REIWA News

#75 MARCH 2016
OFFICIAL PUBLICATION
OF THE
RE AL ESTATE INSTITUTE
OF WESTERN AUSTR ALIA
INTRODUCING
REIWA.COM AGENTFINDER
+PLUS
REIWA calls for
State Government
to encourage
buyer activity
A challenging
year ahead for
WA property
market
New reiwa.com
advisory board
CONTENTS
contents
U P F R O N T N E WS
President’s Address
4
Message from the Chief Executive Officer
6
A challenging year ahead
Vacancy glut in office markets
10
Retail markets strong despite challenges
11
New planning guidelines for Swan Valley
12
8
Archives want more for centenary year
13
REIWA supports Community REInvest for third year
14
A DVO C AC Y & P O L I C Y
REIWA budget submission targets transfer duty
18
Cutting red tape for real estate agents
21
Changes to Australia’s foreign investment framework
22
Progress in strata title reform
24
CONSULTANT EDITOR
Chris Gillham, Scribeworks - www.scribeworks.com.au
GRAPHICS AND PRODUCTION
Jan Burt, REIWA
PRINTING
Printforce (08) 9223 2466
DISTRIBUTION
Zipform (08) 9232 0192
PUBLISHER
REAL ESTATE INSTITUTE OF WESTERN AUSTRALIA
215 Hay Street, Subiaco 6008, Western Australia
T 9380 8222 F 93804024 E [email protected]
R E I WA .CO M
New advisory board for reiwa.com
28
Boost your listings with a Feature Property
29
Introducing reiwa.com AgentFinder
30
Successful second year partnership with Perth Scorchers
31
TRAINING
New training website launched
32
MEMBERS
Social snaps
36
REIWA welcomes new members
38
Calendar of events 2016
40
REIWA Councillors
41
REIWA Network Chairs
41
Getting the most from your REIWA membership
42
REIWA NEWS
UPFRONT NEWS
4
PRESIDENT’S ADDRESS
By REIWA President Hayden Groves
Being elected REIWA President by
your colleagues is both humbling
and thrilling in equal measure.
The opportunity to serve our
industry is a responsibility
I welcome, relishing the idea that
a difference can be made whilst in
the role.
IMPROVED SERVICE
One of REIWA’s strategic focuses for this
year is to extend our service delivery to
members. Your Institute offers a suite of
services designed to improve efficiencies,
enhance professionalism and maximise
business profits, yet there is room to
improve the manner in which these
services are developed and delivered.
I promise improved service delivery to
you, your staff and your businesses as the
year progresses.
THE YEAR AHEAD
This year will be challenging for many as
sales volumes remain at comparatively
low levels, property values remain
subdued and rental markets remain in
oversupply.
Population trends have shifted
dramatically, impacting on all residential
sectors. The vacancy rate reached six
per cent in the December quarter and
listings have moved beyond 15,000 from
the seasonal dip we saw over the holiday
period.
Consumer confidence across the state
remains low and this is impacting the
decisions being made in households.
The commercial sector is also feeling the
impact of the state’s slowing economy
with the local office and industrial
property markets seeing rents drop and
incentives increase to encourage enquiry
and tenure.
OPPORTUNITY KNOCKS
While commentators seem keen to
highlight the negatives of the Perth
property market, it’s important we look
for the positives and opportunities that
the current market brings. Sustained low
interest rates and plenty of housing stock
to choose from make 2016 a great time
to buy.
Affordability has improved, giving first
home buyers and those trading up
through the market the luxury of time
and choice in finding their ideal property.
Trade up activity ought to drag up the
median house price, giving us a chance
at more positive media as the year
progresses. Pleasingly, sales volumes are
moderately higher in the early stages of
2016 when compared to the same period
last year.
ADVOCACY RAMPS UP
REIWA’s most recent focus has been on
the 2016-17 State Budget. We’ve put
forward a number of recommendations
for the State Government to consider
around key issues including transfer duty
and land tax.
Negative gearing has been
comprehensively debated in recent
times. We stand united with the Real
Estate Institute of Australia and share their
view that Labor’s plan to limit negative
gearing to newly constructed investment
properties won’t improve the supply
of housing and housing affordability as
claimed. If such a policy was introduced,
investors would exit the established rental
property market and this would affect
the value of your property management
portfolios.
DRIVING THE FUTURE
REIWA’s dedicated focus on improving
reiwa.com continues, with the
HAYDEN GROVES
introduction of an advisory board that
will offer strategic direction and advice.
We’ve appointed a group of professionals
from across a range of different industries,
including member representation, whose
varied experience will ensure reiwa.com
remains an essential part of your business.
SUPPORT YOUR INSTITUTE
I have grown increasingly concerned
about the significant growth in third
party commercial operations promising
to deliver you more leads and business
opportunities. These so-called ‘industry
partners’ rely on you to support them
but by doing so you are feeding a
commercial entity that is solely interested
in taking a share of your commission
or management fee. These rating or
agent finding sites do not have your best
interests at heart; they simply want a share
of your hard earned money. By backing
them, you are giving away control of your
industry to commercial providers that,
once in control of a market, ramp up their
fees and deliver poor service.
I encourage you to carefully consider
the implications for your industry before
supporting these providers.
In response, reiwa.com is launching
AgentFinder, that ensures the public can
find an agent who meets their needs and
not simply the one offering the lowest fee.
I look forward to seeing you all at the many
REIWA events planned for the coming
year. These events are a great way to
stay informed about issues that affect our
industry, extend your professionalism and
to celebrate your success.
May the year ahead bring you
opportunities to grow and learn, both
personally and professionally.
UPFRONT NEWS
BUSINESS PARTNERS
REIWA would like to thank the following partners for their generous
support of the Institute and its members.
5
UPFRONT NEWS
6
REIWA NEWS
MESSAGE FROM THE
CHIEF EXECUTIVE OFFICER
By REIWA CEO Neville Pozzi
The REIWA Council and Corporate
Executive team met in February
to review the Institute's current
performance against key
indicators and to adjust some
strategies that reflect changes
in the real estate market, as well
as new trends and services that
impact the traditional way real
estate is transacted.
An extensive list of threats and
opportunities were also considered
during the review.
It came as no surprise that one of the
biggest threats facing our industry is
in fact agents themselves and their
employees embracing new third party
services for short perceived gain
without considering the longer term
impacts these decisions may have
in creating further competition in an
already crowded market of real estate
service providers.
One such threat is the emergence
of agent rating websites which have
recently gained popularity.
As these sites gather industry
support they will over time become
a 'wholesaler' in the real estate
transaction. Their role will be to
completely bypass the current direct
relationship between seller and agent
and become a broker/referrer for those
seeking an agent to sell their property.
While fees are currently either
subscription based or a percentage of
the selling fee, and in some cases free,
as these sites become more popular the
fees could increase to the extent that a
significant portion of the selling fee is
actually going to these brokers/referrers.
REIWA.COM AGENTFINDER
The Institute sees the emergence of
such sites as a significant threat to the
long term viability of real estate agency
practices.
To this end, REIWA has developed
an industry-owned rating system,
reiwa.com AgentFinder, to provide all
the features, plus more, that these third
party providers offer. The intention is to
become the most credible source for
the public when seeking a real estate
company or individual to sell their
property.
The planned release date for reiwa.com
AgentFinder is April and this new
system will enable companies and
individuals to decide what level of
information they wish to make publicly
available.
The Institute's current 'Find an Agent'
function on reiwa.com is already widely
used by the public.
We believe that by adding additional
features and combining information in
one area on reiwa.com, this will greatly
assist people in their decision-making
and hopefully remove the need for
members to list with and support third
party products.
MARKET TURNOVER
Another significant factor impacting the
viability of real estate agency practice
has been the trend by homeowners to
move less frequently.
REIWA Research undertook a study
last year which revealed that in 1990
homeowners moved every 14 years and
in 2015 the average time was 19 years.
This is supported by the number of
transactions which averaged 72,000 per
NEVILLE POZZI
year between 1989 and 1997 and only
63,000 per year between 2007 and
2015, despite a significant increase during
that time in the total housing stock.
A number of agencies have adapted to
this changing trend by concentrating
on increasing their rent rolls. The
potential for growth in this area of real
estate practice is significant, with only
60 per cent of private rentals currently
being managed by real estate agents.
REIWA Council noted that the industry
had foregone some $28 million in fees
over the last year, based on the current
vacancy rate of six per cent.
BUDGET SUBMISSION
REIWA is very conscious of the negative
impact property taxes are having on the
market, particularly stamp duty.
As part of our state pre-budget
submission we have suggested that
transfer duty on property be replaced
by a broad-based land tax similar to that
adopted by the ACT government.
The Institute is very aware of the
pressures the industry currently faces
and is striving to provide services that
complement members' businesses and
which are cost-effective alternatives
to the range of services that are
commercially available.
REIWA is well advanced in discussions
with a major real estate services
provider to develop an industry
controlled benchmarking product
that will assist members measure their
businesses against their peers, and also
provide valuable assistance to ensure
the viability of individual businesses in
this changing real estate market.
The endorsed insurance broker of the
Real Estate Institute of Western Australia
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MEET YOUR LOCAL EXPERTS
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08 6317 4075
[email protected]
• Renters Insurance
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08 6317 4013
[email protected]
aon.com.au/realestate
REIWA NEWS
UPFRONT NEWS
8
A CHALLENGING YEAR AHEAD
Rapidly changing population and
migration trends will continue
to have serious implications
for economic growth and the
performance of the housing market
in the short term.
According to recent population data
released by the Australian Bureau of
Statistics (ABS), Australia's population
grew by 1.35 per cent during the year to
June 2015.
Australia's population growth rate
continued to slow to record the smallest
growth since 2006 and is now just
below the 20 year average growth rate.
In Western Australia, net overseas
migration to the state dropped by
37.3 per cent over the year and a more
significant drop of 63.6 per cent on a
quarterly basis. Likewise, net interstate
migration has dropped to the point
where the state has recorded a net
interstate loss, a trend not seen over the
last 10 years in WA.
RENTAL IMPACT
This slowdown has had a dramatic
impact on rental markets, with
Perth's vacancy rate recording a
historic high of six per cent as of
the December 2015 quarter.
The vacancy rate is expected to
increase further as the record level of
new dwellings that commenced in
the booming years of 2013 and 2014
are completed in 2016 and 2017.
Total sales volume declined over
the December quarter as the
market experienced a significant
increase in listings in November,
almost crossing the 17,000 mark
before retreating to around 14,500
during the festive season.
Rental listings across houses and units
reached the 10,000 mark during the
start of this year, which is 60 per cent
higher than the same time last year.
CONFIDENCE DOWN
Record low interest rates have done
little to stimulate activity over the past
12 months.
Any further rate reductions in the first
half of 2016 are unlikely to lift activity
due to the strength of socio-economic
forces that are stifling investment and
confidence in WA.
Consumer confidence in WA weakened
during December, according to the
Westpac–Melbourne Institute, as a result
of future job cut announcements and
anticipated weaker mining conditions.
POSITIVE NOTE
On a positive note, there were 8,984
first home owner grants for new
dwellings approved during 2015, which
is the highest number approved on an
annual basis since the year 2000.
This is an increase of 1,093 grants for
new dwellings approved compared to a
year earlier.
Despite a quarterly decline in
December, the historically high new
dwelling grants paid over the year 2015
further reinstates the fact that first home
buyers are taking advantage of the
softening market to secure a good deal.
CHALLENGE AHEAD
As we move into 2016, the big challenge
confronting the Perth market will be the
impact that the completion of a record
level of new dwelling construction will
have over the next two years.
The impending supply of dwellings,
coupled with the downturn in
population, may lead to a surplus supply
of houses in the short term.
Nevertheless, the market welcomed
a favourable decline in WA's building
approvals once again during the
December 2015 quarter by 14.5
per cent, following a 9.5 per cent
decline in the last quarter.
This will allow the market to work on
the sizeable backlog of dwellings that
have been previously approved and
avoid exerting additional pressure on
the market.
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REIWA NEWS
UPFRONT NEWS
10
VACANCY GLUT IN OFFICE MARKETS
Perth's commercial property
market remains weak with
about one in five offices vacant,
maintaining a crash in tenancy
demand that began in 2012 when
China's reduced need for WA
resources first began to impact
our economy.
The Property Council estimates Perth's
office vacancy rate increased from 16.6
to 19.2 per cent in the six months to
January, the highest level since 22.8
per cent was recorded in 1995.
In January, CBD office vacancies varied
from 15.9 per cent in premium buildings
to 37.5 per cent in D grade buildings.
JLL property group estimated Perth's
CBD had a 23.5 per cent vacancy rate
in the December 2015 quarter and has
forecast that office vacancies will peak
around 24 per cent in the first quarter
of 2016.
Other market observers claimed in
February that the CBD office vacancy
rate is probably close to 25 per cent and
will remain high for several years.
WEST PERTH
The office vacancy rate in West Perth
rose from 10.8 to 12.2 per cent in the
six months to January, according to The
Property Council, with market signals in
late 2015 that a low point for vacancies
has almost been reached in the suburb.
However, office vacancies in East Perth
were pushing toward 30 per cent in
late 2015.
Foreign equity remains keen on WA
commercial property projects despite
the high vacancy rates and often
substantial incentives being offered by
inner city landlords to attract tenants.
Plentiful office supply is still entering
the Perth market and commentators are
suggesting it could be up to three years
before lower quality, old office stock is
absorbed or converted for a different
use so that demand is balanced.
During this time it's likely that WA
commercial property agents will
struggle to find office tenants if their
landlords aren't willing to lower rents
and offer incentives that match the weak
market.
SUPPLY
In the six months to January, 113,463sqm
of new office space was added to the
Perth market, even though there are
now about 10,000 fewer office workers
in the CBD than in 2012. However, new
office construction is winding down
significantly this year.
The Property Council reported that
in January, Perth had its first signs in
three years of positive net office space
absorption, offering hope that the
downturn may have bottomed.
By early December 2015, there was
around 300,000sqm of office space
empty in the Perth CBD, with many
landlords having to discount their rent,
pay for fit-outs and be flexible with
generous concessions to attract tenants.
Knight Frank expects commercial CBD
vacancies to peak at around 22 per cent
during 2016.
West Perth commercial landlords have
been refurbishing and upgrading their
buildings in a bid to draw tenants who
are demanding quality office fittings in
a competitive market, with more than
a quarter of the inner suburb's B and C
grade buildings vacant in late 2015.
SUBURBAN MARKETS
Perth's suburban office markets had
lower vacancy rates than the CBD during
2015 but suburban tenancy demand is
expected to ease during 2016.
Landlords of older office buildings
have been discounting their rents well
below what tenants are expected to pay
for new premises, but city owners are
likely to compete strongly for suburban
tenants throughout this year because of
the high office vacancy rates in the CBD
and West Perth.
Premium CBD rentals were around
$1,000 per sqm at the peak of the
property market and the same premises
are now likely to let for about $600 per
sqm, along with incentives as high as 50
per cent of the lease rental value.
UPFRONT NEWS
RETAIL MARKETS STRONG
DESPITE CHALLENGES
The most significant influence
on WA's retail property market
during 2016 is likely to be the
opening of Aldi grocery stores
across the state, with the German
supermarket giant investing about
$450 million to develop as many as
70 sites over coming years.
Construction is nearing completion on
14 stores in Mundaring, Butler, Kwinana,
Rockingham, Southern River, Mandurah,
Joondalup, Wattle Grove, Halls Head,
Australind, Mirrabooka, Belmont,
South Lake and Camillo, with Aldi also
considering locations in Nedlands,
Lakelands, Mandurah, Cannington,
Haynes, Midland, Ellenbrook,
Busselton, Maddington, Secret Harbour
and Waikiki.
Retail market analysts believe the advent
of Aldi is most likely to affect the turnover
and associated foot traffic of IGA rather
than Coles or Woolworths outlets.
EXPANDING MARKET
the increasing competition from
internet retailers.
However, it's not known if or when
various of these shopping centre
expansions will proceed.
Twelve shopping centres were sold in
WA during 2015 with a total sale price
of almost $352 million, and investors
have been increasingly interested
in Perth retail properties that come
to market due to their security and
competitive returns.
There were recently nine major
shopping centres in Perth and Peel with
expansion plans totalling 335,637sqm
at a cost of more than $3.7 billion,
largely due to the easing of retail
trading hour restrictions and despite
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11
UPFRONT NEWS
12
REIWA NEWS
NEW PLANNING GUIDELINES
FOR SWAN VALLEY
The State Government is
considering public comment on its
draft planning guidelines for the
Swan Valley that will determine how
the district can be developed for
residential, tourism and agricultural
use during future years.
The draft plan prescribes what land
uses are appropriate and how buildings
should be designed in the valley to
ensure that future developments reflect
the area's character.
VALUES
If and when adopted, the planning
guidelines will influence property values
and investment potential as they control
most of the ways that land can be used and
buildings developed.
The Swan Valley Development Plan
creates a zoned template for protection
of natural features and requirements for
tourism developments, sheds, agricultural
buildings, single houses, commercial and
retail properties.
Landowners wishing to develop can use
the plan to determine their siting, setbacks,
parking, access, entry statements, ancillary
dwellings, land use buffers, fencing,
landscaping and signage.
ZONES
The guidelines recommend the valley
be split into a 6,500ha rural zone which
supports incidental tourism developments
that maintain the area's agricultural basis.
Developments related to tourism would
be supported in the rural zone only if they
are incidental to the land's primary use and
the style is sensitive to the character of the
Swan Valley.
The guidelines also recommend an
intensive tourism zone to create
attractions along West Swan Road and
Great Northern Highway, and a
rural-residential zone to allow rural
lifestyle lots with hobby farm, small scale
agriculture, horticultural, tourism and
cottage industry opportunities.
The draft planning guidelines also flag
a new town centre at Herne Hill that
consolidates residential, commercial and
community activities so the area develops
as a typical WA rural town. A local structure
plan will be developed by the City of Swan
for the town centre.
Minister for Planning John Day said the
draft guidelines aim to provide greater
protection of the valley's agricultural land
while at the same time encouraging more
tourism activities and related
developments.
RESIDENTIAL DEVELOPMENT
The Satterley Property Group paid
$90 million in November for 140ha of
land at an Upper Swan site adjacent
to the Vines and Ellenbrook, and
is expecting it to produce 1,717
residential lots as well as a new primary
school and a two hectare retail space.
Construction is expected to begin in
2017 with the first land release in 2018.
The $1.12 billion Swan Valley bypass
road, a 37km link from the Reid and
Tonkin Highway intersection to the
Great Northern and Brand highways,
is due to be completed by 2019.
The Swan Valley attracts about 600,000
visitors and contributes around
$200 million to the WA economy
each year.
Q&A
REIWA News asked Swan/Hills branch
chair Grant Winning for his opinion about
the draft Swan Valley planning guidelines:
How do you believe the new planning
guidelines will most influence the Swan
Valley real estate market in coming
years?
I think it's a good positive move. The Swan
Valley is a beautiful spot to visit, not only
on the weekend but during the week as
well. The amount of visitors frequenting
the area could be over one million in no
time at all and this is obviously great for our
economy.
Does feedback from branch members
suggest industry satisfaction or
dissatisfaction with the guidelines?
Overall it's satisfaction. There are always
a few who do not like the idea of change
and that's understandable, but the vast
majority are in favour.
Do you believe the draft planning
guidelines provide enough scope for
future residential development in the
Swan Valley?
Absolutely. The draft came across to me as
a very good mix.
If adopted in their current draft, do
you believe the new development
guidelines will improve buyer and
investor confidence and stimulate
greater market demand for Swan Valley
properties, with a positive influence on
turnover and values?
Yes, I do. As tourism increases the area will
become better known not just in WA but
for interstate and overseas visitors as well –
a little like Margaret River without the surf!
UPFRONT NEWS
ARCHIVES WANT MORE FOR
CENTENARY YEAR
This year will see planning start in
earnest for REIWA's centenary year
in 2018.
Throughout 2016, archiving aficionados
and Past Presidents Les Wearne, Paul
Druitt and Bryan Mickle will continue
to meet regularly under the guidance
of REIWA's archiving consultant Jon
Readhead to consider items worthy of
the centenary collection.
An application has been submitted to
the State Library of Western Australia in
the hope it will agree to an exhibition
of key historical information that has
formed part of REIWA's evolution over
the last 100 years.
Executive Manager Marketing and
Communications Stephanie Collinson,
together with newly appointed
Corporate Communications Manager
Jane Humphries, will now work
closely with REIWA Chief Executive
Officer Neville Pozzi and Centenary
Coordinator Kate Gorce-Macham to
plan what will be an exciting year-long
celebration for members, staff and the
general public.
DONATIONS
While we already have a wonderful
collection of artefacts, any donations
or loans to REIWA for display purposes
would be most welcome.
To date we've been most grateful to
receive:
• A hand-painted ‘For Sale’ sign circa
1960s (donated by Les Wearne)
• A diary log of Roy Weston's time
as REIWA President 1972-1974
(donated by Patricia Weston)
• Several copies of A Terrace Walk
and Half a Rood by Athol Thomas
(donated by Jim Henneberry, Tom
Moylan and Peter Yujnovich)
A hand-painted ‘For Sale’ sign circa 1960s, donated by Les Wearne.
We'd like to thank these members and
their families for their kind donations.
Other artefacts we have in the archive
that may be considered for display are:
• A membership seal press circa
1960s
• A membership book dating from
1931
• The original certificate of
incorporation from 1918 when
REIWA was known as the
Auctioneers', Land and Estate
Agents' Association of Western
Australia (until 1944)
Please contact Kate Gorce-Macham
on 9380 8221 or via email at
[email protected]
to discuss any items you may wish
to donate.
13
UPFRONT NEWS
14
REIWA NEWS
REIWA SUPPORTS COMMUNITY
REINVEST FOR THIRD YEAR
We are entering our third year of
supporting inaugural Community
REInvest partner The Salvation
Army in their goal to help end
homelessness.
To date, REIWA has donated almost
$300,000 to the Salvos and in 2015
more than 300 hours of volunteer time
was also invested in Salvation Army
programs.
Funds donated over the 2015-16
financial year will provide a night at The
Beacon, the Salvos' homeless facility,
for 878 people in need, as well as
2,634 meals.
We'd like to thank our inaugural
Community REInvest sponsors who have
largely made our financial contributions
possible:
• Avanti Residential
• Airey Real Estate
• DQ Real Estate
• Professionals Michael Johnson & Co
• dethridgeGROVES Real Estate
• Ray White Uxcel
• O'Rourke Realty Investments
• Momentum Wealth
•Bourkes
• Joyce Property Investments
• Realmark Dunsborough
• First National Real Estate Druitt
& Shead
• Naked! Real Estate
• Tully Real Estate
• PLG Realty
• Northbridge Sales & Leasing
• Rentwest Solutions
We'd also like to acknowledge all our
members and their staff who have
volunteered by preparing meals and
putting up Christmas decorations at The
Beacon, serving meals to the homeless
via the Street Outreach program,
planting seedlings and weeding gardens
at the Harry Hunter Rehabilitation
Centre, and donating sleeping bags and
Christmas gifts to help those in need.
Your contributions have been heartwarming and display the significant
generosity of our industry as a whole.
Mark and I really enjoyed
working with the Salvos this
morning. It has made me
realise that when I eventually
have more time on my hands
I would like to contribute to
this cause on a regular basis.
I would highly recommend
this experience to everyone.
Tracey Rath and Mark McCaster from Joyce Property Investments
volunteering with The Salvation Army as part of the Community
REInvest program.
Tracey Rath, Joyce Property Investments
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ADVOCACY & POLICY
18
REIWA NEWS
REIWA BUDGET SUBMISSION
TARGETS TRANSFER DUTY
REIWA’s submission to the State
Government’s 2016-17 budget
process focusses on the issues that
will impact Western Australia’s real
estate industry the most.
During this difficult time, it will be
important to keep first home buyers
active in the local market. First home
buyers represent approximately 25
per cent of the WA property market.
They provide for the development
of new housing but also create
opportunities for trade-up activity in the
established WA property market.
Balancing a number of policy areas is
crucial for the State Government.
Keeping state property taxes at current
levels and ensuring there is suitable
affordable housing will provide some
assurance to a market that exhibited
signs of slowing in 2015.
REIWA’s submission focusses on
historical trends and the market outlook
for 2016, which creates a backdrop to
discuss the impact on key state revenue
streams. The consequences this has on
government policy are also considered.
LATEST MARKET TRENDS
There has been a consistent downward
trend in housing sales activity in the
Perth Metro Region residential market
since volumes peaked in March 2013.
Median prices have also trended lower
but only slightly, down to $525,000 for
the preliminary December 2015 quarter.
This comes on the back of prices
peaking during the fourth quarter of
2014 at $555,000.
Interestingly, house sales within the
$310,000 – $500,000 price range have
come off in the last two years, which
indicates softening activity among
FHOG buyers.
MULTI-RESIDENTIAL
The multi-residential market remains soft
in terms of sales.
A longer term picture shows that sales
volumes are 50 per cent below their
15 year average. Some of this may be
attributed to weak investor activity, in
particular since the Australian Prudential
Regulation Authority changed the
capital adequacy requirements for
investor lending in mid-2015.
This, together with further supply of
stock hitting the market, has affected the
multi-residential market. Median prices
for the December quarter 2015 sat at
$434,000 and seem to be flattening
out, trending around $430,000 –
$434,000 over 2015.
Similarly, the rental market has been
weak in terms of median rents, down 9.1
per cent for the year to December 2015
to $400 per week.
Rental listings trended up 55 per cent
for the year to December.
OUTLOOK
A slowdown in WA’s population
growth may have serious implications
for economic growth and the overall
performance of the housing market.
Net overseas migration to the state
has dropped by 37 per cent over the
year while net interstate migration
also declined. The significant loss in
migration bluntly outlines the impact
that the mining investment shutdown is
having on resource-focussed WA.
The impending supply of dwellings,
coupled with the downturn in
population, may lead to a surplus supply
of houses in the short term.
This may further trigger downward
pressure on house prices and will have
flow-on effects for both the established
and rental markets at a time when
listings and vacancy rates are on the
rise.
RECOMMENDATIONS
On the basis of the current housing
market, together with existing policy
imposed by the State Government,
REIWA suggests the following
recommendations:
• REIWA strongly recommends that
the State Government does not
increase transfer duty rates or
thresholds.
The continuing downward trend in
housing sales activity since the March
2013 peak will clearly have a negative
impact on the State’s transfer duty
receipts over 2016-17.
While this is an issue for state revenue,
any meddling with transfer duty
rates as a means of improving the
budget position will only magnify the
slowdown with a large increase in
listings and longer selling times.
ADVOCACY & POLICY
Any upward adjustments to transfer
duty rates will only further deter sales
activity in an already slowing market.
• REIWA strongly recommends that
the State Government maintains the
existing transfer duty exemption for
first home buyers at $430,000. This
will avoid any further disincentive
for buyers to enter the WA property
market in what is a softer residential
market.
The latest First Home Owner Grant
(FHOG) data from the Office of State
Revenue indicates first home buyers
of established housing continue to
trend down, falling 8.8 per cent from
59.1 per cent in 2014 to 50.3 per cent
in 2015 based on rolling annual
established grants paid during the
respective year.
If first home buyer activity declines
to levels of approximately 16
per cent like it did in 2003-04, such
a slowdown could remove almost
7,000 established first home buyers
in the market.
This would also have a significant
knock-on impact to transfer duty.
Potentially, the State would forgo
between $160 - $195 million in
transfer duty, assuming these tradeup buyers purchased a house with a
value of $600,000 - $700,000.
This means the effect of lower
trade-up activity as a result of fewer
first home buyers in the established
market will impact the State’s future
transfer duty receipts.
• REIWA recommends that the State
Government introduce rebates
on transfer duty for seniors to
encourage appropriate downsizing
and assist in ensuring appropriate
housing diversity in the WA
residential market.
In past pre-budget submissions,
REIWA has indicated the extent to
which transfer duty has an impact on
housing affordability. This submission
reiterates that position.
It is widely understood that most tradeup buyers are not in a position where
surplus funds are available to cover
the transfer duty impost upfront. As
a consequence, buyers are forced to
borrow this amount on top of the loan
amount, hence amortising the transfer
duty cost across the whole life of their
mortgage.
A key policy issue that REIWA
consistently advocates is the need for
diversity in our housing stock.
It is well understood that transfer duty
prohibits people from making better
housing choices. For example, older
households often struggle to raise the
upfront cost of transfer duty in order
to allow them to downsize to a smaller
house that is more appropriate for
their needs.
• REIWA recommends that the State
Government revisit transfer duty
relief for off-the-plan developments
and house and land projects to
assist in delivering on the key
component of the Government’s
Directions 2031 planning strategy
and the Perth and Peel @ 3.5 million
strategy.
19
REIWA NEWS
ADVOCACY & POLICY
20
Introduction of transfer duty relief
would facilitate investment into multiresidential projects and make them
more attractive.
It would also assist the State
Government to deliver on key
priorities in the areas of master
planned and built communities, and
support the push to increase densities
which are a key policy direction of the
Directions 2031 and Perth and Peel @
3.5 million strategies.
This type of relief is present in the
Victorian market which allows for
an exemption on off-the-plan strata
projects.
• REIWA recommends that the State
Government make no further
changes to rates or thresholds
for land tax. The rate hikes and
changes to thresholds in the
last State Budget are having a
detrimental impact on landholders
and their view to holding
investment properties.
REIWA is concerned that the decision
to increase land tax in the 2015-16
budget is now having perverse
outcomes on the investment decision
and may lead to those investors
selling their property holdings.
This is particularly exacerbated in the
current market as rental prices are
soft and securing tenants is difficult.
In addition, this is adversely affecting
self-retirees who are funded by their
investment properties.
This would have a significant impact
on the residential rental market
as supply would decline, adding
pressure to rental prices and also
impacting housing affordability.
• REIWA recommends removal of
land tax aggregation rules across
the board because it remains a
tax on business and a disincentive
for investors to hold a portfolio of
properties.
REIWA has in the past and continues
in this submission to advocate to the
State Government for the removal
of land tax aggregation rules across
the board.
This is needed as currently the
aggregation rules remain a tax
on business and a disincentive
for investors to hold a portfolio of
properties, particularly rental stock.
There can be no underestimation
of the importance that the private
rental market has in the provision of
appropriate housing.
• REIWA recommends that the State
Government undertake a state
tax review as a commitment in the
upcoming 2017 state election.
This review must assess the viability
of and financial implications on
the community of a shift to a
broad-based land tax system that
ultimately removes transfer duty.
While it is acknowledged that the
Federal Government is undertaking
a national taxation review, REIWA is
of the view that the WA Government
should undertake an assessment of a
broad-based land tax regime with a
view to abolishing transfer duty.
There are a number of flow-on
benefits from a land-based tax
regime.
It would allow for greater housing
mobility across the community.
Households could locate closer to
employment and activity centres, thus
reducing congestion and allowing
benefits that are stymied by the
current transfer duty regime.
Removal of transfer duty would also
improve housing affordability as
most households currently borrow
funds to cover transfer duty, which
is amortised across the life of the
mortgage and increases repayments.
ADVOCACY & POLICY
CUTTING RED TAPE FOR
REAL ESTATE AGENTS
In 2015 REIWA advocated on your
behalf for changes to both the
Residential Tenancies Act 1987 and
the Real Estate and Business Agents
Act 1978.
This Bill will allow property managers to
send the notice of the proposed time
on an approved form, but will still allow
the tenant to negotiate the time if the
proposed time is inconvenient.
The reforms were based on issues that
you were facing in your business and
we responded by discussing these
regulatory setbacks with the Barnett
Government.
This simple change will reduce costs
to real estate agents significantly, while
still ensuring consumers are protected
and can negotiate and attend a periodic
inspection.
Two Bills are currently before the WA
Parliament. At the end of 2015 we wrote
to all members of Parliament seeking
their support for the two Bills.
A win for everyone involved.
Following is a summary of the two major
reform wins:
REFORM 1
Residential Tenancies Amendment
Bill 2015 – simplifying the notification
process when a lessor wishes to enter
the property.
Current provision
The RTA requires a property manager
or lessor to negotiate a time with the
tenant before they send a notice for a
periodic inspection. This change came
in as part of the larger reforms to the RTA
in July 2013.
REFORM 2
Licensing Provisions Amendment Bill
2015 – removing the prohibition against
commission payments to real estate
agents before settlement for off-theplan transactions.
Current provision
Off-the-plan transactions for both strata
and vacant land subdivision are more
commonplace than they were in the past
when the REBA Act came into force.
Real estate agents undertake a
significant amount of work to sell these
sorts of projects but are not allowed
to be paid their commission until the
project settles.
This disadvantages the real estate agent
significantly as these projects can take
anywhere from two to four years to
settle.
Recommended reform
The Bill will allow real estate agents to
receive early payment of commission for
off-the-plan strata transactions.
It seems, though, that the Bill misses
the opportunity to include vacant land
subdivision as well.
A key feature of the reform will be to
ensure that a consumer’s deposit is
never used as part of the commission
payment.
As you can see from these two key
policy reforms, REIWA holds the impact
of our policy positions on the WA
consumer at the forefront at all times.
It is important to REIWA that everyone
wins in WA real estate and that good
industry outcomes are balanced with
appropriate consumer protections.
REIWA congratulates the Minister for
Commerce and the Barnett Government
for working with the real estate industry
to progress these reforms.
Recommended reform
While REIWA believes it is important to
ensure a tenant can negotiate a suitable
time for a periodic inspection, the
requirement to do so before a notice is
sent is increasing administrative costs
significantly for real estate agents.
QUICK FACT
• Research data suggests 3.2 per cent of
the Perth metropolitan population lives in an
apartment within 15km of the CBD.
21
ADVOCACY & POLICY
22
REIWA NEWS
CHANGES TO AUSTRALIA’S FOREIGN
INVESTMENT FRAMEWORK
Foreign investment plays an important
role in Australia’s economy. As long as
the investment is not contrary to our
national interest, it’s welcomed by the
Australian Government.
Foreign investment provides many
benefits including additional capital for
economic growth, new employment
opportunities and improved consumer
choice.
THE NEW LEGISLATIVE REFORMS
New foreign investment reforms came
into effect on 1 December 2015. The
changes were made to modernise
the foreign investment framework,
reducing complexity and compliance
costs for investors. The changes
include:
• Incorporating policy-only
requirements into the legislative
framework to improve transparency
and certainty for investors
• Increasing the substantial interest
threshold from 15 per cent to 20
per cent so it aligns with Australia’s
corporate takeover rules
• Removing routine cases from the
system
• Introducing civil penalties and
stronger criminal penalties
for serious offences, as well
as providing for the issue of
infringement notices for less serious
offences
• Introducing civil penalties for third
parties who assist in breaches of the
rules
• Introducing fees for applications
under the Foreign Acquisitions and
Takeovers Act
The most significant changes to note
are that fees are now payable and in
addition to the Treasurer’s ability to
require a person to give information or
produce documents, officers from the
Australian Taxation Office (ATO) can
exercise broad ranging investigatory
powers.
THE ROLE OF THE TREASURER
AND THE FOREIGN INVESTMENT
REVIEW BOARD
The Foreign Acquisitions and Takeovers
Act 1975 allows the Treasurer, or
his delegate, to review investment
proposals to ensure they are not
contrary to Australia’s national interest.
If the Treasurer considers the proposal
contrary to Australia’s national interest,
the Treasurer may make an order
prohibiting the proposed transaction
or, if the transaction has already taken
place, directing the foreign person to
dispose of their interest.
According to the ATO, while each
proposal is considered on a caseby-case basis, the factors typically
considered by the Treasurer when
considering any non-residential
proposal include:
• The impact of the proposed
investment on Australia’s national
security, the economy and the
community
• The impact of the proposed
purchase on competition
• Other government policies
(including taxation)
• The character of the investor
ADDITIONAL WORK FOR THE ATO
As a result of the new reforms, the ATO
is now responsible for the transfer of
real estate functions which includes
managing and recording applications
for foreign investment in residential
real estate. This role encompasses the
collection of the application fees, the
upfront screening process, compliance
activities and enforcement action.
The ATO will also be responsible for
keeping an Agricultural land register
and Residential land register.
NOTIFYING THE TREASURER
A foreign person who proposes to enter
an agreement to take a notifiable action
must give a notice to the Treasurer and
receive a no objections notification
before following through with an
investment.
The following circumstances require the
Treasurer to be notified:
• Foreign persons acquiring a
business
• Foreign persons acquiring
agricultural land
• Foreign persons acquiring
residential land
RULES FOR FOREIGN INVESTORS
BUYING RESIDENTIAL LAND
To ensure that foreign investment
is in the country’s best interest, the
government has introduced some
rules for those wanting to purchase
residential land.
• Established dwellings
- Temporary residents need to apply
and receive foreign investment
approval if they want to buy an
established dwelling.
ADVOCACY & POLICY
- Temporary residents cannot buy
established dwellings as investment
properties but they will normally
be allowed to buy established
dwellings for redevelopment
where there is an overall increase in
housing stock.
• New dwellings
- Temporary residents need to apply
and receive foreign investment
approval if they wish to buy new
dwellings in Australia. Such
applications are normally approved
without conditions.
• Vacant land
- Temporary residents need to apply
and receive foreign investment
approval if they wish to buy vacant
land for residential development.
These are normally approved
subject to conditions, i.e. that
construction is completed within
four years.
FOREIGN INVESTMENT
APPLICATION FEES
The introduction of a fee-payment
regime for foreign investment
applications is a significant part of the
reform. The fees apply per application
and are non-refundable should the
application be refused or not proceed.
A person or entity who applies for an
exemption certificate, gives notice of
a notifiable action or gives a notice in
relation to a proposal to take significant
action that is not a notifiable action, is
required to pay a fee when the notice is
given or an application is made.
Fees vary depending on the type and
value of the proposed investment.
If the application falls in a number of
categories outlined by the ATO then the
category with the highest fee will apply.
OFFENCES AND PENALTIES
The introduction of a civil penalties
regime and increasing the existing
criminal penalties associated with
foreign investment are also significant
outcomes of the reform.
The penalties are designed to deter
investors from failing to comply with
their obligations under the law. The
amount of the penalty depends on what
rule has been breached.
MORE INFORMATION
More information on Australia’s Foreign
Investment Framework, including a
breakdown of fees and penalties, can
be obtained from the ATO.
QUICK FACT
In the 12 months to September 2015,
WA’s population grew by 32,542 or 1.27
per cent to 2.59 million. Natural increases
of 21,014 and net overseas immigration of
14,249 were offset by 2,721 people leaving
WA for other states. WA’s net interstate
migration was negative in the 18 months to
September, reflecting the resource sector
downturn. WA’s population was forecast
to grow two per cent in 2015 but achieved
only 1.4 per cent.
23
ADVOCACY & POLICY
24
REIWA NEWS
PROGRESS IN STRATA TITLE REFORM
In mid-January, Landgate and
Minister for Lands Terry Redman
announced that the Barnett
Government has approved the
drafting of a Bill to reform the
Strata Titles Act.
The Bill will be drafted on the advice
of Landgate which had significant
stakeholder engagement and
consultation over 2015.
The key areas for reform are:
• New forms of strata: community title
and leasehold strata and improved
staging of strata developments
• Buyer information and protection
• Resolving strata disputes
• Management of strata schemes
• Termination of strata schemes
REIWA’s Strata Titles Network
committee was instrumental in
developing the recommendations
of our submission that we lodged in
January 2015.
NEW CODE
OF CONDUCT
IMMINENT
Landgate has listened to REIWA’s
recommendations. In the reform
area of buyer information and
protection, Landgate will proceed with
amalgamating Forms 28 and 29 and
inserting a cover sheet for prospective
buyers that outlines key information they
need when buying a strata property.
The Department of Commerce is in the
final stages of preparing the proposed
wording of the Code of Conduct for
Agents and Sales Representatives.
The recommendations made about
the forms were based on our extensive
experience in this area.
Next steps for reform will be for the
Bill to be drafted by the Parliamentary
Counsel and it will be introduced into
the WA Parliament later in 2016.
QUICK FACT
• An increasing number of WA’s metropolitan and regional councils are introducing or
considering split coding regulations wherein a higher density bonus is allowed when neighbours
amalgamate their lots to sell a single property to a developer, usually at a higher price than if they
sold separately because of the land’s increased development potential.
The wording is being drafted by
the government solicitor based on
the final recommendations of the
Department of Commerce, which tries
to ensure that the wording matches
the recommendations.
Once the Department of Commerce
is satisfied with the final draft, REIWA
will have the opportunity to raise
any comment and advocate for any
changes that in its view are in the best
interests of the industry or achieve the
desired consumer protection.
Draft codes of conduct have been
released to settlement agents and
valuers for industry comment.
REIWA expects the final code of
conduct to be in place prior to
June 2016.
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REIWA.COM
28
REIWA NEWS
NEW ADVISORY BOARD
FOR REIWA.COM
reiwa.com’s objective is to become
the real estate portal of choice for
all West Australians.
In order to compete with national
portals, work smarter and be nimble
in this pursuit, REIWA Council has
formed an advisory board to drive the
direction and accelerate future growth
of reiwa.com.
WHY AN ADVISORY BOARD?
An advisory board is a body that
provides non-binding strategic advice
to the management of an organisation –
for example, to REIWA Council.
The informal nature of an advisory board
gives greater flexibility in structure and
management. Unlike REIWA Council,
the advisory board does not have
authority to vote on corporate matters
or bear any legal responsibilities.
In this case, the reiwa.com Advisory
Board will report back on a regular
basis and provide the Chief Executive
Officer and REIWA Council with a closer
overview of the perceived challenges
facing the reiwa.com business unit,
together with recommendations on
how to drive reiwa.com closer towards
achieving its objective.
MISSION
The reiwa.com Advisory Board’s
mission is to provide strategic direction
and advice to the REIWA Council, CEO
and Executive Manager about the
development and improvement of the
reiwa.com portal.
The purpose is to seek expertise
outside of REIWA and benefit from the
knowledge of others.
The reiwa.com Advisory Board
will provide the business unit with
external advice, understanding and
strategic thinking about the real estate
portal space, together with strategic
recommendations for consideration.
ROLES AND RESPONSIBILITIES
The reiwa.com Advisory Board will:
• develop an understanding of the
business, market and industry
trends
• provide ‘wise counsel’ on issues
raised by the membership, the
CEO and REIWA Council
• provide unbiased insights and ideas
from a third party point-of-view
(not involved in the operation of
the business)
• encourage and support the
exploration of new business ideas
and digital initiatives
• act as a sounding board and
resource for REIWA Council, CEO
and Executive Manager, and
reiwa.com when required
• encourage the development of a
governance framework that enables
sustainable growth of reiwa.com
• monitor business performance and
competition closely
• impose challenges to directors and
management that could improve
the business unit
Advisory board members have
complementary knowledge on different
aspects of business.
REIWA.COM ADVISORY MEMBERS
The selected members for the 2016
reiwa.com advisory board are:
• Damian Collins, REIWA Deputy
President and Chair to the reiwa.
com Advisory Board
• Paul Otness, Digital Product
Manager reiwa.com
• Clay Cook, CEO Bonfire
• David Fare, Director Media Tonic
• Alischa Wunsch, Consultant,
Multiplier Strategic Marketing,
PR and Digital Communications
• Nathan Hewitt, Director YARD
Property Group
• Kevin Attree, Director Attree Real
Estate Group
REIWA.COM
BOOST YOUR LISTINGS WITH A
FEATURE PROPERTY
reiwa.com is now giving all subscribers
(and vendors) the opportunity to boost
their property listings to the top with our
new Feature Properties.
Previously, Feature Properties on
reiwa.com were limited to four
placements per suburb.
Now we’re allowing all subscribers
to upgrade their listings to a Feature
Property and gain a competitive edge.
WHAT IS A FEATURE PROPERTY?
• Bigger, bolder and better – a
Feature Property display is the largest
of them all. With a greater focus on
larger images and minimal text, this
display will ensure both prominence
and click-throughs to your listing
• Positioning – a Feature Property
listing will appear by default at the
top of the search result pages (above
Headline and Standard listings),
ensuring that your property is seen
first by the WA public
• Image carousel rotation – rotates
through all your property photos
• Agent branding – position yourself
as a market leader in your suburb
• Advertising deals – discounted
pricing is available
PRICE
reiwa.com subscribers can upgrade an
individual listing to a Feature Property
for a casual rate price and subsequently
pass this cost on to the vendor.
This self-service functionality is fully
automated and easy to use. Simply log
on to the REIWA members’ site and
follow the prompts for pricing details
and to upgrade your individual property
listings to a Feature Property now.
Alternatively, reiwa.com subscribers can
upgrade all their property listings for a
heavily discounted promotional rate (up
to 50 per cent off).
To enquire about discounted pricing,
contact your Member Engagement
Representative on 9380 8288 for more
information.
29
REIWA.COM
30
REIWA NEWS
INTRODUCING REIWA.COM
AGENTFINDER
Agent comparison websites are
becoming increasingly popular to
assist sellers in the agent appointment
process, but most of them have one
thing in common – they are all vying
for a piece of the pie (i.e. a cut of your
sales commission in the real estate
transaction process).
• they provide unmoderated agency
ratings and testimonials
• they compare agents based on fees
alone (not on service, performance
or any other important factors)
Following are some potential downfalls
of agent comparison sites:
reiwa.com AgentFinder will allow users
to view agent profiles and compare
agents based on a number of different
factors.
• they negotiate a reduced fee for the
seller and retain a percentage for
providing the sales lead to you
• they become a third party to the
real estate transaction process,
thereby diminishing the value of
your role as a real estate agent
That’s why we’re introducing reiwa.com
AgentFinder – a genuine alternative to
agent comparison websites.
Why should you support reiwa.com
AgentFinder?
• It’s free. We won’t charge for this
service, nor do we want a cut of
your sales commission
• We serve to protect the industry
and your role in the real estate
transaction process
• reiwa.com is a brand that West
Australians already know and
trust – therefore the WA public are
likely to trust our site rather than an
unknown start-up brand
• reiwa.com AgentFinder will offer
comprehensive agency and agent
profile pages including agency
overview, team overview, sales
stats, listings and awards to help
property searchers select an agent
• Given the strength of our brand
and traffic to reiwa.com, we can
leverage this and compete head to
head with other agent rating sites in
search engines like Google
• We have one of the largest
databases in WA with more than
8,000 sales representatives and
property managers listed on
reiwa.com
• We are keen to shift the focus
away from fee comparisons alone
towards other important agent
selection factors such as:
- number of sales, current listings,
staff, office location
- reiwa.com awards and other
awards
- average time on market compared
to industry average
- community involvement, etc
REIWA.COM
SUCCESSFUL SECOND YEAR
PARTNERSHIP WITH PERTH SCORCHERS
reiwa.com was proud to partner
with the Perth Scorchers as joint
principal partner for the KFC
T20 Big Bash League (BBL) which
wrapped up in February.
reiwa.com made the decision to
upgrade from Major Partner to Joint
Principal Partner following a successful
first year partnership.
Despite not having a chance to defend
the BBL title for the third time in a row,
the season drew record numbers to
each home game at The Furnace and
was a resounding success, both for the
players and reiwa.com.
“We were thrilled to see the Scorchers
make it into the semi-final and while the
result didn’t go our way, the reiwa.com
brand received strong exposure in front
of local crowds at all sold-out home
games,” said REIWA Chief Executive
Officer Neville Pozzi.
OPPORTUNITY
The BBL has established itself as a
must-watch competition incorporating
non-stop crowd entertainment and
attracting new fans, particularly families,
women and children, through fast
paced cricket, big hits and a strong
focus on fan engagement.
Passion levels for the Scorchers are
highest among national BBL teams. With
their victorious claim of the BBL|03 and
BBL|04 champion titles, the partnership
provides reiwa.com with exposure to
the Scorchers’ significant audience
across WA and connects us with the
passionate and involved fan base on
the ground.
The Scorchers’ official media partners
include Ten Network, 92.9, 6PR and The
West Australian. These media platforms
create an integrated communications
campaign that promotes the team, as
well as its partners, throughout the state
and nationally.
BENEFITS
In addition, the Scorchers participated
with Western Power for their Are you
Bushfire Ready? campaign and Warner
Bros for their Batman V Superman:
Dawn of Justice campaign.
The reiwa.com logo now features on
the Perth Scorchers 2015-16 Batman
official shirt. With the partnership, the
reiwa.com brand is also featured on
team uniforms, ground signage, media
backdrops and merchandise.
reiwa.com also receives a number of
additional benefits such as pre-match
competitions on the ground and the
opportunity to present the match coin
for the toss and have a photo with the
captain of the Scorchers.
We ran a prize draw to offer our
members this opportunity and Rob
Lawson from Raine & Horne Commercial
was the lucky winner.
HIGHLIGHTS OF BBL|05
• 80,000 fans attended home
matches and the Scorchers became
the first club to have a sold-out
regular season at home
• Records were also set across
membership and average national
TV viewership with 1,064,000 fans
watching Perth Scorchers matches
on Network Ten / One HD
• The Scorchers now rank in the top
20 for Facebook followers across
all Australian and New Zealand
sports teams
• From a league perspective, it ranks
as the #1 sports league on free-to-air
Australian television and the ninth
most watched league globally from
a match attendance perspective
(28,248) – ahead of the AFL and NRL
The Perth Scorchers wrapped up their
BBL season in February with a loss
in the Melbourne semi-finals to the
Melbourne Stars.
reiwa.com congratulates the Scorchers
again on a successful season.
REIWA President Hayden Groves with Perth Scorchers players Jason Behrendorff,
Ashton Agar and Cameron Bancroft.
31
REIWA NEWS
TR AINING
32
NEW TRAINING WEBSITE LAUNCHED
The new REIWA Training website
and online enrolment system is
now well underway.
Launched in November last year, just in
time for our busy period, our platform
provides the best in website design to
make it easy for you to view our courses
and to book online with little fuss.
We understand how important it is for
you to access information easily online
and for intuitive functionality to save you
time in the busy world of real estate.
That’s why we have redeveloped our
website.
SO WHAT’S NEW?
Our front page carousel will bring you
up-to-date with the most recent and
ongoing special events to make it easy
for you to see what’s happening now.
For those interested in registration as
a sales rep or property manager, there
are easy and direct links to information
about starting a career in real estate.
This includes links to frequently asked
questions about what qualifications,
attributes and skills are needed,
registration with the Department of
Commerce and the types of occupation
that real estate offers.
ENROLMENT
LOTS OF INFORMATION
From any of the course or location
information pages, you can enrol
individually or in groups with free access
to mandatory sessions, and for electives
pay by credit card or you can invoice
your agency (as long as you have the
authority of your principal).
For those already in the industry,
you can easily find information about
becoming a licensed agent or browse
courses to meet your Compulsory
Professional Development needs.
You can search through lists of courses
by category or you can look at the
calendar to see what’s coming up over
the next few weeks and months. And
you can search for specific courses
using keywords or search-by dates or
venues that are close to you.
There’s lots of information about the
trainers and the venues to help you
choose what you need.
It’s been a long time coming but we’re
sure our regional partners will like
our dedicated section in the training
calendar where you can click on a
location to find the upcoming courses in
your area.
Enrolment into any of our courses is now
easier too.
You’ll get an instant confirmation email
with all the details about the date, time
and venue that you can store in your
phone or PC.
We realise that time is precious and now
you can get in, find what you want, book
in and get on with your daily routine.
QUICKER LINKS
The REIWA Training newsletter that
comes to you weekly shows what’s
coming up and links directly to our
website and enrolment system to make
booking even easier and quicker.
For more information contact our
student services team on 9380 8285 or
email [email protected].
REIWA Real Inspection
An REI Forms Live product
Transform the way
you do inspections
REIWA Real Inspection is the easiest way to complete your REI Forms Live Property Condition Reports!
INTEGRATED
Minimise manual entry by populating agreements and forms using data from your favourite software
VISUAL
Take photographs to immediately integrate into your condition report
MOBILE
Access your data anytime and anywhere from a range of tablets and smartphones
IMMEDIATE
Deliver your condition report via email to your landlords and tenants straight after the inspection
TIME SAVING
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FLEXIBLE
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AFFORDABLE
Fixed fee per agency
Download the app today!
REIWA Real Inspection is the only inspection app
that is fully integrated with REI Forms Live.
For more information visit reiwa.com or call 9380 8222
REIWA Real Inspection is the latest addition to the REI Forms Live platform.
REI Forms Live is offered and supported by
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My technology
of choice
Everything you need
to run a successful
real estate agency
1800 656 168 | mydesktop.com.au
MEMBERS
SOCIAL SNAPS
Celebrating the festive season with REIWA
REIWA NEWS
MEMBERS
38
REIWA WELCOMES NEW MEMBERS
Link House and Land
Osborne Park
Cosimo Cutri
Mark Di Masi
Wallace Realty
Cottesloe
Justin Wallace
Investwise Property
Management
Burswood
Samantha Peploe
Vince Gerasolo
Daniel McQuillan
Andrew Barrett
DSM Property
Management Services
Geraldton
Dian Santa Maria
NPP Property Group
Langford
Boris Nazar
Hender Property Group
Bibra Lake
John Hender
Jim Pavlos & Associates
North Perth
Ann Pavlos
Damon Pavlos
Nathan Pavlos
BanzicEdinger
Perth
Alex Banzic
Team Wilson & Co
Realestate
Secret Harbour
Andy Wilson
Real Estate Plus
Commercial & Industrial
Midland
Michael Palmer
Samantha Palmer
Elders Real Estate
Southern Gateway
Kwinana Town Centre
Dean Willis
Aaron Bazeley
Rent Choice
Applecross
Anthony Mylonas
Victor Marcelino
Warren Spencer
D + D Asset Management
West Perth
Matthew Wells
Alessandro Da Prato
Lay2 Real Estate
Mount Lawley
Steve Lay
Crawford Property Group
International
Leederville
Ryan Crawford
Executive Property Sales
& Management
Alfred Cove
Hannah Brown
Max Brown
Kelly Waddell
Rhett Brown
Investate
Wembley
Alistair Kelsall
Primewest
Perth
Julian Lodge
David Schwartz
Realmark Karratha
Karratha
Alexander Waters
Aviva Property
Churchlands
Alison Smith
Property Investment
Resources Pty Ltd
Osborne Park
John Reidy-Crofts
Sue Jones Exclusive
Property Management
Mindarie
Sue Jones
RE/MAX Momentum
Cockburn Central
Deborah Conroy
Vasco Horta
Churchill Knight
West Perth
Ivor Cohen
Advance Business
Brokers
Mindarie
Angela Williams
Classic 360 Real Estate
Wangara
Christy Short
Ray White Applecross
Applecross
Greg Cahill
XSAL Real Estate
Landsdale
Sally Lazaroo
Davey Real Estate Coastal
Padbury
Andrew Davey
Abel McGrath Subiaco
Subiaco
Adrian Abel
My Realty Plus
Dianella
Megan Young
One Agency Phil Taylor
Canning Vale
Phil Taylor
Cortes Management
Group
Cockburn Central
Cristian Cortes
Jan Ford Real Estate
Port Headland
Jim Henneberry
ADK Realty
Ellenbrook
Debra Panincic
JMW Real Estate Margaret
River
Margaret River
Michael Mort
Joe White
Ray Stocker
Oradin Property
Forrestfield
Aydin Yahiya
Orazio Palermo
Every Real Estate
Fremantle
Lisa Every
George Property Sales
South Perth
Ian George
Caine Otley Real Estate
Port Hedland
Caine Otley
Hamilton Property Group
WA
North Coogee
Mark Hamilton
Sinead Hamilton
Buying a house is one of the biggest
decisions you’ll ever make.
One place has all the detailed
information you need.
Beyond a property listing website
REIWA NEWS
MEMBERS
40
CALENDAR OF REIWA EVENTS 2016
27 May
2016 reiwa.com Golf Day
Joondalup Golf Resort
13 August
2016 reiwa.com Awards
Crown Perth
5 October
2016 REIWA Awards for Excellence
Crown Perth
6 October
2016 REIWA Property Management Conference
Crown Perth
7 October
2016 REIWA Spring into Action Sales Conference
Crown Perth
MEMBERS
REIWA COUNCILLORS
Hayden Groves, President
Dethridge Groves Real Estate
Damian Collins, Deputy President
Momentum Wealth
Joe White, South-Western Regional Councillor, Chair Finance & Risk Management Committee
JMW Real Estate, Dunsborough
Suzanne Brown
Rentwest
Sarah Kinsey
Ray White Uxcel
Peter Lawrance
Avanti Residential
Brett Thorp, Northern and Eastern Regional Councillor
Thorp Realty
Rory Trotter
Force Real Estate
Krys Tully
Tully First National
NETWORK CHAIRS
Auction Agents Network
David Lynch, Chair
Tom Esze, Deputy Chair
Peard Real Estate
tomesze.com
Business Agents
Greg Hunter, Chair
Graham O’Hehir, Deputy Chair
G Hunter & Associates
GMO
Buyer’s Agent Network
Raymond Chua, Chair
Emma Everett, Deputy Chair
Momentum Wealth Property
Momentum Wealth Property
Commercial Network
Mike Jenkins, Chair
Chris Tana, Deputy Chair
Commercial Realty
Martino Property Group
Property Management
Jenni Wood, Co-Chair
Kathryn Massey, Co-Chair
Vicky Knight, Deputy Chair
Professionals State Service Centre
Michael Johnson & Co
Professionals Prowest Real Estate
Rural Network
Don Fry, Chair
Hugh Ness, Deputy Chair
Southern Districts Estate Agency
VNW Independent
Sales Consultants Network
Paul Di Lanzo, Chair
Johann Dique, Deputy Chair
Altitude Real Estate
DQ Real Estate
Strata Titles Network
Eleanor Logiudice, Chair
Tony Gates, Deputy Chair
Logiudice Property Group
Care Realty Pty Ltd
41
MEMBERS
42
REIWA NEWS
GETTING THE MOST FROM
YOUR REIWA MEMBERSHIP
REIWA’s success ultimately depends on your success, which is why we
do everything we can to ensure your business runs smoothly and that
our specialist tools free you up to focus on growing your agency and
developing meaningful client relationships.
Here’s an overview of what your membership offers you:
AGENCY SUPPORT & ADVOCACY
KEY BENEFITS
REAL ESTATE FORMS. Up-to-date, complete and
concise forms for all transactions.
REIWA INFORMATION LINE. Free personalised
guidance by industry practitioners with extensive
experience.
REIWA LEGAL HOTLINE. Access to guidance from a
legal advisor.
ONE VOICE. With one industry voice, we can make
real changes that benefit all West Australians.
REPRESENTING YOU. We represent the WA real
estate industry on behalf of you, our members.
MARKETING SERVICES
KEY BENEFITS
LISTING AND ADVERTISING OPTIONS ON REIWA.COM
We reach an average audience of 28,000 WA property
seekers every day; over 80% of our traffic is from WA. Our
advertising campaigns are centred on driving traffic to the
site and directing enquiries to you.
LOW ADVERTISING RATES. As your real estate
institute, we offer you low advertising rates.
MEMBERS
MARKET INTELLIGENCE
KEY BENEFITS
MEMBERS HEADING
REALLY LOCAL. REIWA knows the WA property
market and we focus solely on it.
Byline
WEEKLY SALES REPORT. The most current and
comprehensive details on the WA housing market.
REAL TIME. Get a snapshot of current sales and
listings.
BE FIRST. 80% of sales are logged with us first, so you’ll
be the first to know what’s going on.
COLLECTIVE KNOWLEDGE. Get access to a range
of other information providers.
TRAINING & PROFESSIONAL DEVELOPMENT
KEY BENEFITS
MULTIPLE CAREER PATHS. We offer training for sales
people, property managers and agency managers.
ALWAYS UP-TO-DATE. We’re constantly updating our
course information to stay relevant to the latest industry
changes.
LEARN FROM INDUSTRY PROFESSIONALS.
Be trained by highly skilled professionals who are
currently working in the industry.
NATIONAL QUALITY STANDARDS. We’re a
Registered Training Organisation and comply with
stringent national quality standards.
NETWORKING & EVENTS
KEY BENEFITS
EDUCATION, INSPIRATION AND RECOGNITION.
Our events include award presentations,
conferences, seminars and forums, branch and
network events and social events.
MEMBER EXCLUSIVE. Our events are for REIWA
members only and we keep ticket prices low.
CPD
CPD POINTS. Some of our events count towards
your CPD points.
For more information, visit reiwa.com/members or call our Member Relations Team on 9380 8288.
43
T H E G A L L E RY 2 0 1 6
Offer available January to June, 2016 (limited time offer)
Monday - Friday Full Page Gallery
$1399
including GST
and Production
Weekend Full Page Gallery
$2200
including GST
and Production
Weekend Half Page Gallery
$1599
Full
Page
including GST
and Production
Half
Page
Width 8 columns
Conditions apply:
•
Single established residential properties only
•
One property per page
•
No commercial properties
•
Positioning based on volume
•
No developments/no apartments
•
No half pages (Monday - Friday)
•
Vendor offer only
•
No Land
BOOKING DEADLINES
For your ad to appear Monday - Friday:
Booking deadline: 12pm two days prior to publication
Complete material deadline: 5pm Wednesday
(two days prior to publication)
For your ad to appear on the weekend:
Booking deadline: 12pm Wednesday prior to publication
Complete material deadline: 5pm Wednesday prior to publication
FOR FURTHER INFORMATION AND TO BOOK PLEASE CONTACT:
JACKIE CALLADINE
Real Estate – Sales Support
T: 9482 3119
E: [email protected]
GEORGIE GULLOTTI
Real Estate Sales Representative
T: 9482 3595 | M: 0429 774 859
E: [email protected]
FIONA THOMPSON
Real Estate Sales Representative
T: 9482 3594 | M: 0429 774 859
E: [email protected]