Harcourts Conference Highly Commended at Australian Event Awards
Real estate group, Harcourts was honoured with a Highly Commended mention in the category of Best Achievement in Entertainment for the Harcourts Conference Launch 2010 yesterday as the Australian Event Awards 2010 finalists were announced.
Harcourts were the only real estate organisation to receive a Highly Commended mention in the finalists’ announcement for the awards which will be hosted by the Australian Centre for Event Management in early October.
Harcourts International Managing Director, Mike Green is extremely proud of this achievement and believes that it is testament to the hard work and dedication of the company’s event management division.
“Harcourts events have always had an excellent reputation and it is fantastic that the quality and professionalism of our events has now been recognised at a national level,” said Mr Green.
“I am so proud of this achievement and of everyone involved in the management of our great events,” he continued.
The 2010 Harcourts Conference, which was held at Conrad Jupiters in Surfers Paradise in May this year, was truly one-of-a-kind with over 600 people from all across Australia in attendance.
Highlights included an inspirational speech from keynote speaker, Li Cunxin, author of best-selling autobiography Mao’s Last Dancer, and presentations from other high profile keynote speakers such as social media guru, Matthew Ferrarra and real estate figureheads, Ric de Luca and James Tostevin.
Mr Green is confident that Harcourts will continue to produce world-class events and may even take out an award at the next Australian Event Awards in 2011.
“I am confident that Harcourts will continue to excel in this area and will continue to produce many more exceptional events. I believe that Harcourts has a fantastic chance of being a finalist in the 2011 Australian Event Awards, so watch this space!” said Mr Green.
Success at Harcourts VIC Industry Night
Earlier this week, Harcourts Victoria hosted a highly successful Industry Night for existing members of the real estate industry and those interested in a future career in real estate.
The event, which was held at the International of Brighton in Melbourne, attracted over 160 guests including many new people looking to break into the real estate industry.
Doubling as a recruitment drive for Harcourts, many fantastic career opportunities with the company were discussed with those in attendance. Harcourts Victoria Chief Executive Officer, Brent Pullar was pleased to see so many potential new recruits at the event.
“Most of the people who attended stayed back and spoke to our business owners regarding employment in their desired areas. It was fantastic to see so many people interested in a new career with Harcourts,” said Mr Pullar.
The Industry Night also attracted real estate professionals from many of Harcourts competitors who were amazed at how many tools and services the company provides to its business owners and their staff, both in sales and property management.
There was also a lot of interest in the training programs provided by the company’s dedicated training facility, The Harcourts Academy. The Agents Representative course attracted the most interest with the next scheduled course already booked out.
The Harcourts Victoria Industry Night is one of the biggest in the state and represents the perfect opportunity to show people what the brand is all about.
“I really believe in the Harcourts brand and I am excited to share everything this company has to offer. We’re confident that the event got people interested and enthusiastic about the Harcourts brand,” said Mr Pullar.
Established in 1888 in New Zealand, Harcourts is one of the world’s fastest growing real estate companies and continues to go from strength to strength in the local and international real estate industries.
About Harcourts:
With nearly 640 offices internationally, Harcourts is the fastest growing real estate agency in Australia.
Harcourts is the exclusive Australasian and South Pacific representative of Leading Real Estate Companies of the World ™, the largest real estate network on earth consisting of 650 companies, 5,000 offices, and 150,000 sales consultants.
This also provides membership of the exclusive Luxury Portfolio marketing options for the effective global marketing of properties valued in excess of $1million.
Crossing, grazing at Graemar
GRAEMAR has been in the Brook family for the past 56 years.
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Crossing, grazing at Graemar
Rural spring property hopes
INTEREST in rural property is riding high on the back of good rainfall, strong commodity prices and healthy crops.
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Rural spring property hopes
Plight of the Jets should force FFA to change course
The depth of Con Constantine’s financial woes are something only he knows. The word is the flamboyant property developer remains asset-rich but cash-poor. Whatever the case, Constantine has put his …
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Plight of the Jets should force FFA to change course
Another High Street Armadale Site Sells, Apartments Planned
ARMADALE’s next major mixed use project looks likely to rise from the site of a rundown collection of buildings between 1196 – 1200 High Street. A local private investor and …
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Another High Street Armadale Site Sells, Apartments Planned
MFS boss at a loss on $250m
A FORMER director of failed MFS group signed for a $250 million loan? but could not recall what the money was used for.
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MFS boss at a loss on $250m
Prosperity Minerals in 1.35m share on-market buy back
Prosperity Minerals ( LON:PMHL ) has made another significant transaction as part of its ongoing share buy-back programme. Yesterday, the company bought 1.35 million shares on-market for 145.5p per share.
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Prosperity Minerals in 1.35m share on-market buy back
PIH offloads property group stake
By Christine St Anne The financial services firm finally sells off a failed property investment as it moves to finalise its merger with Centrepoint Alliance Limited.
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PIH offloads property group stake
Engine awarded Peet creative
Brisbane ad agency Engine Group has been appointed to the creative business for national property group Peet following a competitive pitch.
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Engine awarded Peet creative
Mortgage Choice Property Investment Seminars
property investment seminars, mortgage choice seminars, mortgage brokers Melbourne.
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Mortgage Choice Property Investment Seminars
Price growth predictions for spring
The next phase of the property market’s growth cycle will kickstart within 60 days, according to McGrath chief executive John McGrath in his recent Market Review for spring.
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Price growth predictions for spring
Queensland Government protects homeowners from dodgy building
Dodgy building is on the rise as compensation for homeowners increased by 50 per cent in the past financial year to a record of $42 million in claims, according to the Queensland Government.
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Queensland Government protects homeowners from dodgy building
Housing correction unlikely
A major housing correction in Australia isn’t likely due to better than expected retail spending and building approval figures from the Australian Bureau of Statistics, according to Chan and Naylor.
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Housing correction unlikely
Electric pumps instead of wood heaters could see rents rise by $20
Replacing the wood heater for a reverse-cycle air conditioner can bump up the rent for landlords and could potentially add value to a property, according to a Launceston-based property manager.
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Electric pumps instead of wood heaters could see rents rise by $20
Lifestyle, grazing at Lardner
WHEN Greg and Jane Noller bought this Lardner property almost five years ago they never thought they would leave.
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Lifestyle, grazing at Lardner
City’s future vision welcomed
THE West Australian government’s urban growth plan for Perth and Peel beyond 2031 has been welcomed by the peak real estate industry body.
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City’s future vision welcomed
It will be a slow road to prosperity
WE’RE an impatient lot.
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It will be a slow road to prosperity
Rethink urged for state
GAS, coal and engineering infrastructure projects will underwrite a sustained Queensland economic recovery.
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Rethink urged for state
Architect who believes big is beautiful
PAUL Pruszinski has ruffled plenty of feathers in his two decades as an Adelaide architect.
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Architect who believes big is beautiful
Housing industry’s missing persons
MISSING: Authorities are seeking the public’s help in locating 190,000 families who have mysteriously disappeared from Australia.
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Housing industry’s missing persons
The (high) rise of the family home
I grew up in the suburbs, in a big house with a backyard to run around in. I don’t have children yet, but I’ve always thought that when the time comes, I would move out of my apartment in the city to somewhere more child-appropriate — like the suburbs. But according to
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The (high) rise of the family home
McGrath expands Sydney presence
In an attempt to service the rapidly growing St George region in South Sydney, McGrath Estate Agents has opened another branch in the beach side suburb Brighton-Le-Sands. Chief executive officer …
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McGrath expands Sydney presence
Few signs of NZ property market pick up
Few signs showed up in August that the usual spring pick-up in the NZ property market was under way, a monthly survey of the industry says.
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Few signs of NZ property market pick up
Loscam, Dexus team up in pallet works
Dexus Property Group and pallet hire company Loscam have teamed up to develop Loscam’s largest Australian pallet repair centre at the Dexus industrial estate at Laverton.
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Loscam, Dexus team up in pallet works
Grazing, cropping at Ralvona
SOUTHERN NSW grazing and cropping property Ralvona runs like a well-oiled machine.
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Grazing, cropping at Ralvona
Live in an old Glenmaggie church
WHEN Martin and Jill Cornhill were looking to retire from city life, they had their hearts set on “something a bit different”.
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Live in an old Glenmaggie church
Centro syndicates on the block
CENTRO Properties today said it had edged closer to partially offloading its stake in a syndicates business to a joint-venture partner.
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Centro syndicates on the block
Oh Julia! Thanks for putting us on the map!
By Aussie Altona Franchisee, David McLaren Love or loathe her politics, Altona residents can’t deny that Julia Gillard has certainly put our fair city on the map this week. Anyone in the main street on Sunday would have been fascinated to see the media scrum of Press Gallery hacks, television cameras and political “hangers-on” asking the Prime
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Oh Julia! Thanks for putting us on the map!
Centro Retail Trust struggles, drags Centro Property Group down
Centro Retail Trust’s performance this year has dragged down the performance of the broader Centro Property Group with the retail sector performance stagnating in both Australia and the United States …
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Centro Retail Trust struggles, drags Centro Property Group down
Centro Retail Trust struggles, drags Centro Property Group down
Centro Retail Trust’s performance this year has dragged down the performance of the broader Centro Property Group with the retail sector performance stagnating in both Australia and the United States …
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Centro Retail Trust struggles, drags Centro Property Group down
Centro still faces big challenges
DEBT-laden Centro Properties Group posted a full-year net loss of $652.7 million today and said it still faced significant challenges.
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Centro still faces big challenges
MacarthurCook board opts for takeover
MacarthurCook Industrial Property Fund has posted a 2009-10 net profit of $A3.162m that is a recovery from a previous loss of $A40m. The gearing level has also been reduced from …
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MacarthurCook board opts for takeover
Moola Bulla still for sale
GREAT Southern receivers McGrath Nicol are still trying to sell West Australian property Moola Bulla, in the eastern Kimberleys.
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Moola Bulla still for sale
Spring Property Focus this week
REAL estate agents are predicting a bumper spring selling season following good rain and a boost in farmer confidence.
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<i>Spring Property Focus</i> this week
Follow Yellow Brick Road to buy a home
FIRM gives first home buyers a boost by removing lending requirement for proof of savings.
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Follow Yellow Brick Road to buy a home
ING Industrial Trust cuts statutory loss
The $3 billion ING Industrial Trust cut its statutory loss from $1.17bn to $259.8 million in the year to June 30 as asset values stabilised.
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ING Industrial Trust cuts statutory loss
Chapel Street’s Conways Building Sells for $12.8 Million
CHAPEL Street’s historic Conways Building sold at auction on Thursday for $12.8 million. On a 1000 square metre site, the 2372 square metre Prahran building is configured as four ground …
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Chapel Street’s Conways Building Sells for $12.8 Million
Melbourne Auction Results
Offered for sale for the first time in 55 years, the property fetched what could be a record price for the suburb, with two bidders at auction and sold for $4.3 million, above a reserve of $3.5 million.
The highs and lows of the Melbourne weekend property market
Upper Hunter calf cradle
This 5483-hectare (13,550-acre) property, which straddles the Great Dividing Range near Cassilis, is the home of Castlebar Holdings, the cattle-breeding powerhouse built up over 20 years by Sydney businessman, Tony Maurici.
Situated 14 kilometres north-east of Cassilis, and 3.5 hours from Sydney, the property is mostly in the Upper Hunter catchment, but also extends west of the Great Divide into the Macquarie Valley.
“St Antoine” CASSILIS
History of Cassilis
Newtown castles saved from state land grab
After two months of uncertainty, the state government told them yesterday that their strip of historic houses would not be bought and demolished as part of the Western Express rail project.
Newtown castles saved from state land grab
Debt rate soars with deposits
Banks have been anxious to take the pressure off borrowing commitments by sucking in deposits, and have raised interest rates on five-year term deposits as high as 7 per cent.
Debt rate soars with deposits
Rich palates prosper on the Apple Isle
Mainland merchant bankers, entrepreneurs and solicitors feature among the financiers of ventures that cater for deep-pocketed patrons with expectations of a wholesome food and wine travel experience.
Rich palates prosper on the Apple Isle
Private sales may take over from auctions as sellers look for higher prices during Spring …
Private sales may increase during the traditionally strong Spring selling season as auction clearance rates fall and house price discounting grows, property experts say.
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Private sales may take over from auctions as sellers look for higher prices during Spring …
Melbourne Auction Results REIV
| This week: 687
Last weekend: 343 This time last year: 665 S Sold at Auction: 415 SB Sold before Auction: 72 SA Sold after Auction: 1 Passed in: 199 Passed in on vendor’s bid: 130 Clearance rate: 71% Postponed: 2 Withdrawn: 0 Auctions with no result: 75 PS Private Sales: 622 Total Volume (Auctions): $366.23mil Total Volume (Private Sales): $300.69mil Total Auctions Houses: 474 Clearance Rate: 70% Median Price: $697,500 Total Value: $274,686,082 Total Auctions Flats/Apartments: 205 Clearance Rate: 73% Median Price: $516,000 Total Value: $89,327,605 Total Auctions Vacant Land: 8 Clearance Rate: 62% Median Price: $365,000 Total Value: $2,213,000 House Sales in Detail TOP 5 HOUSES 1. 59 Studley Road, Ivanhoe $4,300,000 2. 61 Brougham Street, Eltham $3,000,000 3. 31 Arkaringa Crescent, Black Rock $1,965,000 4. 31 Hawksburn Road, South Yarra $1,951,000 5. 42 Foote Street, Brighton $1,830,000 TOP 5 BARGAIN HOUSES 1. 49 Stewart Crescent, Rockbank $237,000 2. 26 Oakwood Road, Albanvale $243,500 3. 21 Christina Crescent, Kurunjang $272,000 4. 7 Mathisen Terrace, Hillside $310,000 5. 2 Darling Way, Narre Warren $310,500 Flat/Apartment Sales in Detail TOP 5 APARTMENTS 1. 2/589A Toorak Road, Toorak $1,414,000 2. 51 Glass Street, Richmond $1,310,000 3. 305/2 Pier Street, Port Melbourne $1,225,000 4. 5 Morley Street, Port Melbourne $1,105,000 5. 1/37 Rowell Avenue, Camberwell $1,090,000 TOP 5 BARGAIN APARTMENTS 1. 2/4 Fourth Avenue, Rosebud $187,500 2. 4/23A Becket Street South, Glenroy $245,000 3. 7/36 Hampton Parade, West Footscray $260,000 4. 18/40 Waterloo Crescent, St Kilda $262,500 5. 7 Hopetown Street, Moonee Ponds $295,000 Get the latest auction and private sale results from the REIV. |
Banks blocking bridging finance
Industry experts said lenders are increasingly blocking homeowners from bridging finance – intermediate loans that finances the purchase of a new property while existing property is sold. Full Story
Melbourne Auction Results
| Total Properties: 260
Sold: 165 Withdrawn: 5 Cleared: 62% Total Sales: $102,006,800 Median: $612,500
|
Sydney Auction Results
Saturday 28th August 2010
Total Properties: 273
Sold: 207
Withdrawn: 9
Cleared: 73%
Total Sales: $157,501,100
Median: $795,000
|
Singapore hailed as world’s best performing property market
Property-report.com, 28 Aug 2010Singapore has the best performing property market in the world, according to a survey conducted by Global Property Guide.The research shows an uneven recovery in global housing …
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Singapore hailed as world’s best performing property market
Essence dips into Coast childcare
ESSENCE Property Group has expanded its Gold Coast presence, dipping its toe into the childcare market with a $2.4 million investment at Coombabah.
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Essence dips into Coast childcare
Williamstown Gasometer to be Auctioned
AFTER failing to sell for more than a year, a massive Williamstown development site with a catch will be auctioned next month.
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Williamstown Gasometer to be Auctioned
Transport plans would boost region’s land values
Major infrastructure planned for Sydney’s south-west could boost the value of both commercial and industrial property, according to agents.
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Transport plans would boost region’s land values
Industrial sector shows signs of life
THE embattled industrial property sector has shown signs of a nascent recovery with a number of deals under way by the listed and unlisted owners and investors in the sector.
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Industrial sector shows signs of life
Abacus back in the black
Abacus Property Group has recovered …
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Abacus back in the black
Revived Thakral tips better days
THAKRAL has flagged better times ahead for hoteliers, with an uplift in occupancy and room rates.
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Revived Thakral tips better days
ING funds exit Canada for $2bn
ING Industrial Fund (IIF) and its co-investor ING Groep have agreed to sell their Canadian investment in the Summit Industrial Trust.
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ING funds exit Canada for $2bn
Home loans a bridge too far
BANKS are denying funds to homeowners looking to upgrade and move into a bigger home. The stance is curtailing property markets.
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Home loans a bridge too far
Homeloans increases profit by 10%
Perth-based property finance group Homeloans has announced a 10 per cent jump in net profit after tax to $9.2 million. The profit came despite the company’s revenue falling 23 per …
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Homeloans increases profit by 10%
Restoring Damaged Property
Major disasters like flooding can be devastating to a homeowner. However, for many investors in the real estate market it is an opportunity. More often than not, the present owner of the damaged property will be motivated to sell. Therefore, the door of opportunity opens, allowing investors to sweeping on a great deal.
Transmedia is not new. Transmedia strategy is.
There is a significant opportunity now for a paradigm shift in the development of transmedia strategy for brands. While there was a mild peak in interest in transmedia and the …
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Transmedia is not new. Transmedia strategy is.
Abacus Property recovers
Abacus Property Group recovers to a full year profit as the effects of the global financial crisis ease.
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Abacus Property recovers
Construction costs rise
The cost of constructing a house in Queensland jumped during the June quarter mainly due to the introduction of six-star energy requirements for new homes, according to the Master Builders State of the State housing industry report.
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Construction costs rise
Abacus refinances debt facilities
Abacus Property Group has arranged new debt facilities amounting to $536 million.
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Abacus refinances debt facilities
Abacus Property recovers to profit
Abacus Property Group recovers to a full year profit as downward revaluations in property values slow as the effects of the global financial crisis ease.
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Abacus Property recovers to profit
Commercial property takes the eye of investors
Kate Miller Commercial property is representing an attractive option for buyers, according to the Real Estate Buyers Association of Australia (REBAA). Michael Ramsay of Michael Ramsay Property, the Victorian representative …
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Commercial property takes the eye of investors
Fund’s future in the balance
The survival of APN European Retail Property Group is in doubt. Its manager, APN Property Group, said that it is uncertain whether it can continue as a going concern. It …
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Fund’s future in the balance
FKP turns $50m profit in 2009/10
FKP Property Group returned to …
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FKP turns $50m profit in 2009/10
Valad posts $165m annual loss
Property group says will maintain strategy to improve earnings.
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Valad posts $165m annual loss
Residential sales lift FKP’s profit result
Residential sales lift FKP’s profit result (FKP) today announced an underlying profit after tax of $108.6 million for the 2010 – an increase of 38 percent on FY09.
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Residential sales lift FKP’s profit result
Asian shares trade higher, but choppy
LOS ANGELES (MarketWatch) — Asian shares traded mostly higher Thursday, though the action was choppy, with several indexes moving in and out of negative territory. Japan’s Nikkei Stock Average returned …
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Asian shares trade higher, but choppy
Devine FY profit halves
Property developer posts record housing …
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Devine FY profit halves
Record housing starts are just Devine
Residential developer Devine has posted …
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Record housing starts are just Devine
Mortgage Choice Limited announces healthy FY10 performance
?Mortgage Choice Limited announces healthy FY10 performance DREAM strategy delivers on promise – cash profit up 14%
Australia’s largest independently-owned mortgage broker, Mortgage Choice Limited (MOC) today announced strong financial results for the year ended 30 June 2010. In doing so, the nationwide franchisor clearly demonstrated its resilience and its position as an industry leader.
Mortgage Choice posted a net profit after tax on a cash basis of $14.8 million, up from $13.0 million in FY09. The net profit after tax on an IFRS* basis was $23.5 million.
Company CEO Michael Russell said, “It gives me great pleasure to announce a rise in our cash profit of 14%, which demonstrates Mortgage Choice’s quick recovery from the GFC setback last year. I am also pleased to announce an increase of 17% in our dividend payout, to 12 cents per share.”
Highlights for the 12 months to 30 June 2010
- Total loan book was $40.0 billion. This included LoanKit, the company’s new aggregation arm, and the Mortgage Choice non-core offering.
- The Mortgage Choice-only residential loan book reached $39.1 billion, up 8.6% on the previous financial year’s balance of $36.0 billion and again performing ahead of system growth (7.9%).
- Net cash profit after tax for the group was $14.8 million, an increase of 14% year on year. On an IFRS basis it was $23.5 million, down 12.5% due to an adjustment in FY09 of future loan book cash flow estimates.
- Total residential commission revenue on a cash basis for Mortgage Choice was $135.1 million, down 2% on $138.0 million for FY09. On an IFRS basis it was $167.3 million, down 12%. Again, due to the adjustment last year of future loan book cash flow estimates.
- The consolidated earnings per share on an IFRS basis stood at 19.7 cents per share compared to 22.6 cents per share for FY09.
- $10.1 billion in housing loan approvals were generated by the group while continuing to achieve industry-high productivity levels per broker. This was on par with FY09.
- A final fully franked dividend of 6.5 cents per share was declared by the Board, taking the total dividends out of FY10 profits to 12 cents per share. This was a 17% increase on 10.25 cents per share in FY09.
- 65.6% of residential commission revenue was paid to franchise owners, compared to 65.9% in the prior corresponding period.
- Net assets were $77.3 million for the group, compared to $66.4 million at 30 June 2009.
- Group cash flow from operating activities was $18.8 million, compared to $13.7 million for FY09.
Financial performance Showing resilience in the face of continued credit constraints and subdued housing credit growth, Mortgage Choice’s FY10 financial performance reached the upper end of market expectations. The group produced a strong result with an annual increase in net profit after tax on a cash basis to $14.8 million, up 14%.
?
?Trailing commission revenue on a cash basis derived from the existing Mortgage Choice residential loan book (of $39.1 billion) stood at $82.9 million for FY10. It was $115.1 million on an IFRS basis.
Total operating revenue on an IFRS basis for the 12 months to 30 June 2010 was $171.3 million, including $52.2 million derived from new mortgage originations.
The total group loan book reached $40.0 billion. This included LoanKit, the company’s new aggregation arm, and the Mortgage Choice non-core offering.
Mr Russell said, “The rise in our cash profit reinforces the determination of our mortgage brokers and our staff to execute our FY10 DREAM strategy and make it a success. Mortgage Choice’s ability to take advantage of alternative revenue streams while nurturing the core proposition is worthy of great applause.”
“We are also delighted to again find our customer ‘loan life’ has lengthened even further, strengthening the value of our assets, and loan book growth is 8.9% better than system growth.
“In further good news, home loan settlements and greenfield franchise recruitment are both up on the previous corresponding period. I am especially pleased that this combined with our prudent reduction in costs has resulted in an increase in the dividends we can deliver to our shareholders.” Business update Its FY10 strategy, DREAM, signalled a material shift in Mortgage Choice’s path to healthy growth.
DREAM is an acronym that stands for:
- Diversification
- Recruitment
- Existing franchisee support
- Acquisitions
- Managing costs
“In laying the platform for long-lasting results, Mortgage Choice recognises DREAM is not a ‘quick win’ solution. It is a calculated execution of a series of initiatives and improvements to deliver a robust increase in market share, customer share of wallet and broker productivity,” Mr Russell said.
The diversification strategy implementation (expanding its range of products, including personal and commercial loans, risk and general insurances and asset finance) continued to gain speed over FY10.
Mortgage Choice generated $2.1 million in non-core gross revenue over the 12 months, with most of the income coming from risk insurance and our commercial loan services.
This is almost double the $1.1 million in gross revenue in FY09. Mr Russell said, “I am pleased with the speed at which the company and our brokers have expanded their offering to better suit a changed landscape and cater for a wider range of customer needs.”
“Our brokers have quickly moved outside their comfort zone to cross-sell complementary products and enjoy additional income streams. As a result, the company now has ‘stickier’ customers and greater revenue potential.”
Broadening its geographic spread, Mortgage Choice welcomed 18 greenfield franchisees in FY10. This compared to two in FY09. “Our greenfield recruitment efforts increased nine times over year on year. Special attention will continue to be paid to signing up new business owners into greenfield franchises, so Mortgage Choice touches more communities across Australia,” Mr Russell said. “In terms of franchisee support, we introduced a range of initiatives over the year, from technology and other system improvements through to a rework of our learning and development programs, a relaxing of loan book acquisition policies and the introduction of new panel lenders and other suppliers.”
?The rise in franchisee confidence is reflected in the jump in retail shopfronts over FY10 from 165 to 172.
As for the company’s new aggregation arm, LoanKit was re-launched in late April with a proposition that provides an alternative to the ‘one size fits all’ aggregation industry. The number of LoanKit brokers had more than doubled by the end of FY10. Now the business is quickly gaining industry awareness and recognition for its efforts, the speed of recruitment has intensified.
Mr Russell said, “LoanKit has made excellent progress so far and we are focused on recruiting a large number of suitable brokers to its member base. We hope to build the business organically and through acquisitions, hence Mortgage Choice remains committed to actively seeking and identifying acquisition opportunities that meet our benchmarks.”
Lastly, the group reduced its operational costs by 7.4% over the year to $28.1 million.
Mr Russell said, “A significant amount of work has been done to streamline business systems and processes so the company can maximise efficiencies without incurring extra costs.”
Market outlook
“As the credit industry adjusts to a better regulated environment, the mortgage broking market looks ahead to a bright future with the GFC firmly in the rear vision mirror,” Mr Russell said.
“The subdued growth in housing finance demand has not deterred major players like Mortgage Choice from taking advantage of the recovery in consumer sentiment and heightened awareness of property as a stable investment class. Further, it has encouraged us to seek alternative revenue streams, which places the industry in a stronger position for sustainable health.”
The next financial year shows great promise for the mortgage broking industry for reasons including:
- More homebuyers now recognise a mortgage broker’s core value is convenience and choice of lender, a proposition that is still unable to be matched by one single lender;
- As smaller lenders re-enter the market and strengthen their product suite, the increase in competition will increase the attractiveness of using a broker;
- Licensing will enhance brokers’ professionalism and the way they are perceived by consumers, government, media and other key stakeholders;
- Industry consolidation caused by slower housing finance demand and stricter industry regulations means less brokers will write more loans; and
- Lenders are continuing to invest in their third party channels, some quite heavily, and are respecting their customers’ choice of introductory channel.
However, housing undersupply continues to remain a problem that places strain on housing affordability for a large number of property buyers as well as renters.
Mr Russell said, “Australia has serious blockages in its land and dwellings supply pipeline. This must be cleared if we are to tackle the undersupply problem that continues to stress housing affordability.
While undersupply is good news for many investors, with tight rental vacancy rates seeing rental price rises, it is bad news for others.
Our three tiers of government need to work together on effective and immediate action.”
“Regardless, Mortgage Choice intends to remain Australia’s largest independently-owned mortgage broker in an industry that now sources 41% of all new home loans across the country.”
Call 13 MORTGAGE or visit www.mortgagechoice.com.au.
** IFRS
Under IFRS (International Financial Reporting Standards) Mortgage Choice is obliged to include in its financial statements for any period an estimate of all the trailing commission that will be received and paid over the life of the loans settled during the period. This estimate is stated at “present value”, reflecting the fact that cash receivable and payable in the future does not earn income in the meantime and so its value today is less than the total of all future cashflows.
The Basics to Renovating an Investment Home
Renovating an investment home in order to sell it quickly and make a profit. Just as long as you plan everything that needs to be done and you execute your plan properly, you will be able to save precious time and money. However, renovating an investment home can turn into an utter nightmare if you are not careful. Fortunately, you can learn a few tips to help you get the most out of the time and money that you spend on your investment home.
Sunland swings to profit
Property group result beats forecasts. …
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Sunland swings to profit
Is the RBA influenced by politicians? John Symond reveals all
The most common topic I’m asked when I’m travelling around the country is interest rates. Will they rise? Will they fall
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Is the RBA influenced by politicians? John Symond reveals all
Australand welcomes Kurnell rezoning
Australand Property Group has welcomed …
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Australand welcomes Kurnell rezoning
Residential property underappreciated, according to Ironstone Group
The investment potential of residential property is not fully appreciated by advisers and investors, despite being the largest single investment asset class in Australia, according to Ironstone Group.
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Residential property underappreciated, according to Ironstone Group
Corporate watchdog winds up Gold Coast property development group
The Australian Securities and Investment Commission has successfully applied to the Supreme Court in Queensland to wind up a Gold Coast property development group that raised $20 million from about …
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Corporate watchdog winds up Gold Coast property development group
No bubble for Australian market
Belinda Luc Australia is not facing a house price bubble but a severe affordability crisis, a US analytics company says.
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No bubble for Australian market
Fed warns Americans off housing
Staff Reporter Making headlines today, a member of the United States’ Federal Reserve has warned Americans to stay away from property as an investment. According to The Wall Street Journal …
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Fed warns Americans off housing
Spring property market seen delayed by political stalemate
The drawn-out political wrangle to form the next government looks set to disrupt what’s typically one of the busiest times for real estate.
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Spring property market seen delayed by political stalemate
Warmer weather to foster market activity
Kate Miller The industry is preparing for the market to move up a gear as the warmer weather approaches. Based on historical data, residential real estate activity typically increases in …
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Warmer weather to foster market activity
Property investors holding out for spring heat wave
Warmer weather will combine with other favourable conditions to fuel the appetites of potential property investors, according to Australia’s largest independently-owned mortgage broker.
The latest ABS housing finance report saw the value of investment housing loans drop for the first time in four months in June 2010 by a seasonally adjusted 3.6% to $7.3 billion, the lowest value reached since February this year. However, this compared favourably to $6.5 billion in June 2009.
Many market commentators say this buyer group has been holding back until the election is over and the traditionally strong spring selling season begins. They won’t have to wait much longer.
Mortgage Choice senior corporate affairs manager, Kristy Sheppard said, “According to RP Data, seasonally, Australia typically sees higher than average property activity from September through to November. This year should be no exception despite a possible lag effect from the hung parliament.”
“There are already more properties on the market than usual at this time of year, which is good news for prospective investors, as is property prices plateauing in many areas and dropping in some, rental prices increasing, strong population growth continuing, consumer sentiment rising and the sharemarket continuing to be unpredictable.”
Housing undersupply is a serious issue in Australia and ABS building approval figures show a fall for a third consecutive month in June to reach the lowest level since August last year. Hence, many investors believe the long term potential of property as a stable asset class is excellent.
“With fewer new properties there is bound to be a pick up in rental price growth, which we’ve already seen. Australian Property Monitors’ Rental Market Report for the June 2010 quarter shows from April to June rental prices for houses rose nationally by 0.7%, bringing annual growth to a small but encouraging 3.1%. The unit market was stronger, with rents increasing nationally during the last quarter by 3.5%, bringing the annual growth rate to 4.2%,” Ms Sheppard said.
“This bodes well for people who research the property market thoroughly, have a long-term strategy in mind and investigate all their finance options so they make a sound investment decision.
“Prospective buyers must be aware that lenders have tightened loan assessment criteria for investors as well as owner occupiers. Many have limited their loan to value ratios to 90% of the purchase price for both buyer groups, with some going even lower. Also, genuine savings are essential, whether in the form of a cash deposit or existing property equity. Both buyer groups will need to plan ahead to satisfy their chosen lender’s requirements.
“Preparing for rate movements is also vital to the planning process. The cash rate will probably remain stable for the next couple of months but many lenders are signalling that funding costs may force them to raise borrowing costs independently of the RBA’s rate cycle.
“It will be interesting to see how many Australian investors spring into the property market over the next quarter and what effect, if any, lender rate rises will have.”
Call Mortgage Choice customer service on 13 MORTGAGE. Or, visit www.mortgagechoice.com.au
, www.facebook.com/MortgageChoice or http://twitter.com/MortgageChoice.
Home lenders urged to play fair
The Real Estate Institute of Australia has called on home finance providers not to take advantage of the current political limbo by raising interest rates.
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Home lenders urged to play fair
GPT to cut stake in $5bn fund
GPT Group will reduce a 33 per cent stake in its $5.1 billion funds management business to deliver better returns to investors.
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GPT to cut stake in $5bn fund
Single female buyers on the rise
When selling, investors need to adapt properties to the growing force of single women making buying decisions in the property market, according to the Matusik Snapshot .
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Single female buyers on the rise
Mirvac sees double-digit growth
HAVING made some $2 billion worth of acquisitions, Mirvac Group has forecast earnings growth of 10-14 per cent this financial year.
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Mirvac sees double-digit growth
Real estate industry selling with technology
According to Queensland’s The Sunday Mail, real estate agents have turned to technology to assist in securing property sales. According to the Mail, in order to stand out from the …
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Real estate industry selling with technology
Election uncertainty creates opportunities
The uncertainty created by the election outcome has created opportunities for savvy investors, according to Metropole director Michael Yardney.
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Election uncertainty creates opportunities
Independents could influence housing policy
A desire by some federal Independents for more population growth in rural areas could have an effect on future housing policy, says CommSec chief economist Craig James.
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Independents could influence housing policy
Independents could influence housing policy
A desire by some federal Independents for more population growth in rural areas could have an effect on future housing policy, says CommSec chief economist Craig James.
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Independents could influence housing policy
Investment property ‘big business’
“Buying residential property in Australia is big business”, according to property analyst Michael Matusik, and investors account for a substantial proportion of that business.
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Investment property ‘big business’
Investment property ‘big business’
“Buying residential property in Australia is big business”, according to property analyst Michael Matusik, and investors account for a substantial proportion of that business.
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Investment property ‘big business’
Aspen Group records flat 2010 profit
Property investment and funds manager Aspen Group has announced a full year operating profit after tax of $33.6 million up slightly from $33.2 million last year. In a statement to …
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Aspen Group records flat 2010 profit
Aspen Group records flat 2010 profit
Property investment and funds manager Aspen Group has announced a full year operating profit after tax of $33.6 million up slightly from $33.2 million last year. In a statement to …
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Aspen Group records flat 2010 profit
Whynot passed in
THE Borthwick family’s 94,375 hectare Quilpie property Whynot was passed in last week at auction on the auctioneer’s bid of $4 million.
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Whynot passed in
Melbourne Auction Results
| This week: 300
Last weekend: 587 This time last year: 468 S Sold at Auction: 188 SB Sold before Auction: 34 SA Sold after Auction: 3 Passed in: 75 Passed in on vendor’s bid: 43 Clearance rate: 75% Postponed: 0 Withdrawn: 1 Auctions with no result: 47 PS Private Sales: 550 Total Volume (Auctions): $166.91mil Total Volume (Private Sales): $260.01mil Total Auctions Houses: 207 Clearance Rate: 76% Median Price: $661,100 Total Value: $125,767,700 Total Auctions Flats/Apartments: 84 Clearance Rate: 70% Median Price: $512,000 Total Value: $32,893,000 Total Auctions Vacant Land: 9 Clearance Rate: 89% Median Price: $747,500 Total Value: $8,245,000 House Sales in Detail TOP 5 HOUSES 1. 31 Finch Street, Malvern East $3,360,000 2. 111-119 Fitzroy Street, Fitzroy $3,200,000 3. 149 Wattletree Road, Malvern $2,180,000 4. 32 Whyte Street, Brighton $1,720,000 5. 12 Tribe Street, South Melbourne $1,527,500 TOP 5 BARGAIN HOUSES 1. 14 Banksia Court, Newcomb $211,000 2. 4 Richmond Crescent, Werribee $235,000 3. 15 Nimmo Crescent, Kurunjang $275,000 4. 1/58 Heatherhill Road, Frankston $287,000 5. 183 Widford Street, Broadmeadows $340,000 Flat/Apartment Sales in Detail TOP 5 APARTMENTS 1. 1/9 Sutherland Road, Armadale $1,535,000 2. 71 Spring Street East, Port Melbourne $1,505,000 3. 1/22 Thompson Street, Ormond $959,000 4. 1/4 Bonnyview Street, Glen Iris $890,000 5. 6/23 South Road, Brighton $843,000 TOP 5 BARGAIN APARTMENTS 1. 3/29 Clarendon Parade, West Footscray $259,000 2. 5/199 Punt Road, Richmond $280,000 3. 2/556 Moreland Road, Brunswick West $296,000 4. 2/14-16 Calendula Circuit, Epping $302,500 5. 12/247 Heidelberg Road, Northcote $310,000 Get the latest auction and private sale results from the REIV. |
Melbourne Auction Results
| Total Properties: 106
Sold: 75 Withdrawn: 2 % Cleared: 69% Total Sales: $47,311,500 Median: $585,000
|
Sydney Auction Results
| Total Properties: 112
Sold: 81 Withdrawn:11 % Cleared: 66% Total Sales: $58,801,500 Median: $778,500
|
Melbourne Auction Results REIV
This week: 280
Last Weekend: 573
This time last year: 452
S Sold at Auction: 177
SB Sold before Auction: 34
SA Sold after Auction: 3
Passed in: 66
Passed in on vendor’s bid: 37
Clearance rate: 76%
Postponed: 0
Withdrawn: 0
Auctions with no result: 51
PS Private Sales: 547
Total Volume (Auctions): $157.49mil
Total Volume (Private Sales): $258.01mil
Total Auctions Houses: 196
Clearance Rate: 77%
Median Price: $660,000
Total Value: $118,330,700
Total Auctions Flats/Apartments: 75
Clearance Rate: 73%
Median Price: $512,000
Total Value: $30,912,000
Total Auctions Vacant Land: 9
Clearance Rate: 89%
Median Price: $747,500
Total Value: $8,245,000
House Sales in Detail
TOP 5 HOUSES
1. 5 Callantina Road, Hawthorn $3,330,000
2. 12 Springfield Avenue, Toorak $2,485,000
3. 8 Pine Grove, Malvern $2,155,000
4. 19 Chatfield Avenue, Balwyn $2,100,000
5. 1447 Burke Road, Kew East $1,902,000
TOP 5 BARGAIN HOUSES
1. 14 Banksia Court, Newcomb $211,000
2. 4 Richmond Crescent, Werribee $235,000
3. 15 Nimmo Crescent, Kurunjang $275,000
4. 1/58 Heatherhill Road, Frankston $287,000
5. 183 Widford Street, Broadmeadows $340,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 1/9 Sutherland Road, Armadale $1,535,000
2. 71 Spring Street East, Port Melbourne $1,505,000
3. 1/22 Thompson Street, Ormond $959,000
4. 1/4 Bonnyview Street, Glen Iris $890,000
5. 6/23 South Road, Brighton $843,000
TOP 5 BARGAIN APARTMENTS
1. 3/29 Clarendon Parade, West Footscray $259,000
2. 5/199 Punt Road, Richmond $280,000
3. 2/556 Moreland Road, Brunswick West $296,000
4. 2/14-16 Calendula Circuit, Epping $302,500
5. 12/247 Heidelberg Road, Northcote $310,000
Get the latest auction results first from the REIV.
Island holiday homes beckon for Aussies
AUSSIES are taking advantage of the strong Aussie dollar and budget flights to buy holiday homes overseas.
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Island holiday homes beckon for Aussies
Facebook, not BBQs, the new hot property
REAL estate agents replace traditional sausage sizzles with gimmicks and gadgetry to lure buyers.
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Facebook, not BBQs, the new hot property
Landlords count cost of tenants from hell
MORE landlords forced to claim insurance as number of thefts and value of stolen property rises, an insurer says.
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Landlords count cost of tenants from hell
Charter Hall Office looks to US, Australia
ECONOMIC indicators are pointing to a gradual recovery in the global economy, according to property investment group Charter Hall Office REIT.
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Charter Hall Office looks to US, Australia
Sydney backwaters desirable and expensive
REAL estate shock as?waterside suburbs increase in value faster than the rest of Sydney.
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Sydney backwaters desirable and expensive
Charter to sell US, NZ assets
THE Charter Hall Retail Real Estate Investment Trust has signalled a retreat from the difficult US and New Zealand markets .
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Charter to sell US, NZ assets
Rich and still begging
Cane and able … the former banking and property group chief of Macquarie Bank at his apartment in Sydney this week. Photo: Marco Del Grande Bill Moss wants to be …
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Rich and still begging
Interest rates could move down as growth slows
Residential property buyers need to take a long-term view as property price growth slows, according to property analyst Michael Matusik.
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Interest rates could move down as growth slows
Market News this Week
You’ll never guess what the hot topic was last week! Property! Okay, you might have.
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Market News this Week