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Rental vacancy rates hit new record low
Rental vacancy rates hit new record low

There was already very little room to move, yet rental vacancy rates in Australia have just hit a new record low!

Join us as Kate discusses the factors contributing to these historically low rates. Kate also shares the latest on property prices from right around the nation and the factors behind the latest RBA rates decision, bringing you bang up to date with the latest data and insights.

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If you’d like entirely independent and unbiased advice that’s right for your unique situation and goals, then get in touch with us today.

Hello everybody out there. How are you all doing? I’m Kate Hill bringing you the best unbiased and honest content on property along with fantastic hints and tips. Stay tuned today for all your latest property news. [Music]

CoreLogic’s recent research highlights a significant upward trend in property values across nearly 90% of both house and unit markets in Australia over the past year.

Now this indicates robust performance in the real estate sector with notable growth observed in many regions.

Specifically CoreLogic’s latest report found that almost 90% of housing markets recorded price increases reflecting the widespread nature of the trend. Furthermore Sydney has experienced the largest expansion in the house premium since the pandemic with the gap between house and unit values widening.

These statistics underscore the resilience and growth potential of the Australian property market despite challenges such as affordability issues for first time home buyers and lower income families.

The national vacancy rate has hit a new record low with predictions that the scarcity of rental properties will drive rents up further data from PropTrack shows that in February the national rental vacancy rate fell to 1 .7% and was below 1% in Brisbane Adelaide

and Perth.

Its analysis says that the number of rental properties available for rent is now 57%

lower than it was at the start of the pandemic. The high demand means that rental properties on average are listed for only 18 days before securing a new tenant.

PropTrack says that the only thing that will ease the market is more stock and that is a slow process. They said that the government has a housing target of 1.2 million new homes in five years is but unfortunately we are not building enough to meet that.

Until then we do not see any relief for renters in the near term and with the market this tight it will only result in further price hikes. And of course with a continuing demonising of private landlords and investors this problem is not going away anytime soon.

Supply issues aside, about 44% of Australians say that they plan to buy a home in the next five years according to the latest Westpac home ownership report. At the same time there has been a 6% increase in the number of investors who plan to buy and 4% increase in owners wanting to renovate.

Westpac say that the figures show Australians are still generally keen to own a home but then they would say that would they their core business. Westpac said while some home buyers have paused their housing plans the intention to buy remains strong and prospective buyers are becoming more ruthless with their goals. They understand it’s a big task but they are determined to break into the market and are willing to compromise to get there.

Westpac’s report found that 75% of prospective buyers were willing to buy in areas that they hadn’t considered before and 50% were going to rent-vest which is buy where they want to invest and rent where they want to live as a means of at least getting into the property market.

The Reserve Bank of Australia as I’m sure we all know by now left the official cash rate on hold following its March monthly meeting. The cash rate remains unchanged at 4.3%.

In a statement the Board said that inflation was continuing to moderate which showed that higher interest rates are working to ease further inflation. The board noted that during the past month wage growth had picked up a little further but appears to have peaked.

While there are encouraging signs that inflation is moderating the economic outlook remains uncertain the RBA said. They also said returning inflation to target within a reasonable time frame remained its highest priority while recent data indicated that inflation is easing it remains high it said.

Following the announcement by the RBA predicted interest rates won’t happen until February 25. Although Commbank economists are predicting three 25 base points cuts by the end of this year.

I will keep you posted as always on all things property from around Australia as our year progresses. Don’t forget to hit the like and subscribe button if you are enjoying the free content. I will see you all again really soon.

Bye

Hello everybody out there. How are you all doing? I’m Kate Hill bringing you the best unbiased and honest content on property along with fantastic hints and tips. Stay tuned today for all your latest property news. [Music]

CoreLogic’s recent research highlights a significant upward trend in property values across nearly 90% of both house and unit markets in Australia over the past year.

Now this indicates robust performance in the real estate sector with notable growth observed in many regions.

Specifically CoreLogic’s latest report found that almost 90% of housing markets recorded price increases reflecting the widespread nature of the trend. Furthermore Sydney has experienced the largest expansion in the house premium since the pandemic with the gap between house and unit values widening.

These statistics underscore the resilience and growth potential of the Australian property market despite challenges such as affordability issues for first time home buyers and lower income families.

The national vacancy rate has hit a new record low with predictions that the scarcity of rental properties will drive rents up further data from PropTrack shows that in February the national rental vacancy rate fell to 1 .7% and was below 1% in Brisbane Adelaide

and Perth.

Its analysis says that the number of rental properties available for rent is now 57%

lower than it was at the start of the pandemic. The high demand means that rental properties on average are listed for only 18 days before securing a new tenant.

PropTrack says that the only thing that will ease the market is more stock and that is a slow process. They said that the government has a housing target of 1.2 million new homes in five years is but unfortunately we are not building enough to meet that.

Until then we do not see any relief for renters in the near term and with the market this tight it will only result in further price hikes. And of course with a continuing demonising of private landlords and investors this problem is not going away anytime soon.

Supply issues aside, about 44% of Australians say that they plan to buy a home in the next five years according to the latest Westpac home ownership report. At the same time there has been a 6% increase in the number of investors who plan to buy and 4% increase in owners wanting to renovate.

Westpac say that the figures show Australians are still generally keen to own a home but then they would say that would they their core business. Westpac said while some home buyers have paused their housing plans the intention to buy remains strong and prospective buyers are becoming more ruthless with their goals. They understand it’s a big task but they are determined to break into the market and are willing to compromise to get there.

Westpac’s report found that 75% of prospective buyers were willing to buy in areas that they hadn’t considered before and 50% were going to rent-vest which is buy where they want to invest and rent where they want to live as a means of at least getting into the property market.

The Reserve Bank of Australia as I’m sure we all know by now left the official cash rate on hold following its March monthly meeting. The cash rate remains unchanged at 4.3%.

In a statement the Board said that inflation was continuing to moderate which showed that higher interest rates are working to ease further inflation. The board noted that during the past month wage growth had picked up a little further but appears to have peaked.

While there are encouraging signs that inflation is moderating the economic outlook remains uncertain the RBA said. They also said returning inflation to target within a reasonable time frame remained its highest priority while recent data indicated that inflation is easing it remains high it said.

Following the announcement by the RBA predicted interest rates won’t happen until February 25. Although Commbank economists are predicting three 25 base points cuts by the end of this year.

I will keep you posted as always on all things property from around Australia as our year progresses. Don’t forget to hit the like and subscribe button if you are enjoying the free content. I will see you all again really soon.

Bye

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