02 Apr
Last week, RISE announced the appointment of new CEO, Steve Carroll.
Having already successfully united the real estate industry through his infamous Digital Live Charity Bike Rides, Steve is passionate about having the same positive impact on real estate professionals here in Australia.
“Our most recent bike ride made it clear to me that mental health and wellbeing is starting to shift from a ‘box ticking’ exercise to a meaningful agenda item amongst our industry leaders,” Steve said.
“I have witnessed firsthand the challenges faced by professionals in this dynamic industry, and my vision is to support the board to create a wellbeing movement that fosters a supportive and resilient community.”
Steve has joined RISE at an exciting time with the RISE Leadership Action Conference just over a week away. Join us as some of the most inspiring minds in our industry converge on the 10-11 April in Sydney. You can grab your tickets here.
Yesterday, the RBA announced their decision to keep interest rates on hold. Not the news mortgage holders were hoping for, but with most economists predicting more rate drops this year, we’ll have to wait and see when that relief materialises.
Recently REIA released two new reports for the December 2024 Quarter; Real Estate Facts and the Housing Affordability report with the key takeaways being that the national median house price is on the rise, while the housing affordability hits a record low.
Some of the highlights include:
- The national median price for houses increased by 0.7% over the quarter and 5.2% over the year to $1,058,442 in capital cities.
- Rents for 3-bedroom dwellings increased by 0.2% over the December quarter and 6.7% over the year to $624 per week.
- Rents for 2-bedroom other dwellings increased3% over the December quarter and 7.4% for the twelve months to $626 per week.
- Vacancy rates over the quarter increased in Sydney, Melbourne and Perth, remained stable in Brisbane and Adelaide, and decreased in Canberra, Hobart and Darwin.
- Rental yields ranged from -1.5% to 6.1% over the quarter, depending on accommodation type and market.
- The housing affordability crisis has deepened: This marks the third consecutive quarter in which housing affordability has declined to a new all-time low. The average loan repayment now consumes 50.1% of median family income, a 1.4 percentage point increase and the highest proportion since REIA began monitoring in 1996.
- Rental affordability has improved marginally: The proportion of income required to meet median rents decreased slightly to 24.7%, a drop of 0.2 percentage points over the quarter. However, it remains 0.7 percentage points higher than the same period last year.
Change is constant in our industry, bringing both challenges and opportunities. Staying ahead demands adaptability, innovation, and an openness to new ideas. While the pace can feel relentless, it fuels progress, pushing us to improve how we work, learn, and grow.
I’m excited to connect with many of you at the RISE conference next week—a chance to exchange ideas, gain fresh perspectives, and explore ways to drive positive change. Together, we can navigate this evolving landscape with confidence and shape the future of our industry for the better. Hope to see you there!Until next time,
Stay connected.
Sadhana Smiles
CEO, Real Estate Industry Partners
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