan buying patterns and we are starting to see slightly increased activity which is important as there is a high level of stock on the market in all areas,” he said.

“Now that interest rates have moved a little further down, there should start to be more momentum to buy which will prompt local markets to recover in 2013.”

“The past few years have been really tough in the regional real estate market and whilst the recovery may be slow, it should start to pick up as people return to the stability of bricks and mortar investment.”

Analysing local towns shows a high degree of volatility due to relatively small volumes in most towns.

“The median house price must always be used with caution as it’s simply an indicator of what has sold in the local area, rather than an assessment of housing values,” Mr Moulton said.

“Particularly in markets like this, buyers and sellers need to trust their local REISA member to be a source of credible information on the local market.”

*Individual suburb profiles are available by emailing elyse.hearn@reisa.com.au

Town	4Q 2011 Sales	4Q 2011 Median	4Q 2012 Sales	4Q 2012 Median	Quarter % Change	12 Month % Change
Millicent	17	180000	17	170250	36.20	-5.42
Mount Gambier	85	245000	82	230000	-10.85	-6.12
Murray Bridge	45	221500	65	218500	-1.69	-1.35
Port Augusta	31	172500	21	215000	-2.27	24.64
Port Lincoln	40	295000	45	318500	20.19	7.97
Port Pirie	25	180000	31	182000	-1.62	1.11
Victor Harbor	61	351250	67	310000	-13.89	-11.74
Whyalla	50	287500	45	277500	4.72	-3.48
Barmera	7	202500	10	159000	22.31	-21.48
Berri	5	299000	16	167000	-39.27	-44.15
Naracoorte	17	174500	24	195500	8.61	12.03
Renmark	14	180000	15	173250	-23.85	-3.75

Spring in the step of the property market

15th Jan 13

The release of the December quarter housing sale statistics show a spring in the step in the market indicating that the market may be stronger in 2013, according to the Real Estate Institute of SA (REISA).

Commenting on the official Government settlements for the last quarter of 2012, REISA President, Mr Greg Moulton, said that the metropolitan median house price rose to $395,000, up 1.28% on the previous 12 month median house price.

“It’s encouraging to see that prices are now starting to move a little and importantly, volume is starting to pick up as well,” he said.

“The rise in transactions points appears to mirror the recent interest rate cuts and there is no doubt that more people have been out and about at open inspections in the past few months.”

“There is still a high level of stock on the market, but this activity bounce is a small indicator that we may be moving into a recovery period which is a welcome sign for the 2013 real estate market.”

“REISA members are saying that the past two years have been very tough, but as a result of falling interest rates and increased confidence, people are starting to come back to open inspections in stronger numbers and we hope these patterns further strengthen in coming months.”

Suburbs which recorded a sharp rise in the median house price, compared to the December 2011 median, included Munno Para (39%), Tranmere (23%) and St Peters (16%).

“Whilst these suburbs have seen a rise in the median house price, it’s important to remember that these medians only represent a small sample of the houses in the area, and individual house prices will always depend on location, style and features,” Mr Moulton said.

Home units (and apartments) fell slightly (1.6%) compared to the December 2011 median, finishing 2012 at $305,000. However, volumes were also up on the same time last year, reflecting patterns in the established housing market.

*Individual suburb profiles are available by emailing elyse.hearn@reisa.com.au

Suburb	Sales	4Q 2011 Median ($)	4Q 2011 Sales	4Q 2012 Median ($)	4Q 2012 Median Change
MUNNO PARA	38	222,500	20	310,000	39.33%
TRANMERE	18	450,000	10	552,500	22.78%
ST.PETERS	10	972,500	15	1,132,500	16.45%
LARGS BAY	12	488,000	11	560,000	14.75%
WEST BEACH	12	535,000	19	606,000	13.27%
ATHELSTONE	20	410,000	22	461,000	12.44%
GLENGOWRIE	12	490,000	20	550,000	12.24%
SOUTH PLYMPTON	17	403,750	12	450,000	11.46%
STIRLING	12	550,000	10	610,000	10.91%
SELLICKS BEACH	12	248,820	19	275,000	10.52%

Tax on car park spaces the thin edge of the wedge

20th Dec 12

The State Government’s decision to tax car park owners in the city area is the thin of the wedge and another cost impost to property investors, the Real Estate Institute of SA (REISA) said today.

Commenting on the State Government decision to tax car park spaces ($750 a year per park), in the mid-year 2012-2013 budget review, REISA said they were surprised that again, property seemed to be the target of taxation increases.

“Already, property taxation accounts for about a third of State Government revenue, generated from the State, so now, this will be another tax and sting for those thinking about property investment,” REISA CEO, Greg Troughton said.

“What must be remembered is that everyone pays the burden of this tax increase as investors seek to level their inputs with income and it will no doubt mean a further increase on parking charges, which have already risen considerably in recent times.”

“Today’s mid-year budget numbers show that income from the property market is down on estimates, so it seems surprising that the State Government is again taxing this area. The property sector needs to a boost, not another tax impost.”

Looking to the next State election, there is a momentum to look more broadly and the way the State generates and manages taxation and the real estate sector is very keen to engage in this debate. In late 2012, twelve industry organisations including the Property Council of Australia, Australian Institute of Conveyancers and Urban Development Institute of Australia joined together to highlight the heavy burden that the property sector bears in raising State revenue.

1 in 10 South Australians are employed in a property related sector
Property is the biggest contributor to the State’s economy
The property sector contributed a whopping $1.6b to State coffers in 2011-2012

Christmas cheer in RBA decision

4th Dec 12

Homebuyers will welcome the Christmas message from the Reserve Bank today which will see the official interest rate cut by 25 basis points, according to the Real Estate Institute of South Australia (REISA).

Welcoming the decision, REISA President, Mr Greg Moulton, said that the decision to drop the official cash rate before Christmas was expected by the market and would be welcomed by those who are considering purchase or are already working hard to pay off a mortgage.

“The housing market has been flat recently, and any changes to improve the market, such as a drop in interest rates, are important to entice people to sign a contract and buy before the year is out,” Mr Moulton said.

“Bit by bit, these small rate cuts over the past 12 months have started to attract people back to buying property so we are confident that today’s cut will have an impact on the market.”

Commenting on the outlook for 2013, Mr Moulton said that the market may lift a little throughout 2013, particularly with the recent rate cuts.

“Right across the economy, sectors are flat, and this always reflects in the housing market, but gradually, as confidence grows, we expect to see some increased activity in the sales market.”

Rental market vacancies fall in metro Adelaide in September quarter

9th Nov 12

The quarterly vacancy rate for metropolitan Adelaide has fallen to just over 3% in the September quarter, the lowest level in 12 months, according to the Real Estate Institute of South Australia (REISA).

Metropolitan Adelaide recorded a vacancy rate of 3.06% for the September quarter, down from 3.91% in June showing strong movement after a flat 12 period in the rental market.

Releasing the September quarter data, REISA commented that the market has particularly started to strengthen in the western and southern areas, which were previously recording quite high vacancies.

“Properties, particularly new developments, were holding the rental vacancy rate a little higher than average in the west and southern metropolitan areas in the past quarters, but some of this stock appears to be moving now, and this has seen the overall vacancy rate drop,” Mr Moulton said.

“REISA members have said that getting the price right to meet the market is one of the most important things when offering property to the market as overpriced rental properties will not attract potential tenants in this marketplace.”

Commenting on the regional vacancy rate, Mr Moulton said that there had been a slight movement upwards to 4.02% from 3.74% last quarter.

“The highest vacancies are being recorded on the Fleurieu Peninsula and the Yorke Peninsula, which often happens at this time of year, so this may correct in the warmer summers months.”

Anaylsing the most recent rental median data shows that prices have moved a little across the State for units. The metropolitan unit rental price has increased by $5 over the past 12 months to $270 per week, whilst in regional areas, there has been a shift upwards of $10 a week to $190.

Turning to median house rental prices, metropolitan Adelaide remains unchanged over the past 12 months at $320 per week, whilst the regional median has increase by $10 to $250 per week.

The table below summarises the rental vacancy data for September 2012. Over 28,000 properties were included in the survey.

City/ North Adelaide	2.4%
West	4.1%
South	2.7%
East	2.8%
North	3.2%
Hills	2.0%
Eyre Peninsula	3.7%
Upper Spencer Gulf	2.2%
Mid North	1.6%
Fleurieu/Kangaroo Island	5.8%
South East	3.7%
Riverland	2.0%
Yorke Peninsula	10.8%

Reserve Bank runs a conservative race with interest rates

6th Nov 12

The Reserve Bank of Australia have taken the conservative approach in leaving the official cash rate on hold, despite expectations from the property market, that interest rates may fall today.

Real Estate Institute of SA President, Mr Greg Moulton, said that there was a wide-felt expectation that Melbourne Cup day may have seen a further rate drop, but this hasn’t eventuated.

“The market has slowly responded to the previous rates cuts and it would have been nice to see a drop down to the 3% mark for interest rates,” he said.

“There is no doubt that homebuyers and investors will watch the RBA’s next move before Christmas though.”

“A further rate cut before the new year would definitely be a positive for the housing market leading into 2013.”

Mr Moulton said that interest rates were top of mind when buyers were making the decision on whether to make a move and they can’t be ignored in the home affordability debate.

“Weekly repayments play on all homebuyer’s minds and it’s usually the first budgeted expense that people calculate, so any movement in rates is watched by all in the housing market.”

REISA President accepts further term at the helm

29th Oct 12

The Real Estate Institute of SA has re-elected Mr Greg Moulton for a further term as President, following the Annual General Meeting of members this evening.

Mr Moulton, also the CEO of Harcourts (SA), has served on the REISA Board for four years and said that he had enjoyed representing the membership over the past 12 months and was humbled by the Board nomination to stay on for a further term.

“The President’s role involves getting out and about, into the membership and seeing what issues need to be canvassed by their peak body,” Mr Moulton said.

“I’ve been fortunate to travel throughout the regions and meet a great deal of our membership over the past 12 months and I look forward to doing more of this again in 2013.”

“What is clear to me is that we have a highly professional sector, of hard-working individuals from all over the State and now, more than ever, with national licensing threatening our standards, we need to work hard to show consumers what we offer to our clients, and the broader community.”

Mr Ted Piteo was elected as the Vice-President. The two Board Director vacancies were filled by Alex McGregor-Reid (re-elected) and Kevin Magee.

The 2012/13 REISA Board will be: President – Greg Moulton (Harcourts), Immediate Past President – Greg Nybo (Century 21 Property People), Vice President – Ted Piteo (The Professionals), Independent Director – Rod Foster Jones (Piper Alderman), Independent Director – Nick Storer (Bentleys Adelaide), Directors – Mark Sanderson (Smallacombe Sanderson), Christine Bertram (Bertram & Co Conveyancing), Alex McGregor-Reid (Harris Real Estate), Leo Redden (Landmark Redden), Tony Ricketts (Knight Frank) & Kevin Magee (Raine&Horne)

Property sector to heat up as building stimulus package kicks in

15th Oct 12

South Australian homebuyers will respond positively to the news that a special grant is available to purchase and build new properties, according to the State’s peak real estate organisation.

Commenting on the State’s Government’s decision to extend homebuyer grants for new properties, the Real Estate Institute of SA said the grant was an important investment to stimulate construction and the South Australian economy more widely.

“The grants will help people get into a new property sooner and it will also help create additional housing stock that is needed with projected population growth in the future,” REISA Chief Executive Officer, Mr Greg Troughton said.

“Although REISA is disappointed that the first homeowner grant is being reduced for people purchasing existing properties, the intent to stimulate the housing market and construction is respected.”

“The property sector in our State employs one in ten South Australians and we generate over 40% of taxation revenue, so we are pleased to see that Government is considering ways to support the property sector, especially with a flat economy.”

A summary of the changes are below:

First Home Buyers of off-the-plan apartments in the City and Riverbank precinct (until
30 June, 2013)
First Home Owners Grant $15,000 (Property valued up to $575,000)
Housing Construction Grant $8500 (Property valued up to $400,000)
Stamp Duty Savings $16,330 (Off-the-plan apartment valued at $400,000)
Maximum Total Assistance $39,830

Any person who buys an off-the-plan apartment in the City and Riverbank precinct (until
30 June, 2013)
Housing Construction Grant $8500 (Property valued up to $400,000)
Stamp Duty Savings $16,330 (Off-the-plan apartment valued at $400,000)
Maximum Total Assistance $24,830

First Home Buyers who build or purchase a brand new home (until 30 June, 2013)
First Home Owners Grant $15,000 (Property valued up to $575,000)
Housing Construction Grant $8500 (Property valued up to $400,000)
Maximum Total Assistance $23,500

Any person who builds or purchases a brand new home (until 30 June, 2013)
Housing Construction Grant $8500 (Property valued up to $400,000)
Maximum Total Assistance $8500

First Home Buyers who purchase an established home (until 30 June, 2014)
First Home Owners Grant $5000 (Property valued up to $575,000)
Maximum Total Assistance $5000