The Journal of the Real Estate Institute of Victoria NOVEMBER 2023
VOL 87 / NO 03
PICK OF THE BUNCH Annual awards recognise the best of our industry
Podcast offers insight
Experts discuss the topics that matter
The new REIV website
The central hub for everything we do
Well-being support
Resources for you and your team
Established in 1936, the Real Estate Institute of Victoria (REIV) is the peak representative body for real estate professionals in Victoria. Our Mission is “to enhance the professional excellence of our Members to the benefit of the communities they work within, and to advocate and represent their interests”.
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Contents
President’s report
04
COMMERCIAL AND INDUSTRIAL MARKETING AWARDS
CEO’s report
06
Awards for Excellence
18
Taking over management of a residential rental
26
Unfair contract terms
28
The Estate Agent is published by the Real Estate Institute of Victoria. Publisher REIV 335 Camberwell Rd, Camberwell, Victoria 3124 Editor Sarika Bhalla sbhalla@reiv.com.au Production Pagemasters
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The magazine for real estate professionals who are the difference.
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THE NEW REIV WEBSITE
WELL-BEING RESOURCES
Property prices spring into action
36
Choosing the right insurance broker
40
Managing cash flow and super for small business
44
New Members
48
Member Milestones
50
Leadership Academy
52
Unless otherwise specifically expressed, the views or opinions appearing in The Estate Agent (EA) are those of the authors and do not represent the views of The Real Estate Institute of Victoria Ltd (REIV). The REIV gives no warranty about the accuracy, completeness, or reliability of the content of EA. The entire content is general information only. It is not advice or intended as advice and in no circumstances should be relied upon as such. Readers and third parties should verify the content and seek their own independent advice before making any decisions, financial or otherwise, based on what they have seen or read in EA. The REIV and EA do not endorse or take any responsibility for material on third party websites referred to in the EA.
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Alongside me, Megan Mander has been elected as Senior Vice President and Sam Hatzistamtis as Vice President. Together, we’re committed to serving your Institute and industry with dedication and enthusiasm.
PRESIDENT’S REPORT Jacob Caine, REIV President
I AM HONOURED AND EXCITED TO SERVE AS THE NEWLY ELECTED PRESIDENT OF THE REAL ESTATE INSTITUTE OF VICTORIA FOR THE 2023/2024 TERM.
The recent Director elections held in September brought fresh talent to our board. Adrian Butera and Mark Errichiello were newly elected, joining myself and Sam Hatzistamatis, who were returned for further threeyear terms. The diverse mix of experience and fresh perspectives promises a bright future for the REIV. Our Camberwell headquarters sales campaign, under the stewardship of CBRE, is making significant progress. A sale of the Camberwell Road premises will mark a pivotal moment in the Institute’s journey as we explore options for a new “home” that aligns with the evolving needs and aspirations of the organisation. One of the most exciting developments in recent months has been the launch of the REIV’s Leadership Academy. On September 26, we welcomed 10 outstanding real estate professionals from across Melbourne into our inaugural cohort. This initiative reflects our commitment to nurturing and developing future leaders who will shape the industry and the Institute’s future. Both Richard Simpson and Quentin Kilian should be recognised for their work in championing this fantastic initiative. One of the crown jewels in the REIV’s annual calendar is the Awards for Excellence. This dazzling event was held on October 19 at Crown Palladium. It was a night to remember, where we celebrated the exceptional talents and achievements within our industry. Congratulations to all the finalists and winners for their dedication and excellence. Looking forward, our Annual General Meeting (AGM) is scheduled for November 28, where we will discuss the Institute’s progress and future goals. The CEO and I are
e’re committed to serving W your institute and industry with dedication and enthusiasm
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NOVEMBER 2023 PRESIDENT’S REPORT
also set to represent the REIV on an international stage, attending the annual NAR convention in Los Angeles in mid-November. This global exposure allows us to learn, network and bring back insights to benefit our members. As we turn our gaze to 2024, the horizon is filled with exciting prospects. We’re thrilled to announce that the REIV will host its first-ever Regional Awards for Excellence, celebrating the achievements of professionals outside the metropolitan area. This expansion is a testament to our commitment to inclusivity. Andrew Meehan, our outgoing President, was the driving force behind bridging the “gap” between regional and Metro Victoria and realising the regional awards. I’m sure he’ll be thrilled to see this idea, and his hard work, come to fruition in 2024. In the coming year, we’ll see the results of 12 months of work by the Constitution Committee take shape in a proposal to the membership to modernise our
constitution. The CEO and Executive team will launch a cutting-edge technology platform and website and expand our training and professional development offerings. We’ll also host the next REIV conference, providing an invaluable opportunity for networking and learning. Advocacy remains at the core of our mission, and we’ll continue to champion better outcomes for all property sector stakeholders. With the collective strength of our members and partners, we aim to drive positive change and elevate the real estate profession to new heights. In closing, I’m inspired by the dedication and passion that each of you brings to our industry. Together, we’ll shape a brighter future for real estate in Victoria. Thank you for your trust and support. Jacob Caine, REIV President
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CEO REPORT NOVEMBER 2023
CEO REPORT Quentin Kilian, REIV CEO
A YEAR OF TRANSFORMATION AND INNOVATION FOR THE REIV
In an era of rapid technological advancement, the real estate industry is not exempt from the need to adapt and evolve. The Real Estate Institute of Victoria (REIV) has embraced this challenge head-on, embarking on a year of transformation and innovation that, we hope, will set new industry standards. This has been a challenging, exciting and often frustrating journey, and one that, while on track, will never be truly over. This coming year we’ll see the REIV introduce a cutting-edge resource-focused website, an innovative learning and CPD platform, and undertake a comprehensive overhaul and upgrade of our Customer Relationship Management (CRM) system. We have already made several major changes that have resulted in better response times to inbound calls, smoother delivery of online learning and CPD course delivery,
and enhanced features in areas such as the Member Benefits program. Success with the revamped training offer has been particularly pleasing, with the sector embracing a return to face-to-face learning. In addition, the Certificate IV (Agent’s Representative Course), several short courses are also now being offered for face-to-face training, covering the entire real estate sector – Commercial, Property Management, Auctioneering, Sales with Buyers Advocacy and Owners Corporation courses coming soon. The online delivery of real estate qualifications and short courses continues to attract strong interest. The centrepiece of our transformative year is the REIV’s, soon-to-be-launched website. Real estate is all about information and efficiency, and the REIV recognised the need for a platform that could deliver both member needs and engage public interest. The website will be a key tool to enhance and maximise engagement, leading to more successful interactions and happier members. To complement this website, the REIV has launched an innovative learning platform through Axcelerate. The technology we’re now implementing is far beyond our older platform and gives both students and tutors a far superior experience when undertaking studies, both as classroom students and online. The real estate industry is continually evolving, and staying up-to-date with the latest trends and regulations is essential. The REIV learning platform offers a comprehensive suite of online courses, webinars and resources designed to empower real estate professionals
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NOVEMBER 2023 CEO REPORT
with the knowledge and skills they need to thrive in a competitive market. And we’ll continue to grow the offerings we have in the CPD arena over the coming year. With this approach, the REIV will continue to ensure that its members are equipped with the latest industry knowledge and best practices, raising the bar for professionalism and service quality. This carries through to the innovations that have already been introduced to VicForms this year, with a lot more very exciting innovations to come. This ranges from our new, faster and more comprehensive platform to digital signing capabilities that have streamlined the signing and approval process, eliminating the need for physical paperwork. The REIV’s commitment to sustainability is reflected in this initiative, as it reduces paper waste while speeding up the transaction process, resulting in faster closings and happier clients. As the icing on the cake, the REIV team is taking on the ambitious task of overhauling and upgrading our CRM system (iMIS). Customer Relationship Management is the backbone of any successful business, and the REIV understands the importance of a robust CRM system to effectively manage relationships, data and communication. The new cloud-based iMIS system is designed to facilitate deeper insights into member and client interactions, enabling the REIV to tailor our services and interactions with Members more effectively.
The real estate industry is continually evolving, and staying up-to-date with the latest trends and regulations is essential
CONTINUED ON PAGE 08 >>
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CEO REPORT NOVEMBER 2023
• A rebalancing of the Residential Tenancies Act.
Our aim is to empower our Members with the tools and knowledge they need to thrive in a dynamic and competitive industry CONTINUED FROM PAGE 07 >>
This is only the beginning of the transformation of the REIV. We’ve engaged in advocacy at a level not undertaken for quite some time and have been successful in stopping the implementation of rent freezes and rent caps by the Victorian Government and we are continuing to lobby for: • Changes to Section 55 which denies professional fees being levied; • The introduction of an Interim Certificate to enable staff to learn on-the-job while completing their Certificate IV;
To assist in the management and delivery of these projects and to continue the REIV on this innovative path, we’ve expanded our team to bring in an Innovation and Transformation Manager. These advancements we’re bringing in, and will continue to pursue, not only enhance user experience and efficiency but our aim is for them to also empower our Members with the tools and knowledge they need to thrive in a dynamic and competitive industry. The REIV is committed to innovation and excellence and to staying at the forefront of excellence in the real estate profession.
Quentin Kilian OAM, REIV CEO
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BULLETIN NOVEMBER 2023
IN-PERSON LEARNING EMBRACED BY STUDENTS
Bulletin
While the flexibility and accessibility of online learning continues to make it a popular choice for many, our return to face-to-face classes has been enthusiastically supported by learners. Real estate qualifications After nearly two years of navigating the challenges presented by the pandemic, earlier this year we took the initiative to resume the traditional classroom setting for Agents Representative course. The response has been overwhelmingly positive, with 128 enthusiastic learners enrolled in our face-to-face learning program since its re-introduction earlier this year. This remarkable enrolment figure highlights the continuing demand for in-person education, especially in a field as dynamic and people-oriented as real estate. Our commitment to providing students with an exceptional learning experience remains unwavering.
CPD short courses In July 2023, REIV CPD courses returned to the face-to-face delivery format. Providing a dynamic learning experience that encourages interaction, discussion, and networking, an integral aspect of professional development. One of the popular in-person courses has been the Introduction to Commercial Property Management. Delivered by Bill Di Donna, the course has been sold out multiple times already with further sessions scheduled. We’re eager to continue this journey back into in-person education and expand our offering in the coming months. The enthusiasm and engagement of our students means that we will continue to expand and improve the range of short courses offered online and face-to-face.
REIV ANNUAL GENERAL MEETING The REIV AGM 2023 will be held on Tuesday, November 28. It will be a hybrid meeting held at the REIV offices in Camberwell and by Zoom. Registration for the AGM is essential to enable Zoom meeting links to be sent to those that require
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them and for planning purposes. While there are no items on the AGM Agenda that require decision by Members, those Members who can neither attend at the REIV nor virtually can appoint a Proxy to attend and speak on their behalf.
NOVEMBER 2023 BULLETIN
REAL ESTATE MATTERS – THE REIV PODCAST
As Victorians navigate a complex and dynamic housing market, they have an insatiable appetite for information, trends, data and education. As Victoria’s peak real estate body, the REIV is launching the podcast ‘Real Estate Matters’ to provide a platform of informed, expert-led conversations on the topics that matter to real estate professionals and enthusiasts. A new episode of the REIV-owned podcast, hosted by CEO Quentin Kilian, will launch every six weeks. The podcast will feature interviews with property sector experts and will include guests from the REIV membership, kindred bodies, policy makers and regulators, who will discuss a range of topical and timely industry issues. ‘Real Estate Matters’ will provide the REIV with a dynamic platform to lead nuanced and detailed conversations on complex matters in an engaging way. This podcast will allow REIV to engage with a wider audience beyond the members, going across a larger demographic and establishing leadership on property matters. The first episode of ‘Real Estate Matters’ discusses the rental market in an effort to highlight the initiatives that could help address some of the challenges. Quentin is joined by Anna Neelagama, CEO Real Estate Institute of Australia, and Sabina Aldouby, Director Luxe Property and long-term REIV Member. More details to follow soon.
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AWARDS NOVEMBER 2023
MEMBERS GATHER TO CELEBRATE THE CREAM OF THE CROP INDUSTRY LEADERS RECOGNISED AT THE COMMERCIAL AND INDUSTRIAL MARKETING AWARDS AND THE ANNUAL AWARDS FOR EXCELLENCE
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NOVEMBER 2023 AWARDS
The 2023 REIV Commercial & Industrial Marketing Awards were presented on September 13 at the RACV Club Pavilion, Melbourne.
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AWARDS NOVEMBER 2023
Stonebridge Property Group took home five accolades on the night.
REIV celebrates excellence in Marketing in Commercial and Industrial Real Estate THE REAL ESTATE INSTITUTE OF VICTORIA’S (REIV) COMMERCIAL & INDUSTRIAL MARKETING AWARDS 2023 WINNERS WERE ANNOUNCED AT A COCKTAIL EVENT HELD AT THE RACV CITY CLUB Fitzroys was awarded the Best Campaign by a Large Agency, with Stonebridge Property Group taking out the Medium Agency category. Emmetts Real Estate was crowned Best Campaign by a Small Agency. Stonebridge Property Group was successful in taking 14 | The Estate Agent
out an additional four trophies on the night, including best campaign with a budget over $20,000 for the Development Site at 69 Carrington Road, Box Hill. Gorman Allard Shelton, the sellers of one of Melbourne’s most iconic buildings, The Esplanade Hotel, got the gong for Specialised Property. During a night dedicated to the acknowledgement and celebration of exceptional results in marketing for commercial and industrial property professionals, industry leaders came together to recognise finalists and winners alike. REIV CEO Quentin Kilian said it was inspiring to see such excellence on stage.
NOVEMBER 2023 AWARDS
We’ve recognised leading industry players who are delivering exceptional work on behalf of clients
Fitzroys won Best Leasing Campaign – Budget under $20,000.
Stonebridge Property Group - Best Sales Campaign, Industrial Budget under $20,000
“Every now and then we should take stock of the talent that exists in the Victorian property market,” he said. “We’ve recognised leading industry players who are delivering exceptional work on behalf of clients and helping shape a strong reputation for the industry more broadly. “Fitzroys and Stonebridge Property Group impressed with multiple category wins, while Nichols Crowder (Moorabbin) reached new heights in the medium agency space, taking out two awards this year. “And we were of course in awe of the work of Gorman Allard Shelton as it took to an international campaign to sell the landmark Esplanade Hotel, one of the city’s most admired entertainment venues.”
A full list of winners and finalists from the awards are attached separately and can be found online.
View full list of awards Emmetts Real Estate - Best Campaign by a Small Agency
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AWARDS NOVEMBER 2023
Fitzroys (pictured above) and Stonebridge Property Group impressed with multiple category wins.
Nichols Crowder (Moorabbin) reached new heights in the medium agency space, taking out two awards this year.
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NOVEMBER 2023 AWARDS
WINNERS AND FINALISTS
2023 Commercial & Industrial Marketing Awards SALES CAMPAIGNS DEVELOPMENT SITE BUDGET UNDER $20K Winner Fitzroys | 726-732 Nicholson Street, Fitzroy North Finalists Facey Property | 305 Eleven Mile Road, Cora Lynn Fitzroys | 57-59 Bridge Road, Richmond Gorman Allard Shelton | 9 Ross Smith Avenue W, Frankston Savills (Vic) | 94 Burke Road, Malvern East
DEVELOPMENT SITE BUDGET OVER $20K Winner Stonebridge Property Group | 69 Carrington Road, Box Hill Finalists Emmetts Real Estate | 40-50 Rokeby Street, Collingwood Fitzroys | 2-6 Southampton Crescent, 27-29 Duke St & 36 Bond Street, Abbotsford Gross Waddell ICR | Coburg Corner, 491-495 Sydney Road and 83-91 Bell Street, Coburg Jones Lang LaSalle (Vic) | 1087-1095 High Street, Armadale Savills (Vic) | 64 Burwood Highway, Burwood
SPECIALISED PROPERTY Winner Gorman Allard Shelton | Hotel Esplanade, 11 The Esplanade, St Kilda Finalists Fitzroys | 47-51 Vincent Street and 8 Duke Street, Daylesford Nichols Crowder (Carrum Downs) | 955 Nepean Hwy, Mornington Savills (Vic) | 220-228 Lygon Street, Carlton Stonebridge Property Group with Wilson Property RCI | Mercure, 77 Racecourse Road, Pakenham
INDUSTRIAL BUDGET UNDER $20K Winner Stonebridge Property Group | 117-121 Evans Street, Sunbury Finalists Bosisto Commercial Real Estate | Waterfront Warehouses, Williamstown Fitzroys | 378-388 & 360-366 Ogilvie Avenue, Echuca Fitzroys | 259 Hyde Street, Yarraville Stonebridge Property Group | Laverton Lanes, 20-30 Triholm Avenue, Laverton
INDUSTRIAL – BUDGET OVER $20K Winner Stonebridge Property Group | Building 7, 11 Mary Street, Blackburn Finalists Cameron Industrial with GO Commercial Industrial |Compass Business Park, 300 FrankstonDandenong Road, Seaford
OFFICE – BUDGET UNDER $20K Winner Nichols Crowder (Moorabbin) | 84-88 Montague Street, South Melbourne Finalists Fitzroys | 28 Carpenter Street, Brighton Fitzroys | 455 Melbourne Road, Newport Gorman Allard Shelton | 15 & 17 Bedford Street, Collingwood Gorman Allard Shelton | 289-291 Whitehorse Road, Balwyn Stonebridge Property Group | 187 Ferrars Street, Southbank
OFFICE – BUDGET OVER $20K Winner CBRE | 697 Burke Road, Camberwell
Finalists Stonebridge Property Group | 48 Oxford Street, Collingwood
RETAIL - BUDGET UNDER $20K Winner Nichols Crowder (Moorabbin) | 206 Camberwell Road, Hawthorn East Finalists Fitzroys | 448 Centre Road, Bentleigh Fitzroys | Rear, 202 Carlisle Street, Balaclava Fitzroys | 26-28 Cotham Road, Kew Fitzroys | 93 Puckle Street, Moonee Ponds Stonebridge Property Group | 410 High Street, Windsor Stonebridge Property Group | Grill’d, 376 Warrigal Road, Heatherton Stonebridge Property Group | 399 Camberwell Road, Camberwell
RETAIL – BUDGET OVER $20K Winner Stonebridge Property Group | Coles Middle Camberwell Finalists Fitzroys | 331-335 Lygon Street, Brunswick East Gorman Allard Shelton | 284-296 Centre Road, Bentleigh Stonebridge Property Group | Zimmermann, 1027-1029 High Street, Armadale
LEASING CAMPAIGNS BEST LEASING CAMPAIGN – BUDGET UNDER $20K
Finalists Emmetts Real Estate | 566 Burke Road Camberwell Facey Property | 4 Langmore Lane, Berwick Fitzroys | 460 Collins Street, Melbourne Gorman Allard Shelton | 98-100 Lygon Street, Brunswick East
BEST CAMPAIGNS OVERALL BEST CAMPAIGN BY A SMALL AGENCY Winner Emmetts Real Estate | 40-50 Rokeby Street, Collingwood Finalists Bosisto Commercial Real Estate | Waterfront Warehouses, Williamstown
BEST CAMPAIGN BY A MEDIUM AGENCY Winner Stonebridge Property Group | 117 -121 Evans Street, Sunbury Finalists Nichols Crowder (Moorabbin) | 206 Camberwell Road, Hawthorn East Nichols Crowder (Moorabbin) | 84-88 Montague Street, South Melbourne
BEST CAMPAIGN BY A LARGE AGENCY Winner Fitzroys | 726-732 Nicholson Street, Fitzroy North Finalists Gorman Allard Shelton | Hotel Esplanade, 11 The Esplanade, St Kilda Armadale
Winner Fitzroys | Monash Health Portfolio (246 Clayton Road, Clayton | 631 Blackburn Road, Clayton |135 David Street, Dandenong)
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AWARDS NOVEMBER 2023
Awards for Excellence INDUSTY LEADERS RECOGNISED AS ANNUAL HONOURS HANDED OUT AT AWARDS CEREMONY
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NOVEMBER 2023 AWARDS
PRESIDENT’S AWARDS 2023 WES DAVIDSON Wes has been an REIV member for 30 years and in that time has contributed to the REIV, the real estate industry as a whole and the Wimmera region. Wes’s journey with the REIV began in 1993 when he founded Wes Davidson Real Estate and he has maintained membership the entire journey. Throughout his tenure as a member of the REIV, Wes has demonstrated an unwavering commitment to the real estate industry and the Wimmera region. His involvement in the former Wimmera Division committee meetings has been instrumental in shaping the local real estate landscape. Wes has shown a commitment to continuous improvement and professional growth, both seeking knowledge and passing on knowledge. This is evident through actions such as becoming an early recipient of the REIV Auction Accreditation and generously sharing his expertise by writing articles for EA. Wes’s global perspective on the industry is evident through his time as a member of FIABCI (The International Real Estate Federation), a testament to his understanding of the broader international real estate arena, and when called up he has provided media commentary on behalf of the REIV numerous times. Throughout 2022/23, Wes has been a great advocate and champion of the REIV Real campaign, promoting and advocating the REIV via his regular radio work with 3WM/Mixx FM Horsham. He has also assisted the REIV marketing and communications team with access to radio industry connections to help gain broader radio advertising opportunities for the REIV. This has been a great help to the REIV’s push to the broader community to lift the profile of the REIV and its members. Wes and his team also support the Horsham Hospital and the Blue Ribbon Foundation amongst many other local charities, all of which goes unheralded.
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AWARDS NOVEMBER 2023
COMMUNITY SERVICE AWARD COMPTON GREEN The Community Service Award continues to be a popular category, a clear reflection of the unwavering commitment of Members to give back to the communities they serve. This year, we proudly present the award to Compton Green, an organisation that has demonstrated an exceptional dedication to the betterment of our community. In today’s social climate where inclusion and accessibility remain a prominent issue, Compton Green stood out in their ambition to address these concerns in the sporting community. Compton Green is supporting the Hobson Bay Community Fund’s “Inclusion Project” in partnership with the University of Melbourne, to address the need for greater inclusion of young people aged 12-25 with mental or physical disabilities in sporting clubs, seeded by Compton Green Executive Director Adrian Butera. Welcoming a team of University of Melbourne Master of Social Work students into their West Footscray office, Compton Green provided them with a supportive environment to conduct their research. The students embarked on a mission to find practical ways to enhance the inclusion of young people with disabilities in sports and recreational programs in the City of Hobsons Bay and City of Wyndham. The result of this collaboration is “Sports for Everyone: A guide to 360° Inclusion for Young People in Sport”. This living document shares local knowledge to create an inclusive environment for young people in sport including concepts such as 360-degree inclusion, individual needs, mental health and disability. Compton Green’s commitment to continue their involvement with the project and further support the students in their research is commendable and we congratulate them on receiving this award.
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NOVEMBER 2023 AWARDS
COMMERCIAL AGENCY OF THE YEAR AWARD COLLIERS GEELONG When it comes to commercial real estate, Colliers Geelong stands out from the rest. With a focus on excellence and client service, they’ve earned the title of Commercial Agency of the Year in a highly competitive industry. Over the past year, Colliers Geelong experienced remarkable growth and achievements, including a relocation to a new office on Brougham Street to accommodate their expanding team. What sets Colliers Geelong apart is their commitment to empowering industry leaders within their team and driving results. Through professional development initiatives and staying current with industry trends, they’ve fostered a skilled and adaptable workforce that consistently delivers exceptional results. Training workshops, mentorship programs and continued education keep them at the forefront of the industry. Their dedication extends to exceeding client expectations, with a proactive approach to clear and consistent communication with vendors and a strong commitment to property management excellence. “We believe that agents who prioritize their client’s needs and provide a positive experience are more likely to build strong, long-lasting relationships,” says Colliers Geelong. Colliers Geelong’s journey of growth, dedication to their team and their unwavering pursuit of excellence make them a deserving recipient of the Commercial Agency of the Year award. Congratulations to Colliers Geelong on this remarkable achievement.
RESIDENTIAL PROPERTY MANAGER OF THE YEAR AWARD AMY HU In the demanding world of property management, where challenges are constant and client expectations run high, Amy Hu has risen above the rest to claim the title of Residential Property Management of the Year. This award acknowledges professionals who not only navigate but thrive in the tough industry of property management. Amy’s dedication to professionalism and client-centered service sets her apart. She makes it a point to introduce herself to new clients, learn their preferred communication methods, and actively involve them in property inspections, fostering transparency and trust. “Providing excellent customer service to both rental providers and renters can set a property manager apart in the industry” she says. Amy’s unwavering commitment extends to staying up to date with developing industry trends, best practises and emerging technologies. Amy reveals that “investing in comprehensive market research to gain insights into emerging trends, demographics, and client preferences can help agencies adapt and tailor their offerings to better serve the market.” Amy represents the best in property management, setting high standards for the industry. Her well-deserved award is a testament to her dedication. Congratulations, Amy, on this outstanding achievement.
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AWARDS NOVEMBER 2023
“Celebrating one of the state’s most significant sectors, the REIV Awards for Excellence allow property market peers to reflect on the previous 12 months of hard work and acknowledge some outstanding achievement. We thank our partners for supporting the awards, and sector more broadly.” – Quentin Kilian OAM, REIV CEO
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NOVEMBER 2023 AWARDS
Recognition from the peak body in Victorian real estate is a major achievement and could be the difference to set you apart from competitors. All winners and finalists receive the REIV Awards for Excellence logo to help promote their success.
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AWARDS NOVEMBER 2023
WINNERS AND FINALISTS
2023 REIV Awards for Excellence AGENCY AWARDS COMMERCIAL AGENCY OF THE YEAR Winner Colliers Geelong Finalists GA Industrial & Commercial Tiga Commercial
COMMUNITY SERVICE AWARD Winner Compton Green Finalists Coastal Home Real Estate Garry Nash Real Estate McKean McGregor RT Edgar Peninsula Woodards
CORPORATE PROMOTION AWARD
MARKETING AND COMMUNICATIONS AWARD Winner Woodards Finalists LINK Business Brokers Melbourne
MEDIUM RESIDENTIAL AGENCY OF THE YEAR Winner Caine Real Estate
RESIDENTIAL SALES TEAM OF THE YEAR Winner RT Edgar Peninsula Finalists Established Property Inner Real Estate
SMALL RESIDENTIAL AGENCY OF THE YEAR Keyhole Property Investments
Finalists Barry Plant Pakenham Established Property Woodards Blackburn
Finalists Established Property MATTHEWS. Prime Residential Property Management The One Real Estate Box Hill
PROPERTY DATA SALES AGENCY OF THE YEAR – METRO
INDIVIDUAL AWARDS
Winner Kay & Burton South Yarra
ACHIEVEMENT AWARD Winner Bianca Cleary | Compton Green
Winner Woodards
Finalists Bill Schlink First National The Agency Port Phillip
INNOVATION AWARD
PROPERTY DATA SALES AGENCY OF THE YEAR (REGIONAL)
Finalists Ashleigh Sumpter | Caine Real Estate Chengli (Jenny) Jia | JL Property Buyers Agent
Winner Trevor Petrie Real Estate – Ballarat
BUSINESS BROKER OF THE YEAR
Winner LINK Business Brokers Melbourne Finalists list social sheSELLS Real Estate Game Changers
LARGE RESIDENTIAL AGENCY OF THE YEAR Winner LongView Finalists Aquire Real Estate Jellis Craig Doncaster & Ringwood OBrien Real Estate Carrum Downs/Chelsea Reliance Real Estate
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Finalists Doepel Lilley & Taylor | Ballarat Jellis Craig Macedon Ranges | Woodend
RESIDENTIAL PROPERTY MANAGEMENT TEAM OF THE YEAR Winner Dynamic Residential Finalists Jellis Craig Inner Northern Property Management LongView MRE
Winner John King | Pharmacy Business Sales Finalists Kristy Kolaitis | LINK Business Melbourne
BUSINESS DEVELOPMENT MANAGER OF THE YEAR Winner Bill Vlahos | Jellis Craig Doncaster Finalists Annie Gillan | MRE Melissa Hickson | Prime Residential Property Management Memphis Middleton | MRE Tamara Abbott | OBrien Real Estate Carrum Downs/Chelsea
BUYERS’ AGENT OF THE YEAR Winner Tonya Davidson | Davidson Property Advocates Finalists Antoinette Sagaria | Entourage Antony Bucello | National Property Buyers (Vic) Chengli (Jenny) Jia | JL Property Buyers Agent Mark Errichiello | Master Advocates - Real Estate Services Melissa Opie | Keyhole Property Investments
COMMERCIAL PROPERTY MANAGER OF THE YEAR Winner Katherine Dean | Miglic Dean Finalists Gabriela Ammendola | GA Industrial & Commercial
COMMERCIAL SALESPERSON OF THE YEAR Winner Tanya Su | Savills (Vic) Finalists Gordon Code | Colliers Martin Leong | Tiga Tim McIntosh | Colliers
NOVEMBER 2023 AWARDS
MARKETER OF THE YEAR Winner Chris Frith | Colliers Ballarat Finalists Anja Damen | Established Property
NOVICE AUCTIONEER OF THE YEAR Winner Eleanor Currie | Nelson Alexander Essendon Finalists Hassan Allouche | Ray White Brunswick Srayash Chitrakar | Cameron Industrial Commercial Johanna Melin | Buxton Bentleigh Tim Solly | Nelson Alexander Flemington
OPERATIONAL LEADERSHIP AWARD Winner Stephen Briffa | Network Pacific Finalists Alicia Lecky | LongView Fadi Saad | Established Property Melissa Hickson | Prime Residential Property Management Rachel Boggs | Caine Real Estate
OPERATIONAL SUPPORT AWARD Winner Angela Midas | Established Property
PROPERTY VALUER OF THE YEAR
SENIOR AUCTIONEER OF THE YEAR
Winner Kate Robinson | Savills (Vic)
Winner Greg Brydon | Ray White Cheltenham
RESIDENTIAL PROPERTY MANAGER OF THE YEAR
Finalists Luke Banitsiotis | Woodards Blackburn Peter Hannon | Caine Real Estate Kenneth Kong | Ray White Burwood Anthony Molinaro | OBrien Real Estate Blackburn Daniel O’Regan | Jellis Craig North East
Winner Amy Hu | Woodards Blackburn Finalists Bella Torres | Ristic Real Estate Claire Spring | Nicholson Real Estate
RESIDENTIAL PROPERTY MANAGER OF THE YEAR (EXECUTIVE) Winner Tilly Gillan | MRE Finalists Evie Milides | Love&Co Preston Melissa Hickson | Prime Residential Property Management
RESIDENTIAL SALESPERSON OF THE YEAR
MARKETING AWARDS PROJECT MARKETING AWARD Winner Aston Village, Craigieburn | Stonebridge Property Group Finalists Kingloch Parade | Castran Gilbert Oceano Hampton | Lowe Living
Winner Antoinette Nido | RT Edgar Toorak
RESIDENTIAL MARKETING AWARD (BUDGET OVER $10K)
Finalists Nicole Qiu | Jellis Craig Doncaster Shawn White | Little Real Estate
Winner Chatham Gardens | Marshall White & Co
RESIDENTIAL SALESPERSON OF THE YEAR (EXECUTIVE)
OWNERS CORPORATION MANAGER OF THE YEAR
Winner Ravi Gupta | Reliance Real Estate Point Cook
Winner Stephen Briffa | Network Pacific
Finalists Tony Kwan | The One Real Estate
RESIDENTIAL MARKETING AWARD (BUDGET UNDER $10K) Winner 234 Amess Street, Carlton North | Nicholson Real Estate Finalists 1/188 Gordons Road, South Morang | sheSELLS Real Estate Game Changers 237 Rifle Butts Road, Mansfield | McGrath Mansfield 9 Jengarla Court, Ararat | Ararat Ballarat Real Estate 28 Heron Way, Sanctuary Lakes | Established Property
COMMERCIAL & INDUSTRIAL GOLD AWARD FOR OVERALL MARKETING EXCELLENCE Winner 726-732 Nicholson Street, Fitzroy North | Fitzroys Finalists Hotel Esplanade, 11 The Esplanade, St Kilda | Gorman Allard Shelton 206 Camberwell Road, Hawthorn East | Nichols Crowder (Moorabbin) 84-88 Montague Street, South Melbourne | Nichols Crowder (Moorabbin) 117-121 Evans Street, Sunbury | Stonebridge Property Group
Finalists 12 Mary Street, Hawthorn | Abercrombys 39 Rockley Road, South Yarra | CVA Property Consultants
Finalists Miranda Koroknai | Highrise Strata Management
The Estate Agent | 25
BEST PRACTICE NOVEMBER 2023
REIV INFORMATION OFFICERS JIM LOURANDOS AND CHRIS SNELL ADDRESS SOME OF THE CURRENT COMMON QUESTIONS FROM MEMBERS
Taking over management of a residential rental property
REIV Information Officers
Jim Lourandos
Chris Snell
WHAT DO AGENCIES NEED TO ADVISE THE RENTERS? When taking over a transfer of management, the agency must advise the renters of the change in management to avoid costly penalties prescribed under the Residential Tenancies Act. It is important that agents communicate appropriate information to the renters. A residential rental provider (or an agency) must give the renters notice in writing of any changes within seven days. It is recommended that the following information should be provided: • Written notice of the agency engaged to represent the rental provider, the agent’s full name and address for service of documents and the agent’s telephone number and email address (Section 66 RTA); and • A written statement setting out— (i) if the agent can or cannot authorise urgent repairs; (ii) the maximum
A residential rental provider must give the renters notice in writing of any changes within seven days
26 | The Estate Agent
amount for repairs which the agent can authorise; (iii) the agent’s telephone number or email for urgent repairs (Section 66 RTA). • Details of the future rent payment method that incurs no additional costs (fee free) and is reasonably available to the renter. The agency must advise of any costs (including third party transaction fees, direct debit dishonour fees and any other electronic payment facility fees) that the renter may incur by using a particular payment method before the renter consents to use the payment method (Section 42 RTA). • It is also prudent to provide a confirmation of the reported tenant rent paid date and any amount on account. In this instance if the renter believes that to be incorrect it can be reconciled and corrected prior to any future rent receipting. Agencies should implement simple templated communications into their workflows for future renters in the transfer of managed properties and tenancies into their stewardship. If the named renters have agreed to communications via electronic transactions an email is sufficient, failing that, a letter should be sent by post.
NOVEMBER 2023 BEST PRACTICE
REVISION OF ESTIMATED SELLING PRICE AND STATEMENT OF INFORMATION DURING A SALES CAMPAIGN
Agencies and their sales teams have an obligation to ensure compliance with revised estimated selling prices and statements of information during a sales campaign, be it a private sale, an auction, or any other method of sale.
Section 47AE of the Estate Agents Act specifies that if the estimate on the sale authority ceases to be reasonable and the agent could reasonably be expected to know, they must notify the vendor in writing, stating – A) t hat the estimate contained in the sale authority has ceased to be reasonable; and B) why they believe that estimate has ceased to be reasonable; and C) that they propose to revise the estimate in the authority; and D) the amount of the new estimate. As soon as practicable after notifying the vendor of the above the agent must revise both copies of the sale authority. The change to the authority should be initialled and dated on both the agent’s and the vendor’s copies. To comply with section 47AC any comparable property sales used in arriving at this new estimate must have taken place within six months (metropolitan) or 18 months (non-metropolitan) of the date on which the revision is being done. The indicative selling price in the Statement of Information must be updated if: • The agent changes their estimated selling price
on the authority, or • The seller changes their asking price, or • The seller rejects a written offer because the price is too low and any of these prices is higher than the bottom end of the indicative selling price. The agency should prepare a revised statement of information and upload it to all advertising portals and be included on display at property inspections. Furthermore, such statement should be made available to all interested parties upon request.
The Estate Agent | 27
Businesses urged to remove unfair contract terms ahead of law changes Australian Competition and Consumer Commission Published September 11, 2023
THE ACCC IS ENCOURAGING BUSINESSES TO REVIEW THEIR STANDARD FORM CONTRACTS AND REMOVE OR AMEND ANY UNFAIR CONTRACT TERMS BEFORE NEW PENALTIES TAKE EFFECT.
From November 9, changes to the Australian Consumer Law will prohibit businesses from proposing, using or relying on unfair contract terms in standard form contracts with consumers and small businesses. The changes will allow Courts to impose substantial penalties on businesses and individuals who include unfair terms in their standard form contracts. Currently, a Court can only declare specific terms of a contract unfair and therefore void. “The changes to the unfair contract terms laws should motivate businesses to take steps to ensure their standard form contracts are fair, including by removing or amending concerning terms,” ACCC Deputy Chair Mick Keogh said. “There was previously little motivation for businesses to comply with the law, despite the ACCC’s compliance and enforcement actions. We strongly urge businesses to review their contracts now to ensure they comply.” Standard form contracts provide a cost-effective way for many businesses to contract with significant volumes of consumer or small business customers. However, these contracts are largely imposed on a ‘take it or leave it’ basis and are usually drafted to the advantage of the party offering them. “The test for whether a contract term is unfair has not changed. However, businesses now could potentially face substantial penalties for contravening the law. This will better protect consumers and small businesses who have limited bargaining power, expertise, and ability to negotiate or assess standard form contracts,” Mr Keogh said. “While some of the changes won’t apply to contracts until they are renewed, or a new contract is entered into, businesses should be proactive in reviewing their standard form contracts now.”
TIPS FOR BUSINESSES TO CONSIDER WHEN REVIEWING THEIR CONTRACTS:
Consider both points of view: if you think a term is necessary to protect your business’s legitimate interest, consider the term from the other party’s point of view. • I nclude counter-balancing terms: Check that your contract has appropriate counter-balancing terms. 28 | The Estate Agent
NOVEMBER 2023 BEST PRACTICE
For example, if you consider that your business reasonably needs the ability to unilaterally change the product or service being provided under the contract, does the contract also allow your customers to exit the contract without penalty when this occurs? • Avoid broad terms: Don’t have terms that are as broad as possible. Make sure terms are only as broad as reasonably necessary to protect your business’s legitimate interests. • Meet your obligations under the Australian Consumer Law: Don’t have terms that seek to avoid your business’s obligations under the Australian Consumer Law. For example, don’t include terms that seek to limit your customers’ consumer guarantees rights, or terms that seek to disclaim any representations your business may have made outside of the contract.
• B e clear: Use clear and simple language in your contracts. • Be transparent: Ensure key terms are clearly drawn to the attention of your customers during the sign-up process, and any renewal process. The changes will also expand the coverage of the unfair contract term laws to apply to more small business contracts than before. The threshold for small business contracts will increase to apply to small business that employ fewer than 100 persons or have an annual turnover of less than $10 million. Other key changes include the removal of the contract value threshold and clarifying other aspects of the laws, such as more clearly defining ‘standard form contracts’.
Read the full story
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The Estate Agent | 29
Another day, another tax; property sector bewildered by blissfully ignorant State Government Opinion editorial by REIV CEO Quentin Kilian published in the Herald Sun on October 5, 2023
YET AGAIN, WE ARE LEFT FLOORED BY THE VICTORIAN GOVERNMENT’S ABILITY TO DISREGARD INDUSTRY ENGAGEMENT, IGNORE EXPERT PROPERTY SECTOR RECOMMENDATIONS AND UNDERMINE THE CONFIDENCE OF ONE THE STATE’S MOST SIGNIFICANT ECONOMIC CONTRIBUTORS. Yesterday, via an announcement to extend the already contentious vacant residential land tax, this Government is showing a determination to destroy the confidence of thousands of mum and dad property investors through increasing regulation and constantly increasing costs. Less than a fortnight ago, the government released it’s much anticipated “Housing Statement” and within two weeks we already have two new property tax increases announced. Each time a new tax or regulation is introduced into the property sector, it sends a message to think twice about investing in the state of Victoria. Unsurprisingly, many have already made a move, with recent external reports indicating one in four Melbourne rental providers have sold their properties over the past 12 months, exacerbating the current rental crisis. This data is supported by our own – a recent survey of REIV members found 90 per cent of real estate agents in Victoria have had an increase in contact from investors looking to recover increased costs because of the Victorian Government’s new and increased taxes on investment properties. The REIV anticipates even more investors will leave Victoria over the next year, with a chorus of concern about a loss of control over assets, courtesy of the increased taxation and ongoing disincentives to invest.
30 | The Estate Agent
NOVEMBER 2023 ADVOCACY
In trying to understand the ongoing attack on investors, the REIV, and other industry analysts, have concluded that this Government is probably just unaware that more than 70 per cent of the rental market is owned by individuals, most of whom, according the Australian Tax Office, report a taxable income of less than $100,000. Hardly a tax on the rich. Instead of a fixation on taxation, the real estate sector – and property participants more broadly – would prefer to see the Government use strategies to incentivise investment in Victoria. Following a period of great flux, due to a confluence of environmental and market events starting with COVID-19 and finishing with successive interest rate rises, the property industry is craving some consistency. Carefully considered policy development based in a principle of incentivisation along with some measured implementation will create the required stability, and grow market confidence.
This is a message that the REIV – and other sector leaders – has been sending to the Government for some time. Alas, it repeatedly falls on deaf ears. We appreciate the State Government’s recent focus on the housing sector and respect the effort in creating a Housing Statement. While the Statement would have been better if there had been more consultation with industry, there are indeed some sound longer-term solutions included in the Housing Statement. These include the fast-tracking of planning approvals and increased investment in affordable housing. What the Housing Statement doesn’t do, though, is focus on the huge challenges that are here and now, such as the fleeing of investors due to ongoing tax hikes and other new fees. The REIV is calling on the Victorian Government to engage the sector properly, so together we can work on better policy development that benefits all property participants. The Estate Agent | 31
NOVEMBER 2023 XXXXXXXXX
DO THE SMART THING
Educate your Residential Rental Providers on the importance of safety checks now
A Message to Property Managers
Communicating the importance of safety checks to your Owners
Questions about meeting legislative requirements? Our team is always ready to help.
03 9822 3223 32 | The Estate Agent smarthouseaustralia.com.au
@SmarthousebFireSolutions
@Smarthouseaustralia
NOVEMBER 2023 RESOURCES
Document storage and workflow management – coming soon on your forms platform WOULDN’T IT BE SOME MUCH SIMPLER TO MANAGE ALL KEY DOCUMENTS FOR A PROPERTY, ALL IN ONE PLACE – ARRANGED LOGICALLY WITH APPROPRIATE USER ACCESS MANAGEMENT IN PLACE? A LIGHT-BULB MOMENT! The super-charged and intuitive REIV VicForms will be yours to access very soon. Hutly and the REIV are well-progressed into the development and testing of the revamped VicForms platform that will streamline workflow and save you and your team precious time and resources. The central characteristic of the platform will be a new property-centric user experience. Which means, seamless document history and storage: Every transaction, every form, stored and organised against the respective property. Your document history is just a click away. Quick, self-service registration: Get started in minutes, not hours. The intuitive registration process eliminates unnecessary delays. Manage individual user access: Individual access to user created forms, specific to your login. Limit access and manage access as appropriate for your business. Operate seamlessly across multiple accounts. If your email is linked to different agencies, switch effortlessly without logging out. The Estate Agent | 33
The new REIV website THE REIV WEBSITE HAS BECOME THE HOME OF OUR SERVICES AND YOUR MEMBERSHIP. WHETHER IT’S BOOKING AN EVENT, FINDING AN INFORMATION SHEET OR GETTING THE LATEST LEGISLATIVE UPDATES, REIV.COM.AU IS THE CENTRAL HUB FOR EVERYTHING WE DO. We’re excited to announce that the REIV website is undergoing a major upgrade and a complete redesign. We’ve engaged in a ground-up redevelopment to make our website more user-friendly, easier to navigate, intuitive and responsive to your requirements.
We’re excited to announce that the REIV website is undergoing a major upgrade and redesign
34 | The Estate Agent
The Board has set the 10-year vision for the REIV to “be the leading source of knowledge to support a sustainable and united Victorian real estate industry”. The new website will be a critical part of delivering this vision, providing a platform that allows Members to have the latest and accurate information at their fingertips. We’re well-progressed in the development and thrilled to share with you some exciting features coming to this new site in 2024.
RESOURCE REPOSITORY
There is a wealth of information available on the REIV website, but Members have identified to us that this
NOVEMBER 2023 RESOURCES
information can be difficult to find. We have listened and created the REIV Resource Repository. This single source of truth will allow Members to easily search for key terms or their area of real estate, and see a consolidated list of resources, information and opportunities for professional development all in one place. Members will no longer need to navigate to multiple pages to see an update, find an Information Sheet, and book a short course all on the same topic.
We’ve engaged in a ground-up redevelopment to make our website more user-friendly, easier to navigate, intuitive and responsive to your requirements
REIV HUB
The new REIV website will feature more personalised information to ensure you can easily access the content you need. A logged-in member to the new REIV Hub will be able to quickly and easily see upcoming PD and events that you have booked, CPD requirements and progress, invoices, and will make it easier to manage
your REIV Member profile. The REIV Hub will be the home of your membership. We’re excited to bring the new REIV website to Members, and will share more updates and features with you as we get closer to launch in early 2024.
The Estate Agent | 35
DATA INSIGHTS NOVEMBER 2023
Property prices spring into action and start to gain momentum THE PROPERTY MARKET IN VICTORIA IS SHOWING STRONG SIGNS OF STABILITY ACCORDING TO THE REIV LATEST QUARTERLY DATA IN SEPTEMBER 2023. The median price of houses in metropolitan Melbourne has remained relatively flat over the quarter at $933,500 – down from $935,500 while metro units recorded a 1 per cent increase from $627,500 to $633,500. After more than a year of rate hikes, property prices across the state are starting to gain momentum and they’re expected to rise especially during the Spring 2023 season. This is the first time since June quarter 2021 that all property types recorded a price growth. The biggest gains were recorded in suburbs located in the outer ring of Melbourne with units growing by 1.8 per cent over the quarter. Despite the decline in property prices over the past 12 months, 30 metro suburbs have recorded new price peaks over the quarter, and more than half are from outer ring. Crib Point recorded a 40 per cent increase on its
Property prices across the state are starting to gain momentum and they’re expected to rise
36 | The Estate Agent
median house price to $945,000 in September quarter 2023, first time surpassing $900k. St Andrews Beach and Upwey also entered the million-dollar club for the first time this quarter. Six suburbs that recorded a decline in the June quarter 2023 went up to new price levels the following quarter. Median house price in Bayswater North fell by 12.1 per cent previously and then gained 17.4 per cent increase to $898,000 in September quarter. House values in Westmeadows went down by 10.6 per cent in the June quarter and rose by 18.8 per cent last quarter to $785,500. For units and apartments, seventeen suburbs in the metro region surpassed their record, led by Oakleigh South with 48.9 per cent price increase to $970,500 – one step closer to $1m milestone. Sales results for regional Victoria paint a similar picture. A number of suburbs recorded their highest median price, thirty-three suburbs for house value and twenty suburbs for unit value. We have Cohuna in the northwest with 16.1 per cent quarterly increase to $325,000 and Wellington in the eastern side with 16.8 per cent growth to $870,000 for their median house price. Two suburbs from Greater Shepparton led the movement for unit prices in regional Victoria with Shepparton and Mooroopna experiencing 26.9 per cent and 19.1 per cent growth respectively. There is also a surprise entrant in September quarter 2023 as Mount Buller saw an increase in reported unit sales during winter season this year, making the first recorded median price for the suburb with $1,325,000.
NOVEMBER 2023 DATA INSIGHTS
TABLE 1 MEDIAN PRICE PERFORMANCE IN SEPTEMBER QUARTER 2023
House
Unit
Median Price
Quarterly Change
Median Price
Quarterly Change
Metropolitan Melbourne
$933,500
-0.2%
$633,500
1.0%
Inner Melbourne
$1,675,000
0.6%
$605,000
1.9%
Middle Melbourne
$1,166,000
0.3%
$723,000
0.9%
Outer Melbourne
$782,000
1.3%
$602,000
1.8%
$604,500
0.0%
$416,500
0.0%
Regional Victoria
CONTINUED ON PAGE 38 >>
The Estate Agent | 37
DATA INSIGHTS NOVEMBER 2023 CONTINUED FROM PAGE 37 >>
TABLE 2 METRO SUBURBS THAT RECORDED THEIR HIGHEST MEDIAN IN SEPTEMBER QUARTER 2023
House
Unit
Suburb
Municipality
Median Price
Quarterly Change
Suburb
Municipality
Median Price
Quarterly Change
Aintree
Melton
$811,750
10.7%
Altona Meadows
Hobsons Bay
$510,000
-
Balnarring
Mornington Peninsula
$1,700,000
-
Bayswater
Knox
$696,000
7.2%
Balwyn
Boroondara
$3,240,250
1.7%
Beaumaris
Bayside
$1,860,000
32.9%
Bayswater North
Maroondah
$898,000
17.4%
Bellfield
Banyule
$822,500
-
Brighton East
Bayside
$2,720,000
11.7%
Cranbourne West
Casey
$530,000
-
Burwood
Monash
$1,514,000
8.0%
Cremorne
Yarra
$1,070,000
-
Cairnlea
Brimbank
$1,022,500
3.5%
Deer Park
Brimbank
$540,000
2.2%
Cobblebank
Melton
$680,000
4.6%
Diamond Creek
Nillumbik
$837,500
12.4%
Cranbourne
Casey
$695,000
8.6%
Donvale
Manningham
$1,180,000
24.2%
Cranbourne North
Casey
$750,500
10.0%
Fawkner
Merri-bek
$717,500
25.2%
Crib Point
Mornington Peninsula
$945,000
40.0%
Heidelberg
Banyule
$805,000
15.0%
Croydon Hills
Maroondah
$1,373,000
19.4%
Langwarrin
Frankston
$615,000
9.8%
Doncaster
Manningham
$1,604,000
0.2%
Melton South
Melton
$375,000
-
Eaglemont
Banyule
$2,769,000
1.9%
Mont Albert North
Whitehorse
$1,465,500
-
$927,500
27.5%
Glen Waverley
Monash
$1,863,000
1.5%
Niddrie
Moonee Valley
Keilor
Brimbank
$1,200,000
25.7%
Oakleigh South
Kingston
$970,500
48.9%
Melton West
Melton
$560,000
5.7%
Wollert
Whittlesea
$502,500
8.1%
Mulgrave
Monash
$1,190,000
4.8%
Pascoe Vale
Merri-bek
$1,225,000
10.2%
Research
Nillumbik
$1,907,500
-
Rowville
Knox
$1,176,500
7.0%
Southbank
Melbourne
$822,000
-
St Andrews Beach
Mornington Peninsula
$1,900,000
-
Upper Ferntree Gully
Knox
$942,500
17.8%
Upwey
Yarra Ranges
$1,060,000
17.8%
Vermont
Whitehorse
$1,302,000
5.6%
Vermont South
Whitehorse
$1,560,000
0.6%
Wantirna South
Knox
$1,353,500
10.9%
Westmeadows
Hume
$785,500
18.8%
Whittlesea
Whittlesea
$847,500
0.3%
*Highlighted suburbs indicated they recorded price decline in previous quarter, June 2023.
38 | The Estate Agent
NOVEMBER 2023 DATA INSIGHTS
TABLE 3 REGIONAL SUBURBS THAT HAVE BOUNCED BACK TO THE PEAK IN SEPTEMBER QUARTER 2023
House
Unit
Suburb
Municipality
Median Price
Quarterly Change
Suburb
Municipality
Median Price
Quarterly Change
Alexandra
Murrindindi
$667,500
-
Colac
Colac Otway
$390,000
2.6%
Apollo Bay
Colac Otway
$1,000,000
11.7%
Drouin
Baw Baw
$437,500
1.7%
Beaufort
Pyrenees
$470,000
0.0%
Grovedale
Greater Geelong
$530,000
1.9%
Benalla
Benalla
$460,000
13.6%
Herne Hill
Greater Geelong
$428,500
4.0%
Camperdown
Corangamite
$470,000
6.8%
Horsham
Horsham
$407,000
5.7%
Cohuna
Gannawarra
$325,000
16.1%
Kyabram
Campaspe
$367,500
0.7%
Curlewis
Greater Geelong
$737,500
3.1%
Mansfield
Mansfield
$505,000
3.1%
Elliminyt
Colac Otway
$735,000
0.7%
Moe
Latrobe
$247,500
6.5%
Elmore
Greater Bendigo
$380,000
8.4%
Mooroopna
Greater Shepparton
$262,000
19.1%
Halls Gap
Northern Grampians
$635,000
4.1%
Morwell
Latrobe
$295,000
0.0%
Harcourt
Mount Alexander
$765,000
2.3%
Mount Buller
Mansfield
$1,325,000
-
Heywood
Glenelg
$345,000
2.2%
Newcomb
Greater Geelong
$545,000
0.9%
Horsham
Horsham
$406,000
3.4%
Newtown
Greater Geelong
$618,500
3.1%
Kyabram
Campaspe
$452,000
5.1%
North Bendigo
Greater Bendigo
$382,500
2.0%
Leneva
Wodonga
$725,000
5.1%
Portland
Glenelg
$354,000
2.6%
Linton
Golden Plains
$555,000
6.8%
Redan
Ballarat
$375,000
2.5%
Lockwood South
Greater Bendigo
$927,500
8.5%
Sale
Wellington
$335,000
8.1%
$410,000
26.9%
Longford
Wellington
$870,000
16.8%
Shepparton
Greater Shepparton
Maddingley
Moorabool
$615,000
0.0%
Warragul
Baw Baw
$425,000
11.5%
Malmsbury
Hepburn
$810,000
0.0%
Warrnambool
Warrnambool
$450,000
0.0%
Maryborough
Central Goldfields
$402,500
4.5%
Mckenzie Hill
Mount Alexander
$850,000
2.7%
Mildura
Mildura
$439,450
0.8%
Nagambie
Strathbogie
$655,000
0.8%
Nichols Point
Mildura
$895,000
8.5%
Quarry Hill
Greater Bendigo
$610,000
2.5%
Red Cliffs
Mildura
$358,000
1.3%
Riddells Creek
Macedon Ranges
$1,142,500
4.3%
Traralgon
Latrobe
$485,000
0.1%
Traralgon East
Latrobe
$875,000
6.7%
Waurn Ponds
Greater Geelong
$850,000
4.5%
West Wodonga
Wodonga
$545,000
2.4%
Wonthaggi
Bass Coast
$620,000
0.0%
*Highlighted suburbs indicated they recorded price decline in previous quarter, June 2023.
The Estate Agent | 39
RESOURCES NOVEMBER 2023
Choosing the right insurance broker for your real estate business HERE’S WHAT TO CONSIDER WHEN SELECTING AN INSURANCE BROKER
competitive pricing, but also provides you with value in the long and short term. Here are a few factors to consider when choosing a broker for your business.
Before purchasing a new car, we all know to shop around first. When it comes to buying and renewing insurance, it shouldn’t be any different. But with such a wide range of brokers in the market, it can be tricky to determine which company is the best fit for you, and this can sometimes lead us to defaulting to the cheapest option. However, taking a more holistic view and considering several factors in the purchasing decision, can help ensure you choose a broker who not only offers
Sound risk management goes beyond insurance – there are many practices and processes which you may have in place within your business to help prevent allegations of negligence and other costly incidents. While many of these may simply come down to due diligence on your part, when choosing your insurance broker, consider whether you’ll be offered any reward or benefit for your risk management practices.
40 | The Estate Agent
REWARDS FOR RISK MANAGEMENT
CONTINUED ON PAGE 42 >>
The Estate Agent | 41
RESOURCES NOVEMBER 2023
CONTINUED FROM PAGE 40 >>
If you arrange Professional Indemnity Insurance for Real Estate Professionals through Aon, and have a claim made against you relating to property management, subject to full policy terms and conditions, you could be eligible to have your excess waived, as long as you meet the below
Another factor to consider when choosing an insurance broker is whether your loyalty for staying with the broker or insurer will be rewarded
42 | The Estate Agent
risk management conditions: • You’ve used standard property management or strata management agreements. • You have documented the inspection of each property before each new tenancy, and regular subsequent intervals. • You have kept records of requests for repairs and maintenance. • You have evidence that repairs and maintenance were acted on in a timely manner; and qualified, licensed and insured contractors were engaged to complete the work.
REWARDS FOR LOYALTY
Another factor to consider when choosing an insurance broker is whether your loyalty for staying with the broker or insurer will be rewarded. Rewards for loyalty don’t
NOVEMBER 2023 RESOURCES
always have to be in the form of premium discounts either. If you arrange Professional Indemnity Insurance for Real Estate Agents through Aon, your loyalty may be rewarded in the form of excess waivers: • If you hold this policy for five consecutive years, you may be eligible to have your deductible (excess) waived for the first new claim in this policy period. • If you hold this policy for 10 or more consecutive years, you may be eligible to have your deductible (excess) waived for the first two new claims in this policy period. Having claims made against your business is stressful enough and having to pay the excess can be an unwelcome expense which you (or your bank account) might not be prepared for. Having an excess waiver under a policy can help bring some much-needed relief to your financials during such a time.
CLAIMS SUPPORT
Needing to make a claim under any policy can feel daunting, but Professional Indemnity claims can be especially complex. Successfully defending yourself can be affected by your actions from the moment you receive a threat, complaint, or letter of demand. Figuring out what to do next can be confusing, and that’s where access to a legal advice helpline can help make a big difference. Quality legal advice can even stop the claims from eventuating, as they could be diffused early on with an appropriate initial response. If you arrange Professional Indemnity Insurance for Real Estate Agents through Aon, you’ll have access to a legal advice helpline offered through Carter Newell Lawyers. In the event of a claim, you can access a complimentary legal services hotline for guidance on navigating the
It’s crucial to choose a broker who has a deep understanding of your industry, stays on top of emerging risks, and regularly reviews the policies they arrange claims process1. As your broker, Aon will then assist with claims and can advocate on your behalf with the insurer.
INDUSTRY EXPERTISE
You’re an expert in your field, so your insurance broker should be too. It’s crucial to choose a broker who has a deep understanding of your industry, stays on top of emerging risks, and regularly reviews the policies they arrange to ensure they are adequate to address the risks commonly faced by your industry. This will help ensure you’ve got cover that has been designed specifically with the needs of real estate professionals in mind.
Aon is proud to be a partner of The Real Estate Institute of Victoria (REIV).
Get a quote online or call 1300 734 274
Learn more
1 Carter Newell Lawyers are the national legal services provider on behalf of CGU for the Aon Real Estate Facility. Subject to qualifying criteria, full policy terms, conditions and exclusions. © 2023 Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL no. 241141 (Aon). The Real Estate Agents Professional Indemnity Insurance is arranged by Aon under a binder agreement on behalf of the underwriter, Insurance Australia Limited trading as CGU Insurance ABN 11 000 016 722, AFSL 227681. When acting under a binder we will be acting as agent of the insurer and not as your agent. Our binder arrangements with the insurer are such that we remain your agent in the handling of any claims. If you purchase this insurance, Aon will receive a commission that is a percentage of the premium. Further information can be found in our FSG or provided upon request. This information contained on this website is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as any applicable Product Disclosure Statement, Target Market Determination and full policy terms and conditions, available from Aon on request. All representations on this website in relation to the insurance products we arrange are subject to the full terms and conditions of the relevant policy.
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RESOURCES NOVEMBER 2023
Managing cash flow and super for small business AS A SMALL BUSINESS OWNER, IT CAN BE EASY TO OVERLOOK THE IMPORTANCE OF SUPERANNUATION. However, not only is it a legal requirement to provide your employees with superannuation contributions, but it can also provide some tax benefits for your business. Superannuation is essentially a way for employees to save for their retirement, and as an employer, you are required to contribute a percentage of their earnings into a super fund. For small businesses, this can seem like an added expense, but it is important to remember that it is an investment in your employees’ futures and can help attract and retain talented staff. One of the benefits of providing superannuation contributions for your employees is the potential tax benefits for your business. Your super contributions are tax-deductible, which means that you can reduce your taxable income and potentially lower your overall tax bill. However, managing cash flow during tough economic conditions can be a challenge, especially for small businesses. It is essential to ensure you can still meet your superannuation obligations, even when times are tough.
Here are some tips for managing cashflow and still paying your super: 1. Create a budget: Clearly understanding your income and expenses can help you identify areas where you can cut costs and save money. 2. Negotiate payment terms: If you are struggling with cash flow, consider negotiating payment terms with your suppliers or customers to help ease the burden. 3. Seek financial advice from a business consultant or an accountant: Professional business advice can help you create a plan for managing your cash flow and meeting your superannuation obligations. 4. Prioritise your superannuation payments: It is important to prioritise your superannuation payments and ensure that they are made on time. This not only ensures that you meet your legal obligations but also helps you avoid any potential penalties.
Need help? Contact your local REI Super Business Development Manager for expert guidance
Get in touch
The information contained in this article does not constitute financial product advice. REI Super does not give any warranty to the accuracy, completeness or currency of the information provided. Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies. REI Superannuation Fund Pty Ltd ABN 68 056 044 770, AFSL 240569, RSE L0000314 Trustee of REI Super (ABN 76 641 658 449), SPIN REI0001AU, RSE R1000412. MySuper unique identifier 76641658449129
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RESOURCES NOVEMBER 2023
Personal well-being resources for you and your team THE REIV RECOGNISES THE IMPORTANCE OF EMPLOYERS BEING ABLE TO SUPPORT THEIR TEAM’S EMOTIONAL AND PSYCHOLOGICAL WELL-BEING. That’s why we’ve joined hands with EAP Assist to provide individual members, agencies and their entire staff and families with a suite of resources to combat mental health issues and promote wellbeing both inside and outside the workplace. EAPs (or Employee Assistance Programs) are a valuable resource that take a proactive, preventative approach to workplace mental health. All REIV Members can now access quality online resources that will help businesses improve: • Performance and productivity • Reduce absenteeism, conflict and occupational stress • Improve staff morale, employee retention and recruitment • Reduce workers compensation and other costs • Improve employee satisfaction • Enhance employer/employee relationships
EAP Assist resources for Members include: • Evidence-based, clinically tested wellness apps that address a comprehensive range of mental health issues, including depression, anxiety and stress as well as many wellbeing issues, including resilience, confidence and sleep. • Online digital programs for mental health designed to help employees identify, understand and improve psychological difficulties like stress, anxiety, depression and insomnia as well as well-being issues like grief, substance abuse, financial concerns and pain management. • Daily wellness posts aimed at proactively managing an employee’s mental and physical health before potential issues occur. • Access to Virtual Care Solutions that are composed of a valid and reliable mental health screening test designed to provide more information about your employee’s mental health and detect warning signs of a mental illness. This is supported by further suggestions on what the employee’s next steps should be based on the results. • Access to fun, flexible wellness challenges that are designed to foster healthy habit-forming behaviours from healthy eating to mindfulness, to team building, to fitness challenges and more. • EAP Assist Resilience Program is designed to help develop coping skills they can use to endure tough times & quickly bounce back, face change head-on and come out in a better place.
REIV Membership Services
Please note, this service is provided as part of a partnership with EAP Assist. Please refer to any terms and conditions, guidance that EAP Assist provides. The personal consultation service is not included in the REIV Membership Benefits.
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NOVEMBER 2023 RESOURCES
WHO CAN ACCESS IT?
All REIV Members can access the resources as part of their membership benefits. Office Members are encouraged to share these resources with their entire team.
ARE THERE ANY COSTS?
All online resources, including the short courses are available to REIV members at no additional cost. Please note, the Member access code is required to access many of the resources. For those who wish to access any personalised support, costs should be discussed directly with the provider.
WHAT IS THE ACCESS CODE?
Please contact the REIV Membership team for the access code. The code is also distributed to all members at the annual renewal cycle.
Email REIV Membership team WHAT ABOUT PRIVACY?
The REIV, any other Member or Employer will not have any access or visibility on any individual’s usage of the resources. All interaction between individuals and the EAP Assist website is limited to the individual and EAP Assist. REIV information will be strictly limited to only the overall assessment of use of the portal to understand whether Members value the service.
EAP Assist services should be utilised by all employees, not just those struggling with mental health issues, to make a positive impact on their personal and professional lives. EAP Assist is a full well-being model focusing on helping all employees feel better, feel less stressed, be more resilient and more confident by providing a very broad range of professional wellness services.
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MEMBERSHIP NOVEMBER 2023
New members
Galal Abdallah Magaswari Alagappan Hassan Allouche Phillip Andrews Natasha Angeleski Luca Angelico Tarunjeet Aulakh Neelam Babani Ali Bandari James Bawden Brent Bennett Rajeev Bhaskar Darren Blair Tracey Bradshaw Stephen Brooks Alexander Browne Norma Bula Nadine Bunworth Hamish Burgess Gina Busuttil Stephen Byrne Chen Chen Srayash Chitrakar
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Bianca Cleary Simone Clymo Gordon Code Daniel Crowle Eleanor Currie Stefan Deffert Jesse Delia Michelina Ding Johanna Doherty Anne Donchos Eslam Elsherif Ryan Evans Christopher Fitzgerald Paula Fowler Simon Franklin Yuandi Fu Rodny Garrido Christopher Gatt Jamie Gepp Annie Gillan Tilly Gillian Avraham Gutman Lachlan Haddrell
Ebony Hannan Timothy Harley Oliver Hay Jason Hicks Lin Hu Tri Huynh Kial Jarred Ashok Jayasinha Yuan Jiang Steven Jo Nicole Katsivelas Harjeet Kaur Kenneth Kong Milandeep Kumar Benjamin Lindblom Chunlei Ma Renee Maillard Wade Maindonald Domenic Malgeri Wong Man Hesan Mazaheri David McGuinness Timothy McIntosh Fairouz Medawar Denis Mete Memphis Middleton Evie Milides Binod Mishra Owen Moore Katie Moore Christopher Moreira Marcus Neill Michael Nguyen Jordan Palma Adrian Petrucelli Sita Pylla Yilin Qian Nicole Qiu Jagpreet Randhawa James Rasool Jye Read Pauline Rhodes
Kate Robinson Jetmir Saliu Xexar Sario Timothy Sia Bikramjit Singh Sukhjinder Singh Clayton Smith Michelle Smith Timothy Solly Anthony Stevens Stephen Stewart Daniel Straw Chen Su Kelly Taylor Jenna Tomada Kevin Tong Annabella Torres Chris Vallis John Van Haandel Emil Vartazarian Haftevani Marianne Vella Lachlan Vella Bill Vlahos Isaak Warburton Maximilian Warren Rong Wei Shawn White Kendall Willcox Daniel Wolman Elsa Wong Juan Yan Elaine Yeo Chao Zhang
Not a Member yet? Join us today! B ecome an REIV Member
Seller Leads in Ignite Seller LeadsLeads & Seller Lead Seller inReporting Ignite are now available in Ignite Seller Leads & Seller Lead Reporting a 41% growth in Seller over the past 3 years areWith now available inLeads Ignite 1
and 1.27 million prospective sellers visiting realestate.com.au each month2, we know understanding your lead performance With growth in Seller Leads over the past 3 years1 is keyato41% your success. and 1.27 million prospective sellers visiting realestate.com.au each month2, we know understanding your lead performance Seller Leads, with Seller Leads reporting is now available is key to your along success. in Ignite helping you win and manage leads with detailed reporting all in one place. Seller Leads, along with Seller Leads reporting is now available in Ignite helping you win and manage leads with detailed reporting all in one place.
Log into Ignite to access these insights today Log into Ignite to access these insights today
Source: ¹REA Internal Data, FY21 compared to FY23 2Survey 5 2023: Time period Jul 22 Jun 23, Fused Nielsen Digital Content Planning (Text): May 2023, realestate.com.au. Base: Australian Population 14+. Sellers are those likely or very likely to sell a residential property within 12 months. Source: ¹REA Internal Data, FY21 compared to FY23 2Survey 5 2023: Time period Jul 22 Jun 23, Fused Nielsen Digital Content Planning (Text): May 2023, realestate.com.au. Base: Australian Population 14+. Sellers are those likely or very likely to sell a residential property within 12 months.
Agency Marketplace Agency Marketplace
MEMBERSHIP NOVEMBER 2023
Milestones WE CONGRATULATE THE MEMBERS WHO COMPLETED IMPORTANT MILESTONE MEMBERSHIP ANNIVERSARIES DURING SEPTEMBER - DECEMBER, 2023. 50 YEARS
30 YEARS
10 YEARS
Max Coote Les Young
Lena Molinaro Gary Reed Karl Fitch Wes Davidson Sam Privitelli Chris Kelepouris Walter Ortner John Castran
Ming Xu Terry Favero Frank Khan Joanne Perkins Dan Colbert Sandra McConachy Jason Dowler Tim Ripper Jamie Horne Dan Lawrie Rod Capuano Elliot Gill Justin Follett Adam Alexander Steve Turner David Rubinic William Bonnici Julien Karolos Brad Paddon
40 YEARS David Gilder Leon Mancini Kevin Garvey Stewart Gull John Conaughton Ted Addison Michael Donovan Kenneth Davis Lindsay Wigg
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20 YEARS Nick Draffin Enzo Bufano Dale Whitford Robert Elsom Donald McKillop Kate Pizzichetta Stephen Morgan Anthony Knight Andrew Kerr Emma Gordon Ashleigh Lawson Ian Mason Steve Miles Gavin Dumas Walter Occhiuto Dan Magree Andrew Ryan Adam Guest
Jason Perry Jake Eisen Jordan Kagan Gescheit Kim Ward Michael Evans Heather Turpin Jane Skinner Jing Wu Ian Van Eijk Gary Lay Jay Giblett Russell Chester Leonard O’Donnell Mark Charlton Anil Malik Robert Hosking James Smarrelli Stephanie Marasco
NOVEMBER 2023 MEMBERSHIP
ROBYN WATERS RECEIVES HONORARY LIFE MEMBERSHIP Robyn Waters OAM was recently awarded an Honorary Life Membership with the REIV. Robyn first joined the REIV in 1978 and has been an active contributor serving on several committees, also serving two terms on the REIV Board of Directors. Robyn was elected REIV President in 2018 having also served as President of the International Real Estate Federation (FIABCI) in 2014/15. Robyn was awarded the Medal of the Order of Australia in 2020. We thank Robyn for her commitment and contribution to real estate and the Institute.
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TRAINING NOVEMBER 2023
LEADERSHIP ACADEMY THE REIV LEADERSHIP ACADEMY IS A SPECIALISED TRAINING PROGRAM, DELIVERED IN PARTNERSHIP WITH SWINBURNE UNIVERSITY AND THE VICTORIAN CHAMBER OF COMMERCE AND INDUSTRY (VCCI), TO USHER IN THE NEXT GENERATION OF LEADERS IN REAL ESTATE. REIV Leadership Academy students take part in a series of courses that are specially designed and delivered by both Swinburne University and the VCCI to ensure a broad range of essential business leadership topics are covered. We are proud to see our first batch of REIV Leadership Academy progressing successfully. The courses run by Swinburne University are almost complete and the group will soon be entering the next phase of their learning.
Student
Agency
Dean Tucker
Finning First National Real Estate
Peter Hannon
Caine Real Estate
Suresh Maharjan
Alliance Estate Agents North
Luke Banitsiotis
Woodards Blackburn
Rachel Boggs
Caine Real Estate
James Lockwood
Fitzroys
Stephanie Seymour
Fitzroys
Toby Campbell
Caine Real Estate
Craig Patterson
Craig Patterson Real Estate
Sam Abboud
Woodards Ascot Vale
Congratulations and good luck to the group.
If you are interested in joining the next batch, contact us via email.
Email us
52 | The Estate Agent
NOVEMBER 2023 EVENTS
It’s been a busy few months at the REIV
Two-time AFL premiership player and two-time AFL premiership coach Chris Scott visited the REIV for an afternoon of leadership training in partnership with the AFLCA.
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EVENTS NOVEMBER 2023
2023 REIV Novice Auctioneering Competition was held in August.
REIV Directors Darren Pearce, Wendy Steel and Richard Simpson with Shadow Finance Minister Brand Rowsell, Shadow Minister for Housing Jess Wilson
Shadow Finance Minister Brad Roswell and Shadow Housing Minister Jess Wilson at the REIV.
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NOVEMBER 2023 EVENTS
Buyers Agents Think Tank.
Economic Forecast Lunch.
Buyers Agents Think Tank.
Sales techniques with Bailey White
Economic Forecast Lunch.
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