PROPERTY A
PUBLICATION
NOW
ISSUE 12
WHAT’S INSIDE 2-7 Insights: PEXA breaks down FY21 on the east coast 8-9 Analysis: Senior Vice President, Real Estate Institute of Victoria previews FY22 10-11 News: PEXA lists on the Australian Securities Exchange 12-15 Innovation: Why speed and choice for consumers are key in today’s digital age 16-17 Industry: Hazlett Information Services – a small business making a big splash in property
1
Australia’s east-coast property market rises to record heights in FY21 By the PEXA Insights team
Australia’s economic recovery from the effects of the COVID-19 pandemic has been led by the performance of its east-coast property market, according to end of financial year figures released by PEXA. PEXA’s Property and Mortgage Insights (PMI) report provides unique insights into property settlement and mortgage trends across the east-coast, analysing metropolitan vs regional, residential vs commercial, growth in lending, and the performance of major and non-major lenders.
2
PEXA notes Australian property sales have been fuelled by low interest rates, government stimulus and increased buyer demand. Queensland has outshone its southern neighbours throughout a COVID-19 impacted financial year, recording more property settlements than
New South Wales, and in particular Queensland, recording comparatively bumper year-on-year numbers across both metropolitan and regional areas. “The Sunshine State has had an incredible year in property, with Greater Brisbane jumping more than 50% on last year’s figures, and the rest of Queensland delivering significant yearon-year gains. We have seen solid results in New South Wales across the state with settlements up 26%, and Victoria’s 10% year-on-year growth was propped up by strong results in regional and commercial sectors. “Most notably, we have seen a trend across the east-coast of greater activity in our regional areas, with sale settlements outside of capital cities up 36% in New South Wales, 28% in Victoria, and 23% in Queensland yearon-year,” said Mr Gill. Victoria, and edging ever closer to its Origin rival New South Wales. Greater Brisbane was also the standout capital city across the east-coast, delivering a 52% year-on-year increase in property sales - a stark contrast to Greater Melbourne which saw a 2% decline from the 2019-2020 financial year. According to PEXA’s Senior Research Manager, Mike Gill: “From being the standout leader in volume for property sale settlements in FY20, we have witnessed the demonstrative impact the pandemic has had on the Victorian property market, with both
PEXA’s PMI report also analyses consumer lending behaviour, with FY21 numbers suggesting regional buyers were less likely than city buyers to fund their new purchase with a loan. “Close to 80% of capital city settlements procured were funded with a new loan, compared to only 66% for regional settlements, suggesting metropolitan homeowners are moving to regional areas to take advantage of lower priced properties, flexible working arrangements and a change in lifestyle.
3
“There also appeared to be greater consumer preference towards major banks for new loans in New South Wales and Victoria due to highly competitive rates, particularly for fixed rate loans and special offers, such as cash back incentives. Queensland consumers bucked this trend, with the gap narrowing in favour of the nonmajor lenders within the state from January 2021,” said Mr Gill.
The trends that matter in Australian property between July 2020 to June 2021
Queensland • Queensland leads the east-coast for growth, recording +203,000 property sale settlements (up 37% year-on-year) worth more than $106 billion (up 44% year-on-year). • Queensland had previously not outperformed Victoria in sale settlements for more than a decade. • Greater Brisbane matched the state’s regional property market, bucking recent historical trends.
• The state’s residential sector accounted for more than 84% of all sale settlements, even though commercial sales were up more than 30% year-on-year. Victoria • Victoria’s property market saw softer gains in light of the state’s second extended COVID-19 lockdown, recording +198,000 property sale settlements (up 11% year-on-year) worth more than $127 billion (up 8% year-on-year).
• Regional Victoria bolstered the state’s sales figures with 28% year-on-year growth in • New South Wales also settlements, whilst Greater experienced strong gains in Melbourne saw a 2% decline yearproperty sales, recording +218,000 on-year. Victoria’s commercial settlements (up 26% year-on-year) property market remained strong, worth more than $186 billion (up recording 53,000 settlements – 27% year-on-year). almost 80% more than northern • Port Macquarie, Orange and neighbour New South Wales. Dubbo were in the top five suburbs for greatest number of property sale settlements. New South Wales
4
Sale settlement volumes accelerated in the second 1 Sale settlement volumes accelerated1 in the second half of FY21 Sale settlement volumes accelerated in the second half of FY21
states experiencedsignificant significant year on growth All All states onyear year growth. All statesexperienced experienced significant year year on year growth Sale settlements1
Sale settlements 1
30,000
25,000
20,000
15,000
10,000
NSW
Jun-21
May-21
Apr-21
Mar-21
Jan-21
Dec-20
Nov-20
Oct-20
Sep-20
Jul-20
QLD
Aug-20
Jun-20
May-20
Apr-20
Mar-20
Jan-20
Feb-20
Dec-19
Nov-19
Oct-19
Jul-19
Aug-19
of FY21
0
Sep-19
the second half of FY211 ated1 in the second half of FY211
Feb-21
5,000
Sale settle QLD and NSW Sale sett saw100% growth across all months of the year,80% culminating in May-21 where both states 60%were up over 70% year-on-year. VIC recorded 4 40% months of negative growth in the 20% first half of FY21, coinciding with the second lockdown, although the state (20%) recovered quickly following the easing (40%) of restrictions. Jul-20 Aug-20 Sep-20 Oct-20
VIC
growth1
Sale settlements, year on year Sale settlements, year on year growth 1 Sale settlements, year on year growth1 100%
Sale settlements, year on year growth 1
QLD and NSW saw growth across all months of the year, culminating Source: PEXA, QLD Government in May-21 where both states were up over 70% year-on-year. VIC 1 Sale settlements 80% recorded 4 monthshave of negative growth in the first half of FY21, been calculated using actuals from Jul-19 to May-21 and a forecast for Jun-21 coinciding with the second lockdown, although the state recovered quickly following the easing of restrictions. 60%
QLD and NSW saw growth ac where both states were up ov negative growth in the first h although the state recovered
40%
20%
-
(20%) Jul-20
Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 (40%) Jul-20 Aug-20NSW Sep-20 Oct-20 QLD Nov-20 VIC Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 NSW
QLD
VIC
QLD and NSW saw growth across all months of the year, culminating in May-21 where both statesQLD wereand up NSW over saw 70% growth year-on-year. recordedof4the months acrossVIC all months year, of culminating in May-21 negative growth inwhere the first half of FY21, coinciding with the second lockdown, both states were up over 70% year-on-year. VIC recorded 4 months of although the statenegative recovered quickly theofeasing restrictions. QLD VICsecond lockdown, growth in following theNSW first half FY21,of coinciding with the
cast for Jun-21
6
although the state recovered quickly following restrictions. VIC NSW the easing QLD 7 of Source: PEXA, QLD Government 7 Source: PEXA, QLD Government
1 Sale settlements have been calculated using actuals from Jul-19 to May-21 and a forecast for Jun-21 1 Sale settlements have been calculated using actuals
1 Sale settlements have been calculated using actuals from Jul-19 to May21 and a forecast for Jun-21
Regional areas experienced exceptional growth in FY21 Regional property settlements were up 36.3% in NSW, 28.0% in VIC and 22.7% in QLD1. QLD recorded nearly 102K regional sales settlements, with over 87K in NSW and 59K in VIC.2 Regional settlements in QLD made up 55.4% of overall settlements in the state in FY21. This contrasted with 45.5% in NSW and only 34.2% in VIC.2 The growth in settlements in VIC in FY21 came wholly from regional areas. Whilst regional settlements grew 28.0%, settlements in Greater Melbourne declined 2.0% year-on-year, due to the impact of the 2nd lockdown.1
Regional sale settlements in QLD have traditionally trended higher than those in the Greater xceptional growth in FY21
Brisbane metropolitan area, particularly with the contribution of the Gold Coast region. R e naall22.7% aarre aass the e p rie11 n xxcce ptiio n o th in 1 RVIC eegggiiio o eexxxQLD ppe egrowth nnccce eed ddine eeQLD nnaaalll gggrrrcame oow w nn FFFYYY2 22the 11 Greater Brisbane area which However SW, in and onnmuch al22.7% areeof as in erriiee xceeppttin iooFY21 wtthh iifrom SW, 28.0% 28.0% in R VIC and in QLD 1 11 Regional property settlements were up 36.3% in NSW, 28.0% in VIC and 22.7% in QLD 1 property wasRegional up 51.9%. Regional property settlements settlements were were up up 36.3% 36.3% in in NSW, NSW, 28.0% 28.0% in in VIC VIC and and 22.7% 22.7% in in QLD QLD1 Sale settlements -- NSW Sale Sale settlements settlements - NSW NSW
QLD recorded 102K QLD recorded nearly nearly 102K regional regional sale sale settle settle QLD nearly 2 QLDinrecorded recorded nearly 102K 102K regional regional sale sale settle settle 59K VIC. 22 Regional settlements in QLD mad 59K in VIC. Regional settlements in QLD mad 59K in VIC. Regional settlements in QLD mad 59K instate VIC.2in Regional settlements in with QLD 45.5 mad in the FY21. This contrasted in the state in FY21. This contrasted with 45.5 in the state in FY21. This contrasted with in the state in FY21. This contrasted with 45.5 45.5 The growth in settlements in VIC in FY21 cam The growth in settlements in VIC in FY21 cam The in in VIC FY21 cam The growth growth in settlements settlements ingrew VIC in in FY21 settl cam Whilst regional settlements 28.0%, Whilst regional settlements grew 28.0%, settl Whilst regional settlements grew 28.0%, settl Whilst regional settlements grew 28.0%, settl declined 2.0% year-on-year, due to the impac declined 2.0% year-on-year, due to the impac declined declined 2.0% 2.0% year-on-year, year-on-year, due due to to the the impac impac Regional sale settlements in QLD have traditio Regional sale settlements in QLD have traditio Regional sale settlements in traditio Regional saleBrisbane settlements in QLD QLD have have traditio the Greater metropolitan area, parti the Greater Brisbane metropolitan area, parti the Greater Brisbane metropolitan area, part the Greater Brisbane metropolitan area, part Gold Coast region. However much of the grow Gold Coast region. However much of the grow Greater Capital City area Gold Coast region. However much of the grow Gold Coast region. However much of the grow R e g i o n a l a r e a s e x p e r i e n c e d e x c e111p Greater Brisbane area which was up 51.9%. 1 was Greater Brisbane area which up 51.9%. R e g i o n a l a r e a s e x p e r i e n c e d e x c Brisbane area which was up 51.9%. Regional1property settlements were up 36.3% in NSW, 28.0% in VICGreater and 22.7% in QLD Greater Brisbane area which was up 51.9%.e1p Sale Sale settlements settlements -- NSW NSW
May-21 May-21 May-21 May-21
Rest of State
QLD recorded nearly 102K regional sale settlements, with over 87K in NSW and QLD recorded nearly 102K regional sale settlements, with over 87K in QLD sale settlements QLD sale settlements 59K in VIC.2 Regional settlements in QLD made up 55.4% of overall settlements 2 Sale QLDsettlements sale settlements - QLD Regional settlements QLD up34.2% 55.4%inof NSW and 59K in VIC. Sale settlements QLD in the state in FY21. This contrasted with 45.5%-in in NSW made and only VIC.2 overall settlements in the state in FY21. This contrasted with 44.5% in 2 The growth in settlements in VIC in FY21 came wholly from regional areas. NSW and only 34.2% in VIC. Whilst regional settlements grew 28.0%, settlements in Greater Melbourne The growth in settlements in VIC in FY21 came wholly from regional areas. declined 2.0% year-on-year, due to the impact of the 2nd lockdown.1 Whilst regional settlements grew 28.0%, settlements in Greater Melbourne Regional 2.0% sale settlements in QLD traditionally than1 those in declined year-on-year, duehave to the impact of trended the 2nd higher lockdown. the Greater Brisbane metropolitan area, particularly with the contribution of the Regional sale settlements in QLD have traditionally trended higher than Gold Coast region. However much of the growth in QLD in FY21 came from the those in Brisbane the Greater Greater areaBrisbane which wasmetropolitan up 51.9%.1 area, particularly with the contribution of the Gold Coast region. However much of the growth in QLD in FY21 came from the Greater Brisbane area which was up 51.9%.1 Rest ofstate Rest ofstate Rest Rest ofstate ofstate
Sale settlements - VIC
10,000
8 8
8,000 6,000 4,000
Greater Mel bourne
May-21
Apr-21
Mar-21
Jan-21
Feb-21
Dec-20
9 Rest of State
Greater Sydney Greater Sydney Greater Mel Greater Mel bourne bourne Greater Greater Mel Mel bourne bourne
Source: PEXA, QLD sale settle Source: PEXA, QLD QLD Government Government Sale settlemen Source: Source: PEXA, PEXA, QLD QLD Government Government 14,000 14,000 12,000 12,000 10,000 10,000 8,000 8,000 6,000 6,000 4,000 4,000 2,000 2,000 1 Period Jul-20 to May-21 compared 0 with previously corresponding 0
period Jul-19 to May-20
2 11 months from Jul-20 to May-21 Greater Brisbane
Rest ofstate
Source: PEXA, QLD Government
Greater Capital City area
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
Dec-19
Oct-19
Nov-19
Aug-19
Sep-19
2,000 Jul-19
21 ar -2 1 Ap r-2 M 1 ay -2 1
M
May-20
12,000
0
Source: PEXA, QLD Government
QLD sale settle
1 Period Jul-20 to May-21 compared with previously corresponding period Jul-19 to May-20 11 Period Jul-20 to May-21 compared with previously corresponding period Jul-19 to May-20 21 Period Jul-20 to May-21 compared with previously corresponding period Jul-19 to May-20
Period Jul-20 to May-21tocompared withsettlements previously corresponding period Jul-19 to May-20 Sale - VIC 22 11 16,000 11 months months from from Jul-20 Jul-20 to May-21 May-21
2 11 11 months months from from Jul-20 Jul-20 to to May-21 May-21 e: Government e: PEXA, PEXA, QLD QLD 14,000 Government
May-20 May-20
16,000 16,000 16,000 16,000 16,000 14,000 16,000 14,000 14,000 14,000 12,000 14,000 14,000 12,000 12,000 12,000 10,000 12,000 12,000 10,000 10,000 10,000 8,000 10,000 10,000 8,000 8,000 8,000 6,000 8,000 8,000 6,000 6,000 4,000 6,000 6,000 4,000 6,000 4,000 2,000 4,000 4,000 2,000 4,000 2,000 0 2,000 2,000 0 2,000 0 00 0
Sale settlement Salesettlements settlement Sale Sale settlements Sale settlements Sale settlement
Ju Ju l-1 l-1 9 AuAu 9 g- g-1 1 9 Se Se 9 p- p-1 1 9 OcOc 9 t-1t-1 NoNo 9 9 v-1v-1 9 D eD e 9 c- c-1 19 9 Ja Jan n- 2 20 Fe Fe 0 b- b-2 2 MM 0 0 ar ar-2 20 0 ApAp r-2r-2 MM 0 0 ay ay -2 -20 0 Ju Ju n- n-2 20 0 J
Greater Brisbane Greater Brisbane Greater Greater Brisbane Brisbane
Regional Regional property property settlements settlements were were uu
Jul-19 Jul-19 Jul-19 Jul-19 Jul-19 Jul-19 Aug-19 Aug-19 Aug-19 Aug-19 Aug-19 Aug-19 Sep-19 Sep-19 Sep-19 Sep-19 Sep-19 Sep-19 Oct-19 Oct-19 Oct-19 Oct-19 Oct-19 Oct-19 Nov-19 Nov-19 Nov-19 Nov-19 Nov-19 Nov-19 Dec-19 Dec-19 Dec-19 Dec-19 Dec-19 Dec-19 Jan-20 Jan-20 Jan-20 Jan-20 Jan-20 Jan-20 Feb-20 Feb-20 Feb-20 Feb-20 Feb-20 Feb-20 Mar-20 Mar-20 Mar-20 Mar-20 Mar-20 Mar-20 Apr-20 Apr-20 Apr-20 Apr-20 Apr-20 Apr-20 May-20 May-20 May-20 May-20 May-20 May-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20 Jun-20
Apr-21 Apr-21 Apr-21 Apr-21
Mar-21 Mar-21 Mar-21 Mar-21
Jan-21 Jan-21 Jan-21 Jan-21
Feb-21 Feb-21 Feb-21 Feb-21
Dec-20 Dec-20 Dec-20 Dec-20
Rest ofstate Rest ofstate Rest Rest of of state state
Nov-20 Nov-20 Nov-20 Nov-20
Oct-20 Oct-20 Oct-20 Oct-20
Sep-20 Sep-20 Sep-20 Sep-20
Jul-20 Jul-20 Jul-20 Jul-20
Aug-20 Aug-20 Aug-20 Aug-20
Jun-20 Jun-20 Jun-20 Jun-20
May-20 May-20 May-20 May-20
Apr-20 Apr-20 Apr-20 Apr-20
Mar-20 Mar-20 Mar-20 Mar-20
Feb-20 Feb-20 Feb-20 Feb-20
Jan-20 Jan-20 Jan-20 Jan-20
Greater Sydney Greater Sydney Greater Greater Sydney Sydney
JuJuJuJu l-1l-l1-1l-1 99 AuAAuuAu9 9 g-gg- -g1-1 19199 9 SeSSeeSe p-pp- -p1-1 11 99 OOcOcOc 9c 9 t-t1-t1-t1-1 NNoNoNo o9 99 9 v-v1v-1-v1-1 99 DDeDeDe 9e 9 c-cc- -c1-1 19199 9 JaJaJaJnan n-n- - 2 22020 FeFFeeFe0 0 b-bb- -b2-2 22 MMMM0 00 0 araar ra-r-2-22020 00 ApAAppAp r-r2-r2-r2-2 MMMM0 00 0 ayaayyay -2-2-2-020 00 JuJuJuJu n-nn- -n2-2 2 02 00 0 JuJuJuJu l-2l-l2-2l-2 00 AuAAuuAu0 0 g-gg- -g2-2 20200 0 SeSSeeSe p-pp- -p2-2 22 00 OOcOcOc 0c 0 t-t2-t2-t2-2 NNoNoNo o0 00 0 v-v2v-2-v2-2 00 DDeDeDe 0e 0 c-cc- -c2-2 20200 0 JaJaJaJnan n-n- - 2 22121 FeFFeeFe1 1 b-bb- -b2-2 22 MMMM1 11 1 araar ra-r-2-22121 11 ApAAppAp r-r2-r2-r2-2 MMMM1 11 1 ayaayyay -2-2-2-121 11
14,000 14,000 14,000 14,000 12,000 12,000 12,000 12,000 10,000 10,000 10,000 10,000 8,000 8,000 8,000 8,000 6,000 6,000 6,000 6,000 4,000 4,000 4,000 4,000 2,000 2,000 2,000 2,000 0 00 0
Dec-19 Dec-19 Dec-19 Dec-19
Oct-19 Oct-19 Oct-19 Oct-19
and 22.7% in QLD
Nov-19 Nov-19 Nov-19 Nov-19
Sep-19 Sep-19 Sep-19 Sep-19
Aug-19 Aug-19 Aug-19 Aug-19
Regional areas experienced exceptional growth in FY21 Jul-19 Jul-19 Jul-19 Jul-19
16,000 16,000 16,000 16,000 14,000 14,000 14,000 14,000 12,000 12,000 12,000 12,000 10,000 10,000 10,000 10,000 8,000 8,000 8,000 8,000 6,000 6,000 6,000 6,000 4,000 4,000 4,000 4,000 2,000 2,000 2,000 2,000 0 00 0
Feb-21 Mar-21 Mar-21 Mar-21 Apr-21 Apr-21 Apr-21 May-21 May-21 May-21
W and W and in in ments ments of of VIC.22 VIC. n n s. s. ne ne reas. reas. ourne ourne hose hose in in n of nhan of the the han m the Yeem2the 1 in in 0% in VIC 1 9%. 9%.1
Greater Brisbane
1 Period Jul-20 to May-21 compared with previously co 1 Period Jul-20 to May-21 compared with previously c 2 11 months from Jul-20 to May-21 2 11 months from Jul-20 to May-21
Source: PEXA, QLD Government
7
High hopes for Victorian property in new financial year By Isabelle Harris said that while the outlook ahead is generally positive, the impacts of coronavirus will Victoria’s property sector is continuing continue to be felt for a while to come – with its gradual recovery from repeated lockdowns and the lingering effects of the stop-start element of persistent lockdowns influencing coronavirus – though a 10% year-onyear settlement growth has indicated purchase desires and behaviour. a pleasing degree of resilience within “People have realised they don’t have the market. to come into work, so they’re looking at a wider range of local suburbs,” With a refresh of first home buyer incentives and strong listing numbers, Docking said.
It’s been an eventful financial year for all industries – with property no exception.
the months ahead appear bright for first-time buyers and those looking to adjust or expand their portfolio. Looking away from the CBD
Adam Docking, Real Estate Institute of Victoria (REIV) Senior Vice President
8
Having endured the nation’s longest and harshest lockdowns, many Victorian buyers are turning away from the CBD and seeking the more spacious surrounds of the suburbs.
“I think people’s attitude is that suburbs extend almost all the way down to Portsea,” Docking said. Unfortunately for those looking to enter the market, many buyers are seemingly chasing the same vision.
this time we’re expecting that winter will be almost an extended spring, with continued higher volumes,” Docking said. However, Docking believes the inner city and apartment markets will take a little longer to liven, with a slower recovery rate predicted for this area.
It’s this consumer competition that is creating price growth across the state – and buyers will have to work smarter, On the lookout for property not harder, to secure a property. For those looking to make the big step, Docking’s advice is to keep an eye out “It’s almost been a vicious circle that for properties that have been passed makes people want to transact,” on at auction, as there can be an Docking said. opportunity to negotiate for a better Casting an eye to the future outcome. As Victorians emerged from a “The only thing that would be tumultuous winter in 2020, there’s detrimental to the market is if vendors certainly been an element of FOMO get a bit greedy and think that this (fear of missing out) – with buyers growth is going to continue,” he says flocking to join the market rush. of potential negative effects. And in the months ahead, Docking First home buyers looking to break believes the market will remain into the market under new incentives healthy. Notably, July is traditionally a will also have to work a little smarter, time for vendors to begin preparing as most suburbs have a median house their properties for a spring sales price well over where grant schemes campaign, but this year could see finish. them pulling the trigger on selling “In the main suburbs they’re really not earlier. beneficial at all” Docking says, adding “Generally, winter is when you start to that they’re definitely a bonus if buyers see volumes of sales slowdown, but can use them.”
9
PEXA lists on the Australian Securities Exchange
PEXA, operator of Australia’s leading digital property settlements platform, has officially commenced the trading of its shares on the Australian Securities Exchange (ASX), under the code ‘PXA’.
10
This is following the successful completion of its initial public offering (IPO). The IPO raised gross proceeds of $1.173 billion at a price of $17.13 per share, representing an enterprise value of $3.3 billion. The IPO has introduced new institutional and retail shareholders who can support PEXA through the next phase of its growth; supported employees, directors, senior personnel
and practitioner partners in becoming shareholders; and provides the Company with the benefits of an increased profile as a listed entity going forward.
important milestone for PEXA, as we look to explore opportunities to take our experience and expertise into new markets in Australia and internationally.
“I would like to thank our existing On listing, Link Administration Holdings shareholders for their ongoing support and warmly welcome new investors, Limited (via Link Property Pty Ltd) will including many of our employees and hold 42.8 per cent of PEXA shares on issue, with the Commonwealth Bank of practitioner partners, to share in the Australia holding 23.9 per cent and the exciting journey we have ahead of us.” balance to be held by new institutional Barrenjoey Advisory Pty Limited, and retail investors, employees, Macquarie Capital (Australia) Limited, directors and practitioner partners. Morgan Stanley and UBS AG, Australia Branch acted as Joint Lead Managers PEXA Chairman Mr Mark Joiner said: and Underwriters to the Offer. Allen & “We are delighted with the outcome Overy acted as legal adviser to PEXA. of the IPO and the support shown by institutional and retail investors. Our listing today on the ASX marks another
Key milestones: Commencement of ASX trading on a conditional and deferred settlement basis
1 July 2021
Settlement date in accordance with the Underwriting Agreement
1 July 2021
Expected Completion (Shares issued or transferred to successful Applicants), as outlined in PEXA’s prequotation disclosure announced to ASX on 1 July 2021
2 July 2021
Expected commencement of trading of Shares on ASX on a normal settlement basis
5 July 2021
Expected dispatch of holding statements
6 July 2021
11
Speed, choice, and innovation; the recipe for future success By Isabelle Harris
12
Business success is centred around the consumer and how one might can best serve them, considering everything from industry-specific needs, to speed and choice. Of course, this just doesn’t happen overnight; evolution is crucial to get to this point. Geoff Rohrsheim, entrepreneur and Co-Founder of Australian tech incubator Hatch Creations knows from experience that for any business to survive long-term, they must constantly be on the move. “It’s really important that any business at any stage of life is considering innovation,” Rohrsheim said.
Ready to be revamped Australia’s $8 trillion property industry is integral to the national economy. With digital settlements now accounting for 80% of the country’s property exchange, a major evolution is being undertaken industry-wide, priming the sector for continuing innovation. “There’s all kinds of people looking at all parts of the property supply chain and thinking about how they could innovate,” Rohrsheim said. This has been the origin for recent industry developments including digital
13
settlements, virtual inspections, and online sales. Rohrsheim says that for the property industry, moving away from the paperbased system across the board is essential for further innovation and ease of use for everyone involved, including customers.
Eventually, smart agents would be harvesting information for buyers that want to purchase in their area, cutting the work down for the buyer significantly. “At the moment, there’s just too much friction in the system, and that’s where innovation can remove that and make it easier.”
Tech-based creatives looking at individual aspects, as well as applying their thoughts Meeting consumer needs across the board, are also essential to Ultimately, these technologies are continuing innovation, especially moving designed to reduce inconvenience and into the fully digital space. work for consumers. “If it’s on paper, there’s not a lot we can “We’re seeing so much change do to innovate.” because the consumer is at the centre,” Rohrsheim said. An exciting and innovative future Several up-and-coming digital transformations in the property space are utilising the power of Artificial Intelligence (AI) or blockchain technology to improve both speed and choice for consumers and businesses. For example, PointData is using AI to do the first step in valuing properties, predicting land values, and forecasting market trends, reducing human workload. Not only is this useful to real estate agents for identifying target sales areas, but also to banks to use for market research, as well as buyers who want an accurate and impartial valuation of their property. “We want really good, powerful information available to you without any research. It should just be there,” Rohrsheim said, adding that this should be the nature of future buying and selling.
14
And as consumers expect better experiences and more convenient technologies, the industry adapts to improve their options for speed and choice. This means moving to an entirely digital process. “They want to fill out a rental application on a coffee break, they want to communicate digitally, and they want to keep track of everything wherever they are, as it should be.” For example, Real Estate Sales Online (RESO) can produce a report that allows sellers to keep track of their sale in real time, while popular platform 1Form allows online rental applications. “If paper-based providers stay that way they will eventually fall off the perch, because they won’t be appealing to their customer.”
“Machine learning and AI used to be too expensive for most people to take Rohrsheim says AI, blockchain, and advantage of, but now you can rent other digital technology will likely form those services from cloud providers the backbone of most businesses in and use them to look at your data to the future, including within the property come up with usable insights. industry. “It’s very early days of this kind of tech, “The fundamental requirement is that it but we’re probably going to see more needs to be digital. Once we’ve got rid of that appearing, because it’s no of the paper, that’s when smart people longer just the realm of the big guys.” can come in and innovate,” Rohrsheim said. A property market of the future
Improved and more widespread use of augmented or virtual reality are also in the pipeline, especially for inspections where future buyers or tenants can’t attend in person. 15
Hazlett Information Services – an Australian, family-run success By Aoife Garvan
Australia’s small business and family enterprise sector represents the heart and soul of our communities. Daily, we utilise their products and services, whether it’s the family run café on the corner of your street or the conveyancing services supporting their local community. Australia’s small business and family enterprise sector represents the heart and soul of our communities. Daily, we utilise their products and services, whether it’s the family run café on the corner of your street or the conveyancing services supporting their local community. 16
Small businesses, defined as entities that employ less than 20 people, account for between 97.4% to 98.4% of all businesses nationwide, contributing $418 billion in GDP in 2018-19, equivalent to 32% of Australia’s total economy. Though small by name, their value is certainly significant.
And according to the KPMG and Family Business Australia Survey of Family Businesses 2009 (in conjunction with Bond University), 70% of all businesses in Australia are family-run. Flying the flag for both categories in the property industry is Hazlett Information Services, or more commonly known as Hazlett’s by its loyal customer base. Based in NSW, Hazlett Information Services provides a complete range of services to its clients, including Land Title searches, Sydney Water and processing stamp duty transactions as a client service provider for Revenue NSW. Ross Hazlett, as a young, determined entrepreneur kickstarted Hazlett Information Services at 24 years of age – almost 50 years ago. “I started my business with three firms as my first customers – we now have more than 500 using our services today,” shared Hazlett. As Ross’ business grew, so did his family and he now runs Hazlett information Services side-by-side his two sons, Mark and Matt. With his sons next to him, they continue to provide a trusted customer experience and innovate for the future of their family business and customers.
“We pride ourselves on the personal service that we’ve provided our customers from day one. That’s how we’ve become New South Wales’ most trusted information provider. “The digital age is upon us and as a progressive, forward-thinking business we want to ensure that we provide our customers with an ongoing positive experience. To support us with this, we now host our search services on PEXA Plus’ Marketplace. For us it was a natural evolution of our services and provides us with the opportunity to grow, moving across the NSW boarder into other states”, said Hazlett. The future is bright for this Australian, family-run success story. And for property lawyers and conveyancers, you can order your Hazlett Information Services searches on PEXA Plus’ Marketplace today for a streamlined, digital experience.
17
Introducing Cyber Risk in the Property Industry – a new online course for practitioners. Cyber-security is a hot topic within our sector at this time – and now more than ever, it’s imperative to stay up to date with the latest trends to protect your clients. In less than 90 minutes you’ll learn: • How cyber events and human error occur • That cyber risk is every employee’s responsibility in a business • Practical steps you can take to protect yourself, your business, and your clients Earn one Continuing Professional Development point* in a compulsory field (Practical & Business Skills) while working from any location, including from home, and during COVID-19 restrictions.
LEARN MORE
