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Real estate industry’s finest honoured at REIA’s National Awards for Excellence 2024

May 17, 2024

The Real Estate Institute of Australia (REIA) has announced the winners of the National Awards for Excellence (NAFE) for 2024 at the historic ANZ REIA 100 Gala, recognising 25 exceptional individuals and agencies who have excelled in the real estate industry. REIA President Leanne Pilkington emphasised the rigorous selection process, stating, “Each winner was carefully selected through an independently audited and peer reviewed process from the pool of 2023 winners of State and Territory Real Estate Institute’s Awards for Excellence (AFEs) as well as the Australasian Auctioneering Championship (AUSTROS) held in Hobart from 15 – 16 May 2024.” A highlight of the event was the presentation of the prestigious REIA Presidents Award to former REIA President Adrian Kelly, in recognition of his exceptional leadership and contributions to the real estate industry, particularly during the COVID-19 pandemic.

RBA official emphasises supply constraints, not greedy landlords, as key driver of rental market challenges

May 17, 2024

Dr Sarah Hunter, Assistant Governor (Economic) at the Reserve Bank of Australia (RBA), has reiterated that supply constraints, rather than “greedy landlords,” are the root cause of the current challenges in both the rental and established housing markets. Her comments came during a speech at the Real Estate Institute of Australia’s (REIA) conference in Hobart, which commemorated the organisation’s 100th anniversary. Dr Hunter highlighted the imbalance between new supply and new demand for dwellings as the primary factor influencing rental and housing market conditions. She noted that the level of demand relative to the available stock of properties is the key driver for market rents, with low vacancy rates explaining most of the movement in rental prices. Importantly, Dr Hunter found little to no evidence of direct pass-through to rents from higher interest costs, challenging the

Luke Banitsiotis crowned Australasia’s top auctioneer at AUSTROS 2024

May 17, 2024

Luke Banitsiotis from Woodards in Victoria has emerged victorious at the AUSTROS 2024 championships, claiming the title of Australasia’s top auctioneer. The event, held in Hobart and hosted by the Real Estate Institute of Tasmania (REIT), saw Banitsiotis compete against four other finalists: Alec Brown, Bronte Manuel, Clarence White, and Paul Hancock. The AUSTROS championships, convened by the Real Estate Institute of Australia (REIA) and Real Estate Institute of New Zealand (REINZ), is one of the most prestigious events on the Australasian auctioneering calendar, recognising and celebrating the best auctioneers across the region. REIA President Leanne Pilkington congratulated Banitsiotis on his win, emphasising the significance of the AUSTROS championships in the real estate industry. “The event attracted Australia and New Zealand’s top auctioneers and brought together high-profile names to compete for one of the industry’s most

Queensland Government urged to curb reliance on property tax amid housing crisis

May 17, 2024

New data from the Australian Bureau of Statistics (ABS) has revealed the Queensland Government’s significant increase in property tax revenue over the 2022-2023 financial year, despite the state grappling with a housing crisis. According to the data, which excludes coal royalties, stamp duty now accounts for 25 per cent of the State Government’s tax base, up from 20 per cent a decade ago. Moreover, property taxes, including stamp duty and land tax, have risen by 133 per cent over the past ten years, equating to an additional $4.2 billion per year. Antonia Mercorella, CEO of the Real Estate Institute of Queensland (REIQ), said, “Over the past five years, Queensland has recorded the highest growth in property taxes of any state. Even with Victoria increasing taxes on property such as windfall gains tax in that period Queensland

State’s construction visa program a positive long-term investment, says HIA

May 17, 2024

The Housing Industry Association (HIA) WA has defended the State Government’s Construction Visa Subsidy Program, arguing that critical reports of the initiative fail to recognise the time needed for such programs to deliver results. HIA WA Executive Director Michael McGowan said the program, launched in July 2023 to support WA employers in attracting migrants with construction skills, is a long-term investment to build more homes in the state. “Skilled migration has not been something that WA building companies have traditionally engaged in, but for those that have, the feedback has been extremely positive,” Mr McGowan said. He acknowledged that money is only one part of the migration solution, with employers needing to find suitable candidates and navigate the complex Federal Migration system before workers can travel and start work in Australia. “What we have seen is

Top five finalists announced for Australasian Auctioneering Championships 2024

May 17, 2024

The Real Estate Institute of Australia (REIA) and the Real Estate Institute of New Zealand (REINZ) have announced the top five finalists for the prestigious Australasian Auctioneering Championships (AUSTROS) 2024, following a fierce battle between 13 elite auctioneers during the first round of heats. The five finalists, who will compete for the title of Australasian Auction Champion 2024, are: REIA President Leanne Pilkington praised the 14 contestants for their exceptional performances, stating, “The fourteen contestants really showed their auctioneering excellence to the judges and gave it their all. The judges had a tough time choosing the finalists, but in the end the decision has to be made and their choices have been locked in.” She congratulated the finalists and wished them the best for the final event, which will take place at 2pm this afternoon. AUSTROS,

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