Toggle Menu Header

Sam2019

Sam2019

Real Estate Enthusiast, Sydney

Inner-city rental markets appear to be the hardest-hit amid the COVID-19 outbreak, as the number of vacant homes continues to increase

1Mo ago 0 Replies 31 Views
Inner-city rental markets appear to be the hardest-hit amid the COVID-19 outbreak, as the number of vacant homes continues to increase, according to CoreLogic.
While there is a general tightening across Australia's rental markets, inner-city regions continue to see a significant uplift in rental stock, which, as a result, places downwards pressure on rents and upwards pressure on vacancy rates. 

"The dominance of Sydney and Melbourne with regards to heightened rental supply highlights the localised nature of the shock to rental demand that has been seen since the onset of the pandemic," said Eliza Owen, head of residential research at CoreLogic.
Given the rise in listings, the 10 SA4 regions have recorded median asking rent declines of as much as 10%, with Sydney's City and Inner South region reporting the biggest drop. 




Source:



Share on:
Tags: City

Top Contributors Last 30 days

1 InvestAus
2 Anuj
3 Anjali

Related Posts

Large falls in underlying dwelling demand are putting upward pressure on vacancy rates and downward pressure on rents in inner city suburbs

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
Anuj
Anuj
4D ago 18 Views

NSW: Will housing markets in the city be able to record increased activity?

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. Get details at: x How are Sydney regions faring? Some regions are expected to see listings increase amid the spring selling season www.yourinvestmentpropertymag.com.au
Justprop Team
Justprop Team
11D ago 16 Views

Australia’s major regional housing markets have held up stronger than capital city properties during the COVID-19 downturn

Real estate values across the combined regional areas edged down by 0.1 per cent between March and the end of July, according to CoreLogic figures. Meanwhile, properties in capital cities fell in value by 2 per cent in the same period. Despite the COVID-19 downturn, three quarters of Australia’s major regional housing markets have risen in value in the past year. CoreLogic research found that of the 50 house and unit markets in 25 of the country’s biggest non-capital city regions, values increased in 37 markets in the 12 months to July 2020. House markets outperformed unit markets during this period. House prices went up in 20 regional areas but dropped in five regions. Meanwhile, unit values increased in 17 regional areas. NSW’s Illawarra region recorded the highest annual growth in house values across the non-capital city markets, with house prices shooting up by 12 per cent in the 12 months to July 2020. The regional area where houses were on the market for the shortest time was Victoria’s Ballarat, where it takes about 30 days for a house to be sold. House and unit prices in Ballarat are also being discounted the least across the regional markets, with buyers only able to secure a median discount of 2.4 per cent on houses and 2.1 per cent for units. The Illawarra region also saw the biggest jump in house sales volumes, which surged by 14 per cent in the 12 months to May 2020. Source:x Regional housing values hold up stronger than capi... Australia’s major regional housing markets are holding up stronger than capital city properties during the COVID-19 downturn. www.ratecity.com.au
Sam2019
Sam2019
1Mo ago 39 Views

Massive surge of rental listings across Australia’s inner-city markets

The increase in rental listings represents the change in the level of total rental stock counted in the 28 days leading up to the 15th of March, the week in which Australia recorded its 100th case of COVID-19, compared with that counted in the 28 days to August 9th. Of the 88 SA4 regions measured across the country, 78 regions saw a decline in the volume of rental listings between these dates. Focussing on the 10 regions that have seen an uplift in total rental stock, 8 were regions across Sydney and Melbourne, while inner-city Brisbane and the Adelaide Central and Hills have also seen an increase in rental stock. It is expected seasonally that most areas would see a decline in rental listings, as rental stock on market is usually highest at the beginning and end of each year. For the four years prior to 2020, rental stock on market at mid-August has on average, been -3.2% lower than what is seen over mid-March. The regions with large accumulations in rental stock reflect many of the pain points that have come with the COVID-19 downturn, particularly more recent commentary which has highlighted the gaping hole in housing demand because of international border closures. This is because the majority of new migrants to Australia are renters, at least initially. The 10 SA4 regions which have seen an uplift in rental listings between March and August, together accounted for 29.1% of the net overseas migration to Australia over the year to June 2019. Continue reading at:x Property investors face biggest ever supply glut -... CoreLogic’s head of research, Eliza Owen, has produced interesting research on the massive surge of rental listings across Australia’s inner-city markets: The increase in rental listings represent... www.macrobusiness.com.au
Sarthak
Sarthak
1Mo ago 34 Views

Capital city property rents declined by a record 1.3% over the June quarter

The data continues to deteriorate for Australia’s army of negatively geared landlords, with the Australian Bureau of Statistics (ABS) reporting that capital city property rents declined by a record 1.3% over the June quarter and by 1.2% over the year: Most notably, rents fell by 2.0% in Sydney and 1.1% in Melbourne over the June quarter. Given immigration has collapsed and both cities still have an avalanche of supply in the pipeline (see next chart), rents should continue to fall: Get details at:x Australian property rents suffer biggest ever fall... The data continues to deteriorate for Australia’s army of negatively geared landlords, with the Australian Bureau of Statistics (ABS) reporting that capital city property rents declined by a record ... www.macrobusiness.com.au
Justprop Team member
Justprop Team m
1Mo ago 37 Views

Review of Schofields suburb in terms of travel to the city

Hi everyone, Needed a review of Schofields suburb in terms of travel to the city? Do the nearby stations have car or bike parking spots that can save time for local commute? I am travelling to the city everyday for work so wanted to know if anybody has experience of the commute. Thanks!
Anjali
Anjali
2Mo ago 56 Views
8 online
mehedi
Keith
Mihir shah
John Chung
Karan
and more ...