Weekly Market Update (12 January 2024)

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Weekly Market Update (12 January 2024)
  1. Rent Prices (Source: 7NEWS)

    Rent prices in Australia continued to rise during the holiday season, with the national median rent increasing by 1.8% in the December quarter to $580 per week. This represents an 11.5% increase compared to the previous year. Capital city prices saw even greater increases, with median rents in Sydney, Melbourne, and Brisbane increasing by 15 to 17%. Perth experienced the largest surge, with median rents rising by 20% in one year. The rental market is expected to remain challenging for renters, with strong demand and low vacancy rates. However, data from 2023 suggests that rental growth may be slowing down. Regional renters have seen some relief, with rents plateauing since June. Western Australia and Queensland had the highest non-metropolitan rents, with a median of $580 per week.

 

  1. Rent Report (Source: Domain)

    The latest Domain Rent Report suggests that there is hope for renters in Australia. While rents remain at record highs in most cities, extreme rent hikes are losing traction as rental gains slow across the capital cities. Factors such as stretched affordability, more renters opting for house shares, and a slow return of investors are contributing to the slowing rental growth. Additionally, incentives for first-home buyers and potential interest rate cuts may lead to more renters transitioning to homeownership. The report also highlights the need for long-term solutions, such as Build-to-Rent, to address Australia’s housing crisis.

 

  1. CoreLogic Auction Results (Week ending 7 Jan 2024)
    (Total Auction / Clearance Rate)

    – Sydney: 1 / 100%

    – Melbourne: 2 / 0%

    – Brisbane: 3 / 33.3%

    – Perth: 2 / 50%

    – Canberra: 1 / 0%

    – Adelaide: 1 / 0%

    – Tasmania: NA / 0%

    – Combined Capitals: 10 / 30%

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If you’re interested in staying updated on the Australian housing market, feel free to reach out to us. You can also follow our Facebook page and Instagram for regular updates on new listings, market trends, statistics, and insightful information.

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