Weekly Market Update (5 January 2024)

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Weekly Market Update (5 January 2024)
  1. Rental Market (Source: CoreLogic)

    In 2023, rental prices in Australia increased by 8.3%, with unit rents growing at a faster rate (10.2%) compared to house rents (7.5%). However, the growth in unit rental prices is slowing down, possibly due to lower overseas migration and affordability concerns. Perth experienced the highest rental growth, while Hobart and Canberra saw a decrease in rents. Rental growth in regional areas slowed to 4.3% due to normalization in migration trends. Looking ahead to 2024, rental prices are expected to remain above average, but there may be a further slowdown as affordability pressures lead to changes in rental demand, such as larger household sizes and multi-generational living.

 

  1. National Home Prices (Source: PropTrack)

    National home prices in Australia remained steady in December 2023, with growth in regional areas offsetting declines in the capital cities. Overall, home prices rose by 5.52% throughout the year. While capital city prices fell slightly in December, regional areas saw an increase, resulting in a monthly growth of 0.23%. Regional Queensland and South Australia were the main drivers of growth. Despite the slowdown in capital city prices, overall supply remains relatively constrained, particularly in Perth and Brisbane, which has contributed to price rises in those markets. Sydney and Melbourne experienced slight declines in home prices, while Brisbane, Adelaide, and Perth saw growth. Hobart recorded the weakest performance, with prices declining. Darwin and Canberra also experienced slight increases and decreases, respectively. Overall, the property market in 2024 is expected to be supported by population growth and a stable interest rate environment.

 

  1. Urban Planning (Source: Orana Durney-Benson)

    Urban planners in Australia are predicting key changes that will make cities “future-ready” over the next 30 years. The focus will be on liveability and sustainability, with a shift towards densifying suburbs, promoting transit-based mixed-use communities, and revitalizing existing urban areas. The sharing economy, including services like Uber and LimeBike, will continue to transform transportation in cities. Urban landscapes will also transform through densification and repurposing underutilized spaces. The goal is to create greener, more interconnected, and sustainable urban environments.

 

  1. CoreLogic Auction Results (Week ending 31 Dec 2023)
    (Total Auction / Clearance Rate)

    – Sydney: 6 / 0%

    – Melbourne: 6 / 100%

    – Brisbane: 1 / 0%

    – Perth: 2 / 100%

    – Canberra: NA / 0%

    – Adelaide: NA / 0%

    – Tasmania: NA / 0%

    – Combined Capitals: 15 / 53.3%

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