Weekly Market Update (17 Nov 2023)

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Weekly Market Update (17 Nov 2023)
  1. National Vacancy Rate (Source: SQM Research)

    The national rental vacancy rate in Australia has fallen to 1.0% in October, indicating a deepening rental crisis. Several cities, including Sydney, Brisbane, and Hobart, experienced a decrease in vacancy rates. Asking rents in capital cities have increased by 0.7% in the past 30 days and 15.5% over the past year. The national median weekly rent for combined dwellings is $598.22, with Sydney having the highest rent for houses at $1,012.57 a week. The managing director of SQM Research predicts that rental increases of 10-15% will continue, and suggests that immigration rates should be capped to alleviate the rental crisis.

 

  1. Property Values (Source: CoreLogic)

    CoreLogic’s interactive Mapping the Market tool shows that 82.4% of house and unit suburbs in Australia saw an increase in property values in the past three months. Only 17.6% of suburbs experienced a decline in values. The housing market upswing is becoming more widespread, with four out of five markets recording a rise in values. Capital cities are performing differently, with Perth being the strongest market while Hobart and Darwin are either flat or experiencing a decline. Brisbane, Adelaide, and Perth are seeing significant growth, while Sydney and Melbourne are growing at a slower pace. Hobart and Darwin have seen declines in some house markets. Regional markets also show diverse conditions, with Queensland and South Australia performing well.

 

  1. CoreLogic Auction Results (Week ending 12 Nov 2023)
    (Total Auction / Clearance Rate)

    – Sydney: 1,020 / 64.2%

    – Melbourne: 1,181 / 60.7%

    – Brisbane: 150 / 67.8%

    – Perth: 16 / 62.5%

    – Canberra: 128 / 55.1%

    – Adelaide: 158 / 76.6%

    – Tasmania: 3 / 0%

    – Combined Capitals: 2,656 / 63.1%

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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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