Weekly Market Update (23 February 2024)

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print
/
/
Weekly Market Update (23 February 2024)
  1. Listings Report (Source: PropTrack)

    The property market in Australia had a strong start in 2024, especially in Melbourne and Sydney, where January saw the highest number of new property listings in over a decade. Other cities like Hobart and Canberra also experienced increased activity. However, Perth, Brisbane, and Adelaide had a slower start. Regional areas saw a modest increase in property listings compared to the previous year. Overall, the property market in Sydney and Melbourne is supported by strong demand, low unemployment, and stable interest rates.

 

  1. National Vacancy Rates (Source: SQM Research)

    In January, the national vacancy rates for rental properties in Australia decreased from 1.3% to 1.1%, with a total of 32,108 vacant residential properties. Major cities like Sydney, Melbourne, Brisbane, Canberra, Darwin, and Hobart saw decreases in vacancy rates as well. Capital city asking rents rose by 1.4%, with the national median weekly asking rent for a dwelling at $614.54. Sydney had the highest weekly rent for a house at $1,037.08, while Adelaide offered the most affordable units at $451.20 per week. The decrease in vacancy rates is attributed to increased demand from tertiary students and graduates entering the workforce. The managing director of SQM Research, Louis Christopher, mentioned that the rental market remains in crisis, but there is a possibility of rent stabilization if population growth slows down. This update was provided by SQM Research Pty Ltd, an Australian investment research company.

 

  1. New Developments (Source: PropTrack)

    The latest data shows a decline in building approvals and new commencements, posing a challenge to the target of building 1.2 million new homes by 2029. However, there is a growing demand for new developments, with increased listings for apartments and retirement properties. Engagement with new development listings has risen, particularly for retirement properties. The housing market faces the challenge of increasing stock levels to meet the growing population’s needs, as investors are still not meeting the demand. Despite the shortage of existing stock, there may be an increase in demand for new builds.

 

  1. Rental Market Trends (Source: PropTrack)

    The rental market is experiencing unprecedented demand for shared accommodation, driven by soaring rental prices and tight vacancy rates. Median weekly rents have increased significantly, pushing tenants to seek shared living arrangements for affordability. January saw a record number of users on Flatmates.com.au, with many seeking to alleviate rental cost burdens. While investor activity and increased property listings offer some relief, rental demand still surpasses supply. Government initiatives aim to address the housing shortage, but challenges remain in meeting housing targets amid population growth. Despite expectations of easing population growth, rental markets are likely to remain under pressure, sustaining the popularity of shared accommodation as a means of affordability.

 

  1. CoreLogic Auction Results (Week ending 18 Feb 2024)
    (Total Auction / Clearance Rate)

    – Sydney: 691 / 74.2%

    – Melbourne: 997 / 66.2%

    – Brisbane: 171 / 64.1%

    – Perth: 9 / 55.6%

    – Canberra: 78 / 55.1%

    – Adelaide: 142 / 74.7%

    – Tasmania: 3 / 33.3%

    – Combined Capitals: 2,091 / 68.8%

🟦🟨🟦🟨🟦🟨🟦🟨🟦🟨

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Looking For Real Estate Services?