Interest rate wrap, What’s in the NSW Budget of housing?, Five must-know AI updates for June, + news and more

Good Morning from Elite Agent

The RBA has stayed the course and kept the cash rate on hold at 4.35 per cent. Governor Michele Bullock says the Board needs to be confident that inflation is moving sustainably toward the target range before cutting rates, but that’s expected to take “some time yet”. First National CEO David Edwards says the cash rate hold was potentially a reprieve for households grappling with rising cost pressures, while The Agency’s Geoff Lucas tipped there would be no reduction in interest rates this year. More from our panel of experts here.

Today, we are covering:

• What’s in the NSW Budget for housing?

• Building the next generation of leaders

• Should we be in a recession?

• 5 must-know AI updates for June

• And much more!

Let's get to work 🚀

Instant Inspo 💡

IT’S ALWAYS ABOUT THE CLIENT

Always tailor your sales strategy to the needs and preferences of your clients. Listening and collaborating ensures they are comfortable and confident in the process, leading to better outcomes and client satisfaction.

Go Deeper with Christine Rudolph here.

On our radar

30,000 more homes for NSW

The NSW State Government is set to build 30,000 new homes and create 8400 new social homes under this year's State Budget. The NSW Treasurer has flagged funding to speed up development approvals as well as new build-to-rent housing for essential workers. However, there are concerns investors will be worse off under a proposed land tax freeze and increased taxes on foreign investors. More here.

Together with Elite Retreat

Elite Retreat Speaker Spotlight: Emily Heath

By now, you’ve heard the theme for Elite Retreat this year is ‘genius’ moves. But what is a genius move?

We define genius moves as those one or two decisions that set the course for significant success—where maybe a couple of good decisions deliver a disproportionate outcome to the resources invested.

This is where behavioural change expert Dr Emily Heath comes in.

Every day in real estate you are in the business of behaviour change - whether you realise it or not! Think about it: property managers try to get tenants to interact with them in certain ways to reduce administrative time, increase efficiency and effectively manage a larger rent roll. Selling agents try to encourage interested parties to move through the sales pipeline from ‘interest’ to ‘consideration’ to ‘offer’ to ‘negotiation’ to ‘decision’ more quickly and in larger numbers. Both of these things are behaviour change challenges.

So what are the levers you can pull we can pull to change the behaviour of tenants, buyers, agents, office staff and ourselves? And how can we learn to pull them in ways that build performance? Find out at Elite Retreat by registering here.

Today’s Feature

Succession planning: setting up the next generation of leaders

Don't let your business flounder when leadership changes—plan for succession now. That’s the message from the Executive General Manager of property Services at Little Real Estate, Anne Crarey, in today’s feature. Anne says now is the ideal time to uncover hidden talent within your team, nurture their potential, and provide them with the tools and mentorship they need to thrive. And she’s got all her top tips on exactly how to do that here.

Brekky Browse

Meanwhile in France 🇫🇷

Zut alors!

More than 1100 real estate agencies have closed across France over the past year as the housing market continues to slump. The Fédération nationale de l'immobilier said agency closures skyrocketed 114 per cent between May 2023 and April 2024, with 1120 agencies going out of business nationwide. Despite some signs of stabilisation, the group's president cited political instability as a risk that could trigger further turmoil in the real estate sector. Read more here.

Anything else?

A class act

Every year, a special day arrives to honour those unsung heroes who shape young minds - Thank a Teacher Day! It reminds us to appreciate the incredible educators who pour their hearts into nurturing each student's potential. From patient kindergarten teachers to passionate high school instructors, this day celebrates their profound influence. It's also an ideal day to thank real estate mentors, like The Agency General Manager of Sales for NSW/ACT Luke Evans, for coaching future star agents. Discover more about his mentoring mindset here.

Dates for your diary

Find Elite Agent Editor Samantha McLean speaking about real estate and AI at these upcoming events:

July 12 AI Powered Agents Subscriber Masterclass (Virtual)
July 19 Leah Calnan National PM Day, Melbourne, Vic
July 30-Aug 1 Proptech Summit + Workshop, Sydney
August 11-14 Elite Retreat, Hayman Island, Qld
August 25 PPM Conference, Gold Coast, Qld