Weekly Market Update (19 April 2024)

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Weekly Market Update (19 April 2024)
  1. Brisbane Housing Market (Source: CoreLogic)

    The national home values have been on a steady rise for the past 14 months, with a 1.6% increase in the March quarter. Despite a previous decline, the index has increased by 10.2% since January 2023, reaching new record highs. Brisbane has seen solid growth, with housing values rising by 1.1% in March and 3% over the past three months. However, the quarterly trend has slowed due to factors such as rate hikes and housing affordability challenges. Despite this, there is still high demand for housing, particularly in the middle to lower end of the value spectrum. Regional housing markets also show diverse levels of growth.


  1. National Vacancy Rates (Source: SQM Research)

    National vacancy rates remained steady at 1.0%, with Perth and Adelaide having the tightest rental markets at 0.5%. Capital city asking rents rose at a slower pace of 0.5%, with Sydney recording the highest weekly rent for a house at $1,053.56 per week. SQM Research anticipates a rise in vacancy rates into the cooler months, but overall tight vacancy rates are expected for 2024 due to a fall in dwelling completions relative to growing demand.


  1. Rental Market (Source: Leanne Jopson)

    The rental market in Australia is facing a severe crisis with record-low vacancy rates, limited rental stock, and rising prices. While some areas are seeing an increase in rental properties available for tenants, the overall trend shows that most regions, including major cities, are still struggling to find rental accommodations. The shortage of rental properties is attributed to factors such as investors selling properties, high borrowing costs deterring new investors, and government policies discouraging investment. Despite the current challenges, there may be a long-term opportunity for property investors due to low consumer confidence and subdued market activity. This presents favorable conditions for investors with a strategic, long-term approach.


  1. Australia’s Property Market (Source: Newsdesk)

    The first quarter of 2024 has seen strong property market activity in Adelaide, Brisbane, and Perth, with constrained listings driving price growth. However, there is a housing crisis with inadequate supply for rent or purchase in many areas, exacerbated by high overseas migration. The rental market is tight in Queensland and South Australia, while Sydney’s property market remains resilient but could see subdued activity in 2024. Melbourne’s property values have stabilized, and Tasmania faces affordability challenges despite infrastructure investment plans. The Perth market has passed its peak, but regional centers in Western Australia show promise.


  1. Property Listings (Source: Newsdesk)

    In March, new property listings in Australia fell by 13.6% compared to the previous month and were 8.8% lower than the previous year. This decline was attributed to the early timing of Easter, which brought forward the usual slowdown in selling activity. Despite the drop in new listings, total listings were 2% higher than the previous year due to a surge in new listings in February. Buyer demand remains strong, supported by stable interest rates, expected rate declines, and record population growth. Regional areas showed mixed trends, with some experiencing a decline in listings while others saw significant growth.


  1. National Rental Market (Source: CoreLogic)

    The national rental index showed a 2.8% increase in the March quarter, with unit rents rising faster than house rents. Melbourne saw a significant increase in gross rental yields due to falling dwelling values and rising rents. Despite high investor mortgage rates, investor activity has increased. Overall, housing markets are performing well in the high-interest rate environment, with positive outlook for housing values as expectations of falling interest rates grow.


  1. CoreLogic Auction Results (Week ending 14 Apr 2024)
    (Total Auction / Clearance Rate)

    – Sydney: 821 / 67.4%

    – Melbourne: 892 / 62.6%

    – Brisbane: 103 / 68.9%

    – Perth: 6 / 66.7%

    – Canberra: 77 / 50%

    – Adelaide: 77 / 84.4%

    – Tasmania: 2 / 0%

    – Combined Capitals: 1,978 / 65.2%


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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