Source: CoreLogic
More than 40% of Australian house and unit markets record double-digit rent increase.
CoreLogic’s national rental index shows the rate of rental growth has softened slightly, with rents up 0.8% in May compared to the 0.9% and 1% increases in April and March respectively.
CoreLogic Economist Kaytlin Ezzy said the slowdown in the monthly growth rate had contributed to a fall in the annual trend, which dipped below double digits for the first time in 10 months, with re...
Source: Corelogic.com.au
A surge in overseas migrants and international students coupled with a significant shortfall in rental listings has led to the strongest annual rental increase on record for Australia’s capitals.
The mismatch between supply and demand continues to be the driving force pushing capital city rents higher. Over the four weeks to April 30th, the total supply of capital city rental listings was -20.9% below the level recorded this time last year and -39.8% below the...
Source: Australian Property Journal
THE persistent decline of housing lending in Australia has accelerated in the 12consecutive month that it has fallen in.
According to the ABS, the drop of 5.3% is the largest percentage drop since July 2022with investors (-6.0%) taking a heavier hit than owner occupiers (-4.9%).
The latest data which excludes refinancing in lending, demonstrates the effect that inflation and interest rates are ultimately having on the housing market.
Decline in house pr...
Source: Australian Property Journal
THE share of total properties listed for rent below $400 per week has nearly halved in the past year as the national rental crisis shows no sign easing.
PropTrack’s Market Insight Report found that the share of properties listed on realestate.com.au has plunged to just 17.6%. In March 2020, at the beginning of the pandemic, that share was 42.5%.
The share of listings under $400 per week has halved over the past year in Sydney, Melbourne, Brisbane, ...
Posted
on 20 February 2023
Source: REIQ
The Real Estate Institute of Queensland (REIQ) says calls from tenants’ advocates for rent control in Queensland is a short-sighted solution to a complex problem.
REIQ CEO Antonia Mercorella said rent control would not be a panacea for the rental crisis and would likely have the opposite effect and exacerbate challenging rental conditions.
“We are acutely aware of the devastating impacts of the rental crisis and against that backdrop, it’s understandabl...
Posted
on 6 February 2023
Source: Australian Property Journal
Housing finance fell again over December, in the eleventh consecutive decline bringing lending down 31% from its January 2022 peak.
According to the latest data from ANZ Research, housing lending excluding refinancing was down 4.3% in December 2022, following a 4.2% decline in the previous month.
The drop in lending was similarly felt for both investors and owner occupiers, at 4.4% m/m and 4.2% m/m respectively.
Despite these declines, total lending for i...
Posted
on 6 February 2023
Source: Australian Property Journal
After a seasonal rise over December, the national vacancy rate has again fallen to its lowest point on record for January at 0.8%.
According to the latest analysis from Domain, the return to vacancy declines indicates Australia’s highly competitive nature, with asking rents also at historic high levels.
Vacant rental listings in January were 36.1% lower than in the same month in 2022 and at all time January low, with increased demand completely abs...
Posted
on 24 January 2023
Source: Australian Property Journal - Bruce Bradbury, Assoc Prof, Social Policy Research Centre, UNSW Sydney
For many Australians, the rent crisis is just starting. Advertised rents have been soaring, but mainly for new rentals – so called“asking rents”.
The broadest measure of rents actually paid – the rents on the 480,000 or so capital city properties the Bureau of Statistics uses to calculate the consumer price index – has climbed only modestly, increa...
Posted
on 24 January 2023
Source: Courier Mail
In a market where rents are rising 25 per cent, soft er prices and rising rates do not explain the exodus of private investors.
In every city across Australia the rent crisis is hitting hard. Anyone who needs to rent finds out very quickly there is very little on offer and prices are rising rapidly. For property owners, however, it’s a red-hot market. The single biggest risk for private investors in property investment – the risk of missing rental inco...
Posted
on 24 January 2023
Source: Australian Property Journal
AUSTRALIAN home values recorded the greatest decline on record in the first month of the new year.
CoreLogic’s Daily Home Value Index (HVI) took an 8.40% tumble on 7 January 2023,from its peak on 7 May 2022. This latest index result eclipsed the previous record in peak-to-trough declines, when home values dropped 8.38% between October 2017 and June 2019.
CoreLogic noted that the previous housing downturn between 2017 and 2019 held for 2...
