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City, ACT 2601 Review

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Anuj

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
0 Reply 44 Views 1Mo ago
Sam2019

Sam2019

City
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
0 Reply 68 Views 2Mo ago
Sarthak

Sarthak

City
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
0 Reply 53 Views 2Mo ago
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