NT: Darwin continues to be only city in nation with falling house prices

The amount of time Sydney homes are sitting advertised for rent has stretched out to 50 days, despite the fact nearly a third of rentals across the city have slashed their asking price. The latest figures from Domain showed the proportion of rental listings with a price discount was 30.1 per cent in November 2020, up 6.7 percentage points compared to November last 2019. Properties are taking longer to rent, too: the number of days on market has risen by 15 per cent from 43 to 50 days. The number of days Melbourne homes are sitting advertised for rent jumped a staggering 40 per cent in November compared with this time last year, new analysis shows. Continue reading at: x Vacant rentals balloon across Sydney and Melbourne... The amount of time Sydney homes are sitting advertised for rent has stretched out to 50 days, despite the fact nearly a third of rentals across the city have slashed their asking price. www.macrobusiness.com.au

 capital city residential property rents fell another 0.2% over the September quarter, which follows the 1.3% decline recorded in the June quarter: The situation is worst in NSW and Victoria, which are the key landing points for migrants. NSW is facing huge supply glut with 42, 000 net dwelling additions versus a 2, 000 population decline in 2021 and 34, 000 net dwelling additions versus 7, 000 population increase in 2022: Get full details at: x Property rents collapse at unprecedented rate - Ma... The Australian Bureau of Statistics (ABS) yesterday released data showing that capital city residential property rents fell another 0.2% over the September quarter, which follows the 1.3% decline reco... www.macrobusiness.com.au

Sydney's rental market reversed its slight turnaround in August after it reported an increase in vacancy rates in September, according to the latest report from the Real Estate Institute of New South Wales (REINSW). Over the month, vacancies in Sydney jumped from 3.5% to 4.1%, with the inner- and middle-ring regions both reporting higher vacancy rates at 5.5%. The increase in the level of vacancies indicate that the city's rental market has slowed again, said Tim McKibbin, CEO of REINSW. Regional markets stood to gain from the exodus of renters in the Sydney. McKibbin said vacancies in regional suburbs remained tight, with only a few recording an increase. Vacancies in Albury and Coffs Harbour increased slightly to 0.8% and 0.9%, respectively. 'Tenants are seizing the opportunity to secure a rental property that suits both their budget and desired lifestyle. This month’s results show that COVID-19 continues to have a significant impact across the whole of New South Wales and it’s unlikely that things will settle for a while yet, '  Source: x Sydney's rental market slowing down again Regional markets in the New South Wales continue to benefit from the city's downturn www.yourinvestmentpropertymag.com.au

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

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