Latest news with #TimMcKibbin
ABC News
3 days ago
- Business
- ABC News
ACCC announces investigation into REA Group
The Australian Competition and Consumer Commission has announced it is in the early stages of an investigation into REA Group, the 33 billion-dollar operator of over concerns about competition in the real estate industry. The investigation comes as the News Corp-controlled real estate advertising service has told customers it would increase subscription prices for real estate agents by as much as 78 per cent from July 1. Guest: Tim McKibbin, chief executive of the Real Estate Institute of New South Wales Producer: Grace Stranger The REA Group released the following statement: "REA is committed to providing choice, value and flexibility to its customers and consumers, and remains focussed on delivering products and services that improve the property experience of buyers, sellers and renters. "REA is cooperating fully with the ACCC and is unable to comment further for confidentiality reasons."
The Advertiser
18-05-2025
- Business
- The Advertiser
Hopes AI can help provide lifeline for housing crisis
Researchers hope talking to maps may help them find the answers needed to solve Australia's housing crisis. In an effort to tackle a multi-front crisis, a cutting-edge government-backed housing analytics lab will open in Sydney on Monday. Studying housing data, the interactive lab aims to find solutions to housing affordability, by looking at areas to build social homes and boost the waning development pipeline. Researchers will use Map AI, an interactive tool that shows housing data, to find which areas are best to be developed, and how to feasibly redevelop already high-density areas. "Map AI allows you to talk to your map and ask questions like 'show me property here', so it makes it a lot easier for those who are not data scientists to interrogate the data," lead of the lab and UNSW professor Chris Pettit told AAP. "Traditionally planners try to rezone high-density areas around train stations. "We will use AI to see what value are those properties are and what is permissible to zone, to break down some of those barriers." The lab will bring together more than a dozen partners in government and the housing sector, with a focus on NSW, though solutions found can be used across the nation. State governments in 2023 agreed to begin building a combined 1.2 million homes from mid-2024, with the hope of finishing them over five years. Less than a year later, the number of approved dwellings is dropping, not rising, according to the Australian Bureau of Statistics (ABS). Social housing is also unable to meet demand, a national State of the Housing System report found, and according to new research, one in three homes are priced at more than a million dollars. NSW is on track to fall short of building its share of 377,000 homes by 2029, with only five of the state's 43 local government areas on track to meet their housing targets, according to Property Council NSW figures. The state also continues to grapple with a rental crisis as vacancy rates slumped to 1.6 per cent in April, ABS data shows. "Finding a home to rent in New South Wales is harder today than it has ever been before," NSW Real Estate Institute chief executive Tim McKibbin said. "As a community, we owe it to everyone in this boat to strive for a better outcome." The state government has pitched in $1 million towards the new lab, with NSW Premier Chris Minns saying it brings together experts and data for key insights. "We need universities that can translate research into real-world solutions - exactly what UNSW is doing here." On Monday, NSW will follow in the footsteps of Victoria, ACT, Queensland and South Australia in banning no-grounds evictions for renters. Researchers hope talking to maps may help them find the answers needed to solve Australia's housing crisis. In an effort to tackle a multi-front crisis, a cutting-edge government-backed housing analytics lab will open in Sydney on Monday. Studying housing data, the interactive lab aims to find solutions to housing affordability, by looking at areas to build social homes and boost the waning development pipeline. Researchers will use Map AI, an interactive tool that shows housing data, to find which areas are best to be developed, and how to feasibly redevelop already high-density areas. "Map AI allows you to talk to your map and ask questions like 'show me property here', so it makes it a lot easier for those who are not data scientists to interrogate the data," lead of the lab and UNSW professor Chris Pettit told AAP. "Traditionally planners try to rezone high-density areas around train stations. "We will use AI to see what value are those properties are and what is permissible to zone, to break down some of those barriers." The lab will bring together more than a dozen partners in government and the housing sector, with a focus on NSW, though solutions found can be used across the nation. State governments in 2023 agreed to begin building a combined 1.2 million homes from mid-2024, with the hope of finishing them over five years. Less than a year later, the number of approved dwellings is dropping, not rising, according to the Australian Bureau of Statistics (ABS). Social housing is also unable to meet demand, a national State of the Housing System report found, and according to new research, one in three homes are priced at more than a million dollars. NSW is on track to fall short of building its share of 377,000 homes by 2029, with only five of the state's 43 local government areas on track to meet their housing targets, according to Property Council NSW figures. The state also continues to grapple with a rental crisis as vacancy rates slumped to 1.6 per cent in April, ABS data shows. "Finding a home to rent in New South Wales is harder today than it has ever been before," NSW Real Estate Institute chief executive Tim McKibbin said. "As a community, we owe it to everyone in this boat to strive for a better outcome." The state government has pitched in $1 million towards the new lab, with NSW Premier Chris Minns saying it brings together experts and data for key insights. "We need universities that can translate research into real-world solutions - exactly what UNSW is doing here." On Monday, NSW will follow in the footsteps of Victoria, ACT, Queensland and South Australia in banning no-grounds evictions for renters. Researchers hope talking to maps may help them find the answers needed to solve Australia's housing crisis. In an effort to tackle a multi-front crisis, a cutting-edge government-backed housing analytics lab will open in Sydney on Monday. Studying housing data, the interactive lab aims to find solutions to housing affordability, by looking at areas to build social homes and boost the waning development pipeline. Researchers will use Map AI, an interactive tool that shows housing data, to find which areas are best to be developed, and how to feasibly redevelop already high-density areas. "Map AI allows you to talk to your map and ask questions like 'show me property here', so it makes it a lot easier for those who are not data scientists to interrogate the data," lead of the lab and UNSW professor Chris Pettit told AAP. "Traditionally planners try to rezone high-density areas around train stations. "We will use AI to see what value are those properties are and what is permissible to zone, to break down some of those barriers." The lab will bring together more than a dozen partners in government and the housing sector, with a focus on NSW, though solutions found can be used across the nation. State governments in 2023 agreed to begin building a combined 1.2 million homes from mid-2024, with the hope of finishing them over five years. Less than a year later, the number of approved dwellings is dropping, not rising, according to the Australian Bureau of Statistics (ABS). Social housing is also unable to meet demand, a national State of the Housing System report found, and according to new research, one in three homes are priced at more than a million dollars. NSW is on track to fall short of building its share of 377,000 homes by 2029, with only five of the state's 43 local government areas on track to meet their housing targets, according to Property Council NSW figures. The state also continues to grapple with a rental crisis as vacancy rates slumped to 1.6 per cent in April, ABS data shows. "Finding a home to rent in New South Wales is harder today than it has ever been before," NSW Real Estate Institute chief executive Tim McKibbin said. "As a community, we owe it to everyone in this boat to strive for a better outcome." The state government has pitched in $1 million towards the new lab, with NSW Premier Chris Minns saying it brings together experts and data for key insights. "We need universities that can translate research into real-world solutions - exactly what UNSW is doing here." On Monday, NSW will follow in the footsteps of Victoria, ACT, Queensland and South Australia in banning no-grounds evictions for renters. Researchers hope talking to maps may help them find the answers needed to solve Australia's housing crisis. In an effort to tackle a multi-front crisis, a cutting-edge government-backed housing analytics lab will open in Sydney on Monday. Studying housing data, the interactive lab aims to find solutions to housing affordability, by looking at areas to build social homes and boost the waning development pipeline. Researchers will use Map AI, an interactive tool that shows housing data, to find which areas are best to be developed, and how to feasibly redevelop already high-density areas. "Map AI allows you to talk to your map and ask questions like 'show me property here', so it makes it a lot easier for those who are not data scientists to interrogate the data," lead of the lab and UNSW professor Chris Pettit told AAP. "Traditionally planners try to rezone high-density areas around train stations. "We will use AI to see what value are those properties are and what is permissible to zone, to break down some of those barriers." The lab will bring together more than a dozen partners in government and the housing sector, with a focus on NSW, though solutions found can be used across the nation. State governments in 2023 agreed to begin building a combined 1.2 million homes from mid-2024, with the hope of finishing them over five years. Less than a year later, the number of approved dwellings is dropping, not rising, according to the Australian Bureau of Statistics (ABS). Social housing is also unable to meet demand, a national State of the Housing System report found, and according to new research, one in three homes are priced at more than a million dollars. NSW is on track to fall short of building its share of 377,000 homes by 2029, with only five of the state's 43 local government areas on track to meet their housing targets, according to Property Council NSW figures. The state also continues to grapple with a rental crisis as vacancy rates slumped to 1.6 per cent in April, ABS data shows. "Finding a home to rent in New South Wales is harder today than it has ever been before," NSW Real Estate Institute chief executive Tim McKibbin said. "As a community, we owe it to everyone in this boat to strive for a better outcome." The state government has pitched in $1 million towards the new lab, with NSW Premier Chris Minns saying it brings together experts and data for key insights. "We need universities that can translate research into real-world solutions - exactly what UNSW is doing here." On Monday, NSW will follow in the footsteps of Victoria, ACT, Queensland and South Australia in banning no-grounds evictions for renters.
West Australian
18-05-2025
- Business
- West Australian
Hopes AI can help provide lifeline for housing crisis
Researchers hope talking to maps may help them find the answers needed to solve Australia's housing crisis. In an effort to tackle a multi-front crisis, a cutting-edge government-backed housing analytics lab will open in Sydney on Monday. Studying housing data, the interactive lab aims to find solutions to housing affordability, by looking at areas to build social homes and boost the waning development pipeline. Researchers will use Map AI, an interactive tool that shows housing data, to find which areas are best to be developed, and how to feasibly redevelop already high-density areas. "Map AI allows you to talk to your map and ask questions like 'show me property here', so it makes it a lot easier for those who are not data scientists to interrogate the data," lead of the lab and UNSW professor Chris Pettit told AAP. "Traditionally planners try to rezone high-density areas around train stations. "We will use AI to see what value are those properties are and what is permissible to zone, to break down some of those barriers." The lab will bring together more than a dozen partners in government and the housing sector, with a focus on NSW, though solutions found can be used across the nation. State governments in 2023 agreed to begin building a combined 1.2 million homes from mid-2024, with the hope of finishing them over five years. Less than a year later, the number of approved dwellings is dropping, not rising, according to the Australian Bureau of Statistics (ABS). Social housing is also unable to meet demand, a national State of the Housing System report found, and according to new research, one in three homes are priced at more than a million dollars. NSW is on track to fall short of building its share of 377,000 homes by 2029, with only five of the state's 43 local government areas on track to meet their housing targets, according to Property Council NSW figures. The state also continues to grapple with a rental crisis as vacancy rates slumped to 1.6 per cent in April, ABS data shows. "Finding a home to rent in New South Wales is harder today than it has ever been before," NSW Real Estate Institute chief executive Tim McKibbin said. "As a community, we owe it to everyone in this boat to strive for a better outcome." The state government has pitched in $1 million towards the new lab, with NSW Premier Chris Minns saying it brings together experts and data for key insights. "We need universities that can translate research into real-world solutions - exactly what UNSW is doing here." On Monday, NSW will follow in the footsteps of Victoria, ACT, Queensland and South Australia in banning no-grounds evictions for renters.
Perth Now
18-05-2025
- Business
- Perth Now
Hopes AI can help provide lifeline for housing crisis
Researchers hope talking to maps may help them find the answers needed to solve Australia's housing crisis. In an effort to tackle a multi-front crisis, a cutting-edge government-backed housing analytics lab will open in Sydney on Monday. Studying housing data, the interactive lab aims to find solutions to housing affordability, by looking at areas to build social homes and boost the waning development pipeline. Researchers will use Map AI, an interactive tool that shows housing data, to find which areas are best to be developed, and how to feasibly redevelop already high-density areas. "Map AI allows you to talk to your map and ask questions like 'show me property here', so it makes it a lot easier for those who are not data scientists to interrogate the data," lead of the lab and UNSW professor Chris Pettit told AAP. "Traditionally planners try to rezone high-density areas around train stations. "We will use AI to see what value are those properties are and what is permissible to zone, to break down some of those barriers." The lab will bring together more than a dozen partners in government and the housing sector, with a focus on NSW, though solutions found can be used across the nation. State governments in 2023 agreed to begin building a combined 1.2 million homes from mid-2024, with the hope of finishing them over five years. Less than a year later, the number of approved dwellings is dropping, not rising, according to the Australian Bureau of Statistics (ABS). Social housing is also unable to meet demand, a national State of the Housing System report found, and according to new research, one in three homes are priced at more than a million dollars. NSW is on track to fall short of building its share of 377,000 homes by 2029, with only five of the state's 43 local government areas on track to meet their housing targets, according to Property Council NSW figures. The state also continues to grapple with a rental crisis as vacancy rates slumped to 1.6 per cent in April, ABS data shows. "Finding a home to rent in New South Wales is harder today than it has ever been before," NSW Real Estate Institute chief executive Tim McKibbin said. "As a community, we owe it to everyone in this boat to strive for a better outcome." The state government has pitched in $1 million towards the new lab, with NSW Premier Chris Minns saying it brings together experts and data for key insights. "We need universities that can translate research into real-world solutions - exactly what UNSW is doing here." On Monday, NSW will follow in the footsteps of Victoria, ACT, Queensland and South Australia in banning no-grounds evictions for renters.
Daily Telegraph
13-05-2025
- Business
- Daily Telegraph
‘Pet bidding' on rise as renters give up animals to secure homes
Rental pressures have encouraged some Aussies to live without pets. A surge in tenants surrendering their right to keep pets is sparking alarm as renters, under pressure from a brutally competitive housing market, increasingly see pet ownership as a liability they can't afford. As vacancy rates plunge and recent tenancy reforms in NW shake investor confidence, a disturbing trend has emerged: renters offering to forgo pets altogether just to improve their chances of securing a lease. Industry leaders are warning that so-called 'pet bidding' — tenants voluntarily giving up their legal right to keep animals — is accelerating a silent but devastating decline in pet ownership among renters, especially in NSW. 'With extremely tight rental vacancies at the moment, tenants continue to offer to pay over-and-above the advertised rent, and the so-called ban on rent bidding has had no impact,' said Tim McKibbin, CEO of the Real Estate Institute of NSW. MORE: Sydney suburbs with worst tenants revealed Pet bidding is where tenants give up their rights to have pets in the hope it will make their tenancy application more competitive. MORE: John Howard's hidden homes shame 'Now, we're seeing tenants offer to give up their right to have pets — even though the law entitles them to up to four.' The law, introduced as part of a raft of reforms to improve tenant protections, was meant to mirror changes made in Victoria. Under the legislation, landlords must accept up to four pets per tenancy unless they obtain formal approval to refuse. But as demand continues to outstrip supply, tenants are pre-emptively waiving these rights, hoping that the promise of a pet-free tenancy will sway landlords in their favour, Mr McKibbin reported. MORE: Bizarre feature of Hemsworth's $50m Byron Bay home REINSW CEO Tim McKibbin. According to REINSW, while lease agreements cannot legally strip away pet rights, tenants are now submitting written statements with their applications saying, 'I will not apply to have pets, as is my right'. 'This would presumably occur in two ways,' Mr McKibbin said. 'By foregoing the right to have four pets, and reducing that to three or less. Or by foregoing their right to have a pet entirely.' There are now growing concerns that housing insecurity is making it nearly impossible for would-be pet owners to adopt, while existing pet owners are increasingly being forced to choose between housing and their animals. Critics say the problem is worsened by landlord regulations that, while well-intentioned, have pushed investors out of the market. MORE: What homes will be worth in each suburb by 2030 Long lines at rental inspection are still common in some areas: pressuring tenants to resort to extremes to secure rentals. Picture: Sam Ruttyn This has reduced the supply of rentals, pressuring many tenants to extreme measures like giving up pets to compete for the scant supply of available homes. Mr McKibbin pointed to Victoria as an example of how increased regulations were driving out landlords. The state has had a raft of 'anti-landlord' laws in place since 2020 that, while intended to support tenants, have made it more difficult for investors to keep their properties, Mr McKibbin said. Victorian government data showed that the top reason for no-fault evictions across the state in 2023–24 was property sales — in 53 per cent of cases — as landlords exited a more regulated market. 'We are already seeing tenants going to extra lengths as they are faced with fewer options. Who knows what other new and desperate measures tenants will be forced to take?'
