Weekly Market Update (22 Sept 2023)

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Weekly Market Update (22 Sept 2023)
  1. Unit Shortage (Source: Kaitlin Ezzy)

    The medium to high-density apartment sector is becoming important for delivering housing stock in Australia, but there is expected to be a national housing deficit in the unit market by 2027. Unit approvals and completions have dipped below the decade average, while house approvals have remained steady. Despite the low completions and approvals, there is a high number of unit projects in the pipeline. Demand for housing has increased due to high levels of net overseas migration, particularly in major cities. This has impacted the rental market, with unit rents reaching record highs. However, a shortfall in new unit construction, high-interest rates, and low consumer sentiment may temper unit demand and price growth.

 

  1. CoreLogic Auction Results (Week ending 17 Sept 2023)
    (Total Auction / Clearance Rate)

    – Sydney: 927 / 67.3%

    – Melbourne: 982 / 63.3%

    – Brisbane: 172 / 62.2%

    – Perth: 13 / 30.85%

    – Canberra: 101 / 45.5%

    – Adelaide: 119 / 74%

    – Tasmania: NA / 0%

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