by Sila
June 2023 – REINT CEO’s Update
In our endeavour to continually voice challenges and suggestions for change with the Government, I am happy to inform you of;
1) Regular attendance and speaking at ongoing series of roundtable discussion groups facilitated/moderated by the CEO Department of Chief Minister and Cabinet. Attended by senior industry representatives, the group focuses on social policy matters across NT with particular emphasis on crime and anti-social behavior along with risks associated.
2) The ever-increasing need for affordable housing which is consistently brought to the attention of relevant Ministers, Policy Advisory Groups and Opposition Senior Politicians. I will continue to submit updates and data on NT’s mortgage and rental affordability difficulties along with the need to assist the first home buyer segment. This is within the current scenario of high-interest rates and widening disparity of dwelling stock availability and demand.
I will be outcome focused with regular updates going forward.
Aswin De Silva
REINT CEO
by Sila
On June 7-8 2023 the Industry Skills Advisory Council, NT Government and Group Training NT teamed up to bring a Vocational Education and Training Careers Expo to Darwin.
The event was attended by over 400 high school students in the Darwin region to learn about career pathways from the VET sector. The REINT was excited to be involved by hosting a booth to create exposure to the Real Estate industry and inviting REINT members to come along and engage with students and share their career stories.
Who better to inspire the next generation of Real Estate Professionals than our Amazing members? A huge THANK YOU to our members who volunteered their time to come and talk to high school students at the 2023 Vocational Education & Training Careers Expo for Industry in the NT.
Real Estate Central
- Ursula Watson
- Lis Kastellorizios
Ray White Darwin City
- Veronica Garrign
- Charissa Bakes
- Gerdi Soon
Approved Real Estate – NT
- Sussan Aresti
- Kylie Lynch
North Commercial NT (North Property NT)
North Management NT
- Kelly Hell
- Nicole Van’t Westeinde
by Sila
Unleashing the Spirit of Collaboration
Last Friday the 16th of June was a typically beautiful dry season day on the fairways of the back nine at the Darwin Golf Club, which played host to the REINT Corporate Golf Day 2023. With an air of anticipation, a diverse group of REINT members and Partners gathered, ready to tee off a day of shared enthusiasm and spirited competition. Members and partners came together for a day filled with friendly competition, networking opportunities, a few beverages and shared experiences.
The golfers, ranging from seasoned pros to enthusiastic beginners, embarked on a 9-hole journey that tested their skills, patience, and strategic thinking. The tournament followed a “best ball” team Ambrose format, encouraging collaboration and teamwork among the participants. This format not only levelled the playing field but also created a friendly atmosphere that fostered interaction and relationship-building among colleagues and industry peers.
The REINT Corporate Golf Day presented an excellent platform for members and partners to expand their professional networks. After the on-course action, the day was punctuated by food, drinks, generous sponsor contributions, and a presentation ceremony including the ‘rolling of the dice’ to determine the best Nett Score winners. Longest-drive competitions, and closest-to-the-pin challenges, added an extra layer of excitement. Best Gross Prize was Sponsored by our Partners NT News, with goodie bags and a generous advertising voucher worth $1000 awarded to Raine & Horne Darwin’s “Birdies” Team. The Nett Prize sponsored by our 19th hole and Major partner for the day LAWLAB was 4x 3 Day passes to the Supercars 2023 valued at over $450.
The REINT Corporate Golf Day was, once again, a successful event with thanks to our members and Partners. Through friendly competition, engaging conversations, and shared experiences, the event succeeded in fostering collaboration, strengthening relationships, and creating a sense of community within the real estate industry. We look forward to next year as we look at a change of venue for a change of scenery, and new energy to the event.
Thank you once again REINT Partners:
See you in 2024!
by Sila
Launch of ‘Build Skills’ Training Program.
By Aswin De Silva – REINT CEO
This a much-needed initiative to help our Property Manager cohort of members to meet work-related challenges.
In keeping with plans to continually listen to work-related challenges of our Property Manager (PM) membership and facilitate solutions, I am pleased to announce the commencement of the up-skilling training program under the ‘build skills’ banner. The initial batch of 22 PMs will be trained by a subject matter expert spanning several weeks. In-person training spanning several weeks commenced last week at our training facility.
This training program involves units of competency from the Diploma of Leadership and Management (BSB50420) qualification as follows:
- BSBCMM412 – Lead difficult conversations.
- BSBCMM511 – Communicate with influence.
- BSBOPS505 – Manage organisational customer service.
- BSBPEF502 – Develop and use emotional intelligence.
All attendees are to receive a ‘Statement of Attainment’ upon successful completion of the program.
Working closely with Industry Skills Advisory Council NT (SACNT), REINT was successful in obtaining a Northern Territory Government Build Skills Grant to sponsor a major component of the training cost. To ensure Agencies were not required to commit any monies, the balance part of the cost was absorbed by REINT. Therefore this program will be at zero cost to our members.
In conclusion, I thank Amelia Nuku, CEO and her team at ISACNT and our team member Sila Crosley for their assistance and commitment in ensuring this important initiative was a reality.
I would also like to thank and acknowledge the following Member Agencies who are participating in this valuable program:
- North Commercial NT
- North Property NT
- 1 on 1 Property Management
- Elaine Mills Property Management (EMPM)
- Get Realty
- Real Estate Central
- Ray White Commercial
- Ray White Darwin City
- Elders Darwin Palmerston Leanyer
- Colliers International
- Solis Real Estate
- Up Next Real Estate
- Raine & Horne Darwin
- Nutrien Harcourts GDL
- Elders Katherine
- Approved Real Estate NT
by Sila
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Move to where more real estate professionals live
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And with over 27,000 members and approximately $2B in funds under management, REI Super is small enough to offer genuine, personalised service, yet big enough to provide the security and peace of mind of having your super invested with one of the most established funds.
A history of strong performance
For 48 years, REI Super has only delivered profits to members, not shareholders. Our track record of delivering returns which exceed benchmarks, combined with competitive fees, means more money goes into building your super. Which is exactly where you need it after a hard-working career – allocated towards providing you with a comfortable life beyond work.
Plus, REI Super combines professional investment management with a choice of investment options. This ensures you can invest your super at a level of risk you’re comfortable with, and change it as your stage of life evolves.
An important option for SMSF holders
In real estate, it’s important to remember the importance of diversifying your wealth strategy beyond property. Many members with SMSF’s rely on REI Super as their easy access to investing in the financial markets via our various investment options, while taking advantage of the insurance options available. And, if you ever find that managing an SMSF becomes too hard or expensive, REI Super helps simplify the process of transferring to your industry fund.
Tailored Insurance and tax effective pension options
People often forget that they can get access to cost-effective personal insurance options through their super. Given that REI Super is specially designed for real estate professionals, we have tailored our insurance options to your needs – for example, we allow for commissions.
And as you get closer to retirement, REI Super has a number of great pension options that provide both a tax-effective transition to retirement (TTR Pensions), as well as allocated pension options for when the time comes to fully retire.
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Disclaimer: The information contained in this article has been provided by REI Super and does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read REI Super’s Product Disclosure Statement and Target Market Determination before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129. April 2023.
by Sila
I’m not saying it’s now or never, but it seems we are getting closer and closer to a situation where authorities need to address the aspect of affordable housing as the highest priority. It is difficult to have overnight solutions, but actions and perceptions do matter.
The official cash rate at 3.85% is a whopping 3.75% increase since April 2022. Significantly reducing mortgage holder ability to meet housing loan commitments and equally noteworthy is the heightened difficulty for new borrowers to raise capital to purchase dwellings. The proportion of the family income in NT to meet rental payments is 26% which is ahead of the national average at 23%. The good news is that this number has not varied much in 2022. On the contrary, the proportion of the income to meet average loan repayments increased to 32% from 25% 12 months ago. Most significantly we experienced a 27% drop in first-home buyer loans over the last 12-month period. We should all endeavour to keep the door open for this important cohort.
Residential Sales
Of the total NT volume of sales during this quarter, Palmerston contributed 33%. Alice Springs and Katherine contributed 14% and 4% respectively. Although the Median House prices in Darwin over the quarter increased the annual prices dropped by 4%. Darwin North and Palmerston median house prices during the quarter increased by 13% and 4%. Alice Springs median house price movements were negligible. Unit/Town House sales in Darwin reduced materially during the quarter but increased in Alice Springs. Median unit prices in overall Darwin are reporting lower as well.
Residential Rentals
Darwin’s overall rental yields remain strong at 6% and 6.2% for a 3-bed house and 2 bed unit with marginal variance from the previous quarter. However, approximately 2% increase is reported quarter on quarter for weekly rentals. An average weekly rental of $480 for a two-bed unit in overall Darwin is a 13% increase over the last 12 months. Following a similar trend, the weekly rentals of a 3 bed house in Darwin have increased by 12%. A significant increase thus indicating a higher demand for rental properties. Although the unit rental yields in Alice Springs haven’t varied during the quarter, Katherine’s yields increased rapidly and are closing upon double digits.
Vacancy Rates
Darwin’s overall dwelling vacancy rates continue to remain low around 2.5%. As anticipated, higher house vacancy rates are offsetting significantly lower vacancy rates reported in units. However, it is noteworthy to report on vacancy rates in Alice Springs and Katherine. On the back of recent lease breaks from tenants, the vacancy rates of these two regional areas have increased to 5%. Needless to state improvements in security would facilitate lower rates.
It is evident the NT market is changing rapidly. Challenges remain but early assessment of the environment and sound decision making could augment the negatives. We will keep supporting our valued members in this endeavour of sound decision making
Aswin De Silva
REINT, CEO
Q1 RELM CEO Report – March 2023 – to read the full report:
Members Click here
Non Member Click here
