Latest news with #TimMcKibbin
ABC News
10-06-2025
- Business
- ABC News
Online site gouging home sellers
Isabella Higgins: Buying a home in Australia is expensive, but selling a home is also getting more expensive. Australia's consumer watchdog is probing the digital real estate giant REA Group over price-gouging concerns on listing prices. The group is responsible for the popular website, with the watchdog saying this investigation comes after years of complaints. Nassim Khadem reports. Nassim Khadem: It now costs more to advertise a home for sale in Australia than almost anywhere else in the world. Consumer Pam Tindill sold her home in May. She discovered one major player, 32 billion dollar publicly listed REA Group, reaps most of the online advertising fees. Pam Tindill: We were quite surprised on how it was. We had no choice really to pay the price, no negotiating. And it's all dominated by one company. Nassim Khadem: According to REA Group's own figures, the site attracts more than 133 million average visits each month, almost four times more than rival domain. Tim McKibbin is the CEO of the Real Estate Institute of New South Wales. He says REA Group are very close to having a monopoly. Tim McKibbin: As REA became more and more dominant in the market, they've been able to ratchet their fees up. So in some cases you can be paying three or four thousand dollars or more for your classified ad. Nassim Khadem: Aaron Scott runs Bright Agent, an online portal that connects buyers with agents. He says REA's listing fees go up every year and are based on the suburb a property is sold in. Aaron Scott: Well essentially what you're seeing is a postcode tax. So are effectively saying if you're from a more affluent area, you have to pay more to list your property on their portal to get the right amount of visibility. Nassim Khadem: On top of the cost to list on the portal, REA Group charges real estate agents subscription fees that are also often passed on to the consumer. Agents like Jo Mooney, who sells homes in Melbourne's North East, doesn't feel agents and consumers are getting a fair go. Her subscription fee, which allows her to place a certain number of properties on the portal each month, is rising by 34% on July 1. Jo Mooney: It doesn't cost any more money for them to host the ad. It's cyberspace. It's a cloud. Nassim Khadem: An REA spokesman told ABC News listing a property online is not free. He said the company's pricing reflects a small percentage of the property sale and the average increase for listings this year is 7%. On subscription fees charged to agents, he said this is the first time they've changed in over a decade because of big investments to enhance the service. Tim McKibben says agents worry REA could use the wealth of data gathered about consumer habits to start charging them for leads. His fear is that agents could be wiped out altogether, although REA says that's not their strategy. Tim McKibbin: The industry remains concerned that that is their logical trajectory. And we do know that's possible because in the United States, there is one of the portals over there has done just that. Nassim Khadem: It could take up to a year before the ACCC hands down its findings. Isabella Higgins: Nassim Khadem reporting.
ABC News
29-05-2025
- 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.
