Toggle Menu Header

Anuj

Anuj

Real Estate Consultant,

Australia’s two largest property markets dropping to some of the lowest points seen in recent times

9D ago 0 Replies 579 Views
“Fragmented conditions in the rental market remain evident in the September quarter, with weaker unit rents compared to houses,” said Domain senior research analyst Dr Nicola Powell.
“This is particularly so in inner-city areas, which are more susceptible to changes in overseas migration and international students, tourism and job losses associated with COVID-19.

Sydney

Domain’s research found that unit asking rents dropped further over the September quarter, representing a 4.8 per cent decline since March, or $25 taken from the median weekly asking rent.

“Since March, house and unit asking rents in the city and east region have had the largest decline in Sydney – by $125 and $80 a week, respectively. This is followed by a $70 a week reduction to unit asking rents in the lower north shore. These are the only areas in Sydney to record double-digit percentage falls over this six-month period. Tenants are now paying the same price they were in 2013.”

Melbourne
The Victorian capital has seen the greatest decline in unit rents of all the capital cities – no doubt a result of the stage 4 lockdown. According to the research, unit asking rents dropped another $15 a week over the September quarter.

Adelaide’s

The city of churches also saw a new record over the September quarter, with Domain noting Adelaide asking rents reached $405 a week for houses and $340 for units.
“Unit rents posted the strongest quarterly gain out of all capital cities, along with Perth. Affordability is becoming stretched – rental prices have recorded the highest annual growth since 2007 for units and 2010 for houses,” Dr Powell said.
“Adelaide’s vacancy rate is once again on par with pre-pandemic March, as the estimated number of vacant rentals declines following a strong April bounce. The reduction in empty properties aligns to the easing of COVID-19 restrictions, perhaps reflecting the conversion of rentals back to holiday lets as short-term demand increases.”

Continue reading at:


Share on:

Top Contributors Last 30 days

1 InvestAus
2 Anuj
3 Joshua

Related Posts

Australia's auction markets are starting to return to normal

Capital cities hosted 1,134 auctions over the weekend, turning in a preliminary success rate of 72.4%. Melbourne activity started to recover as restrictions lifted. Over the weekend the city hosted 188 auctions, 65% of which turned into a sale. It is crucial to note, however, that of all auctions, 10% were withdrawn prior to the auction date. Sydney, on the other hand, continues to carry the whole auction market, accounting for 60% of overall activity. While volumes were down on a weekly basis, the city's clearance rate remained solid at 75.9%. Across smaller markets, Canberra dominated sales activity, with 85.7% of 59 auctions turning into a sale. Adelaide, however, reported the highest volume, hosting 78 auctions over the weekend. Source: x Auction markets ramping up Melbourne is starting to show signs of life as activity gradually strengthens www.yourinvestmentpropertymag.com.au
InvestAus
InvestAus
4D ago 6 Views

Cost of rent in Edmondson Park

Hi please tell the price for rent of a house in Edmondson Park..
Harsha
Harsha
5D ago 24 Views

Australian residential property by foreign investors has seen a fall of 11% in investment

Investment in Australian residential property by foreign investors fell by 11% between the 2018 and 2019 financial years, according to figures from the Foreign Investment Review Board. A drying up of project launches in the wake of the pandemic is likely to drive down building numbers further, with border closures stripping away demand… The report confirmed a trend towards brand new over established property alongside an increasing interest in higher end purchases, with the median price of purchases over $1m up 1.6 per cent to account for one in five sales in the 2019 financial year… Get details at: x Foreign investors abandon Aussie property market -... Investment in Australian residential property by foreign investors fell by 11% between the 2018 and 2019 financial years, according to figures from the Foreign Investment Review Board. The 11% fall oc... www.macrobusiness.com.au
Joshua
Joshua
5D ago 174 Views

Nearly half of all loans deferred due to COVID-19 hardship have resumed repayments

The total loans deferred by Australian homeowners and businesses peaked in late June, with around 500,000 mortgages and more than 200,000 small business loans having paused repayments. As of last week, the number of deferred mortgages dropped to 270,000, with repayments having been resumed on at least 224,000 loans, based on data provided by seven of Australia’s largest banks. REIA President Adrian Kelly said the data is not only a promising sign for the economy as a whole, but bodes particularly well for the property market. “The resumption of repayments in about half the cases is an encouraging sign that mortgagees will not be facing a cliff that some anticipated a few months ago,” Kelly said.   Source: x Nearly half of deferred loans have resumed repayme... Number of deferred mortgages has dropped to 270,000, down from peak of around 494,000 www.yourinvestmentpropertymag.com.au
Anuj
Anuj
5D ago 15 Views

HomeBuilder scheme has pushed up new home sales

The report showed that new home sales were 11.8% higher in the seven months after COVID-19 restrictions came to effect compared to the same time last year. “HomeBuilder has been successful in providing consumer confidence for those customers that had delayed a major investment decision earlier in the year,” he said. “The program has also brought buyers into the market that would otherwise not been able to purchase their first home for a number of years.” Over the seven months to September, new home sales in Western Australia have soared 95.7% compared to the same period last year, the highest among all states. Sales in Queensland and New South Wales also rose 7.1% and 3.3%, respectively, while South Australia posted a marginal increase of 0.5%. Victoria is the only state where sales have gone down at 10.8%. “Delays in the processing of new home loan applications is the most significant constraint to getting these new building projects under construction,” he said. “Processing times for new home loans remain at around two months. Access to finance for new home construction has become exceptionally tight following new regulations introduced in recent years.” Get details at: x HomeBuilder drives new home sales - HIA New home sales are up because of the grant – but challenges remain www.yourinvestmentpropertymag.com.au
InvestAus
InvestAus
5D ago 12 Views

Australia’s residential rental property market is showing signs of recovery from the economic impact of the COVID-19 pandemic

According to the report, 40% of renters are now finding it easier to manage their lease payments, up from 26% when the firm conducted its first survey last March. However, only 11% of the respondents feel optimistic about life post-pandemic, compared to 15% in March. “But as restrictions have slowly relaxed across most of Australia (except in places like Victoria), more renters are starting to re-enter the market and more have returned to employment, which is making rental payments easier for much of the market,” he says. “Right now, it’s a real mixed bag across the states, which isn’t surprising given the disparate levels of restrictions and recovery,” he says. “In New South Wales, Queensland, and Western Australia, we’re seeing increased activity as the economies start to open. Renter activity is almost back to pre-COVID-19 levels.” “The whole ‘work from home’ phenomenon has been really interesting, and many are predicting that this will have an impact on CBD properties,” he says. “People are looking for more space or room in their homes and there’s less of a reliance on proximity to work. This should mean that good properties in the 2 to 10km rings do well, as they generally do.” Bader adds that markets that rely heavily on international and intrastate tenants will likely struggle until travel restrictions lift. Continue reading at: x Has the rental property market recovered? Australia's rental market is showing signs of growth – so why are renters concerned? www.yourinvestmentpropertymag.com.au
Justprop Team
Justprop Team
6D ago 15 Views
3 online
Manish Tandon
Arun Radhakrishnan
Frank