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Anuj
City
The drop in demand for rental properties has proven so severe that it may lead to a development fall of hundreds-of-thousands of apartments in the next few years, according to a forecast by a government agency.
The National Housing Finance and Investment Corporation (NHFIC) claims from 129,000 to 232,000 fewer apartments, townhouses and houses could be developed within the next three years due to the sudden drop in migrants weakening rental demand. The drop in demand for rental properties has proven so severe that it may lead to a development fall of hundreds-of-thousands of apartments in the next few years, according to a forecast by a government agency.
The National Housing Finance and Investment Corporation (NHFIC) claims from 129,000 to 232,000 fewer apartments, townhouses and houses could be developed within the next three years due to the sudden drop in migrants weakening rental demand. The stagnating population growth is weakening rental demand to the point where it could slow down the construction of new developments through 2023, NHFIC said, hurting an industry that’s important to Australia’s economic recovery.
“The health response to COVID-19 has created a formidable roadblock and highly uncertain outlook for population growth and demand for housing,” the report said. Continue reading at:x
Falling rents could have a scarring impact for yea...
The drop in demand for rental properties has proven so severe that it may lead to a development fall of hundreds-of-thousands of apartments, according to a government agency.
www.ratecity.com.au
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1D ago
Sam2019
Speed
Data collated by CoreLogic has shown that a two-speed rental market now exists, with inner-city property rentals more likely to fall compared with outer suburbs.
CoreLogic’s head of research, Eliza Owen, believes several factors of the COVID-19 downturn have made inner-city rental markets more vulnerable to a market correction.
“These include the relatively high exposure to overseas migration as a source of housing demand,” she said. For rental markets 10 kilometres or further from the CBD, however, house rents had actually increased by 0.1 per cent, while unit rents declined by only 0.4 per cent. The research showed that since the end of March to August, of the 125 SA3 rental market analysed, there were 63 regions where house rents increased, and 35 regions where unit rents increased.
These rental increases were most common across Sydney and Brisbane, which Ms Owen said is due to the fact that employment was less affected by COVID-19, and social distancing measures have eased.
The highest rental value increases were across Blue Mountains houses, which have risen by 3.3 per cent. Continue reading at: x
COVID-19 pandemic may create a ‘two-speed rental...
The COVID-19 pandemic may be leading to a “two-speed rental market”, with suburbs closer to the city likely to experience greater rental falls, new research has revealed.
www.smartpropertyinvestment.com.au
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9 Views
1D ago
Justprop Team member
Sydney
As the spring selling season gets underway, one of the most astute market watchers Christopher Joye has also detected signs the COVID-19 induced housing correction may be coming to an end. The main risk to the “nascent recovery is a second wave emerging in New South Wales,” he wrote in the Livewire newsletter, suggesting there was already evidence of a significant deceleration in losses across Sydney. “Consensus expectations have entered around much larger price falls of between 10 per cent and 30 per cent nationally,” Joye wrote.
“Our March forecast for a modest correction followed by strong house price appreciation in the order of 10 per cent to 20 per cent in the years thereafter remains intact.” Continue reading at: x
Sydney property market in better shape than expect...
The Sydney residential property market is in surprisingly better shape going through the pandemic recession than almost every commentator had expected, writes Jonathan Chancellor.
www.realestate.com.au
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6 Views
2D ago
Justprop Team member
March
Sydney’s preliminary clearance rate strengthened again with 72.4% of reported auctions sold, up from 70.4% last weekend.
However, Melbourne had too few auctions to even report a clearance rate. Sydney was host to 679 auctions this week, up from last week when 600 auctions were held, and higher than this time last year when 646 homes were taken to auction. Of the 562 auction results collected so far, 72.4 per cent were successful, up from last week’s preliminary result of 70.4 per cent which revised down to 65.9 per cent at final results. This time last year, Sydney recorded a final auction clearance rate of 72.7 per cent. Get details at: x
Sydney's auction market gathers steam - MacroBusin...
CoreLogic’s preliminary auction clearance rate surged, with 72.4% of reported auctions cleared versus 67.3% last weekend: Sydney’s preliminary clearance rate strengthened again with 72.4% of repor...
www.macrobusiness.com.au
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10 Views
4D ago
Joshua
Sydney
Apartment rents across Sydney and Melbourne have been hammered since the onset of the COVID-19 pandemic, falling by 4.2% and 4.4% respectively between March and August: The onset of COVID-19 may be creating a two-speed rental market, with inner-city rents declining faster than those in the outer suburbs. CoreLogic data confirms that there is a positive correlation between changes in rent values and distance to the CBD. This means that the closer a region is to the CBD, the more likely it is that rent values have fallen.
CoreLogic rent values were analysed across SA3 regions of Brisbane, Sydney and Melbourne. For each region, the median property distance to the CBD was compared with the change in total rental market values from the end of March (which marked national, stage 2 restrictions) to the end of August. Get details at: x
CoreLogic: Inner-city rents hammered - MacroBusine...
The latest rental data from CoreLogic reveals that apartment rents across Sydney and Melbourne have been hammered since the onset of the COVID-19 pandemic, falling by 4.2% and 4.4% respectively betwee...
www.macrobusiness.com.au
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9 Views
5D ago
James
Sydney
Spring is generally a good time for sellers in Sydney, but with the impacts of COVID-19 outbreak on the overall market sentiment, will housing markets in the city be able to record increased activity?
The diversity in Sydney's property market means that many suburbs have their own intricacies, said Shaun Thomas, residential director at Herron Todd White Sydney. Sydney's Inner Region was on an upturn before the onset of the COVID-19 outbreak, with its price level almost hitting the 2017 peak. However, activity in the region started to slow during the pandemic, with fewer listings being registered for apartments. In the Western Sydney Region, supply has also been relatively low, preventing further falls in house prices. However, listings could potentially increase during the spring-selling season. In fact, some suburbs in the Western Sydney Region are already reporting an increased level of supply for new units. Continue reading at: x
How are Sydney regions faring?
Some regions are expected to see listings increase amid the spring selling season
www.yourinvestmentpropertymag.com.au
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123 Views
5D ago
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