BeforeTheWeekend

Episode 22 · Before the Weekend · 54m

Rents Hit the Ceiling and PropertyMe Opens Its Data

This week on Before the Weekend, Kasey McDonald and Peter Schravemade work through a week where the rental market finally said what Tim Lawless told them in March: tenants have no elasticity left. First, the Domain September quarter rent report. Capital-city house rents were flat at $700 a week despite a 1 per cent vacancy rate, Sydney and Canberra recorded their first quarterly falls in two years, and the Gold Coast is the most expensive city in the country for houses at $920 a week. Peter does the minimum-wage arithmetic - $26.44 an hour, about $1,000 a week, $920 to rent - and Kasey's message to property managers is to get to street-level data, present the facts to landlords, and think about who stays housed rather than who pays the most. Then PropertyMe. The platform 6,500 agencies run on has released an external MCP server, AiMe Connect, so users on the Advanced tier and above can ask Claude or ChatGPT questions of their live portfolio data. Peter explains what a Model Context Protocol server actually is, why he calls it the new gold standard for proptech, why "we've got one but haven't released it" doesn't count, and what to ask any vendor who claims to have AI. Kasey walks through what it changes for a property manager's Monday. Then Victoria's next tranche of rental law, starting Monday 13 October: evidence and advance notice for every bond claim, records proving minimum standards on request from Consumer Affairs, gas and electrical checks extended to tenancies that began before March 2021, and a ban on application and rent-tech fees. Kasey has the list; Peter's ask of every state is the same - talk to the industry first. From there to New South Wales, where minimum energy-efficiency rental standards are under consideration and a Renew report puts the landlord's cost at $15,000 to $34,000 a property. LJ Hooker has become the exclusive distributor of OHOME, a factory-built two-bedroom backyard dwelling at around $250,000 installed, assessed online against the owner's lot. Neither host can recall a franchise doing anything like it. Both think it's smart. On the Gold Coast, a six-bedroom Mermaid Waters house that is 80 per cent built has gone to market as a mortgagee-in-possession sale, with APRA data showing interest-only loans at 23.5 per cent of new lending, the highest since 2019. And a Main Beach agency principal has pleaded guilty to two domestic-violence offences and been fined $3,500 with no conviction recorded - which, as Peter points out, is the detail that keeps his Queensland licence. Then Kasey's favourite television program. The Victorian government has confirmed it sold the heritage-listed Sunbury asylum site to The Block for $1 million, with no public campaign, on a Valuer-General-certified valuation. Peter doesn't accept it and says so. Also this week: congratulations to Rob Mandanici, the new president of REIWA, and thanks to outgoing president Suzanne Brown for her service; and an Irvine, California agent arrested at LAX, alleged to have been acting as an unregistered agent of a foreign government. Before the Weekend is a weekly podcast for Australian property professionals, hosted by Kasey McDonald and Peter Schravemade. New episodes every Friday.