Financial Literacy Foundation keeping educators up to date

The Financial Literacy Foundation is keeping educators and trainers up to date with financial literacy information through its regular newsletter. To access the latest edition, click here.

COMPLY WITH DO NOT CALL REGISTER ACT OR FACE PENALTIES

Real estate agents have been advised by the Australian Communication and Media Authority (ACMA) to ensure they comply with the Do Not Call Register Act 2006 or they are likely to face penalties. Since 31 May 2007, when the Act took effect, it has been unlawful to make a telemarketing call, or cause a call to be made, to a telephone number entered on the Do Not Call Register. To enable businesses to comply with the Act, a ‘washing’ service is in place which allows businesses to compare their calling lists against the Register and identify which numbers they can and cannot call.

ACMA advises that real estate agents cannot rely on ‘washed’ data lists purchased from external providers. Real estate agents should wash any calling lists they use themselves, within the 30 days prior to the call being made. This can be done at: donotcall.gov.au Calls may only be placed to phone numbers which are not registered on the Register.

With advice from REIA, ACMA has developed guidelines for the realestate profession on the Do Not Call Register, to obtain the guidelines, click here.

REIA Real Estate Market Outlook

Two distinct markets emerged during 2007 as housing prices continued to rise across much of Australia. In the first home buyer market, declining affordability, now at its lowest point in 22 years, is having a major impact. Buyer numbers have fallen, with first home buyer loans only representing 17.7% of total loans in September 2007, compared with the longer term average of 20%.

There is a second healthier market for established buyers and investors who are able to leverage equity and higher incomes to cope with the increasing median prices for both houses and other dwellings, although September quarter housing finance data showed some market caution in an environment where an interest rate rise was anticipated. Investors will be attracted by improving yields as rents rise owing to tight vacancy rates across the country, although interest rate rises will also impact on yields.

For a more detailed look at the 2008 Real Estate Market, please click here.

Australian Property Market Indicators
The REIA has just released its latest edition of Australian Property Market Indicators, which is a unique and comprehensive look at the residential and commercial property market over the 2006-07 financial year.

To purchase, or for more information, please click here.
 

Anti-money laundering: REIA, Deloitte to work together

Deloitte Australia is pleased to become an official sponsor of the REIA. We will use our experience and expertise in Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) to keep REIA members informed of legislative developments and their impact. For more information, click here.

Deloitte Australia is a member of Deloitte Touche Tohmatsu, one of the world’s leading professional service firms. We are a leading provider of AML/CTF advisory services, online AML/CTF compliance training, innovative tools and compliance programs. Our online AML/CTF service AMLcheck™ is specifically designed to help small and medium sized businesses meet key AML/CTF compliance obligations at an affordable price.

For more information about Deloitte and our AML/CTF services, please click here.

REIA honours leading members
In recognition of their professional standing, the following Real Estate Institute members have been honoured:

Associates of the Real Estate Institute (AREI)
March 07    John Grabyn     TN Jollys Real Estate, Geelong Victoria
June 07     Marcus Upchurch     Bloomfield First National, Ulverstone Tasmania
Sep 07     Peter Bushby     Peter Bushby Real Estate, Launceston Tasmania
Sep 07     Phillip Kelly     Raine & Horne Sorell, Tasmania
Nov 07     David Bourke     Fitzroys, Melbourne, Victoria

Fellows of the Real Estate Institute (FREI)
Mar 07     William McDonagh    Ian McDonagh & Associates, North Beach,WA
Mar 07     John Piccolo     Woodards, Camberwell, Victoria
Nov 07     Frank Hellier     R. Malcolm, Cheltenham, Victoria
Nov 07     Chris McGregor     McGregor First National, Hobart, Tasmania

Instalment warrants
There has been some recent reporting in the media to the effect that DIY superannuation schemes may now negatively gear to directly purchase property. This may be misleading. For more information, click here.

Residential tenancy databases
New regulations pertaining to the Privacy Act and residential tenancy databases take effect on 1 December 2007. The regulations are directed at commercial operators of residential tenancy databases, and are not applicable to in-house tenancy records held by real estate agents. Click here to read an REIA summary of the amendments to the Privacy Act. Click here to read the amendments.

New Australian Pay and Classification Scale for real estate agents
The Australian Fair Pay Commission has announced the determination of a new Australian Pay and Classification Scale for real estate agents paid by commission only: the Real Estate Agents’ (Commission Only) Australian Pay and Classification Scale, [2007] APCS 3. To see an REIA summary of the decision, click here. To see a fact sheet, click here. To read the full decision by the Australian Fair Pay Commission, click here.

What can be done to make housing more affordable?
The Residential Development Council’s website, www.affordablehome.com.au, provides a raft of information about the problems and possible solutions to worsening housing affordability in Australia. Extensive research is available on the site including a comprehensive source of data from experts within Australia and internationally.

The Small Enterprise Telecommunications Centre Ltd (SETEL) has released a Guide to VoIP
The Small Enterprise Telecommunications Centre Ltd (SETEL) has released a Guide to VoIP for Small Businesses. The aim of the guide is to provide information and advice to assist the small business operator to make an informed decision about VoIP. The SETEL guide looks at what VoIP has to offer from a small business perspective, rather than a technological perspective, with an emphasis on small business telecommunications needs. The small business situations where the benefits of VoIP will not apply are described together with the potential for productivity gains from the increased communications functionality of VoIP. The attitude towards VoIP is positive provided time is taken to gain the necessary knowledge – not necessarily a simple task for time-poor small businesses. The Guide can be obtained at: www.setel.com.au.

REIA signs strategic alliance with First National Real Estate
REIA has signed a strategic alliance with First National Real Estate. First National is one of Australasia s largest real estate groups, with over 550 independent agency members specialising in all areas of property. For more information, click here.

General insurance.
In consultation with ASIC, guidelines have been developed to assist real estate agents in complying with Chapter 7 of the Corporations Act 2001. The guidance notes examine agent involvement in the distribution of general insurance products. For more information, click here.

REIA launches National Principles of Conduct
REIA has launched National Principles of Conduct aimed at promoting and encouraging a high standard for ethical practice by REI members and their employees. For more information, click here.

REIA Guidelines
REIA works with its stakeholders to develop guidelines to facilitate real estate practice and compliance with legislation. Recent releases include guidelines on property valuations used in financial products, sale of real property by tender, property inspections, GST and price advertising. For further information, click here.

WorldProperties.com gets a new face
If you haven't visited WorldProperties.com lately, take a look. The site has a new home page, and has added a Global New Home Resorts portal featuring high quality new construction projects for holiday home and investment buyers, as well as country pages for new ICREA members, Panama and Costa Rica.WorldProperties.com welcomes REI members to place their distinctive property listings free of charge for viewing by an international audience. For more information, contact your State/Territory Real Estate Institute.

Become a FIABCI member today!

An annual membership fee of $150 will provide Real Estate Institute members access to the 60 country membership of the International Real Estate Federation (FIABCI). Click here for more information.

REAL ESTATE NATIONAL UPDATE

Industry news - free to your desktop, every fortnight. Real Estate National Update is the REIA's free fortnightly e-newsletter, containing industry news and information on the Australian property market. For a free subscription,click here.