Australians and overseas visitors are returning to the cities after lockdowns, with a new report showing enquiries for rental listings up 31 percent in capital cities and down 30 percent in regional areas. However, people looking to rent are in for a challenging market, facing strong demand and low supply across the country. The latest…
Australians Return to Capital Cities After Lockdowns, Driving Rental Competition
January 20, 2023
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Australian Unit Values Falling at Fastest Rate in 40 Years: CoreLogic
September 27, 2022
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The value of units across Australia’s capital cities is falling at a faster rate than what was seen during the onset of the Global Financial Crisis (GFC), according to property researcher CoreLogic. Since its peak in April, units in capital cities have fallen around 2.7 percent, or around $17,500 (US$13,000). In August alone, capital city…
New South Wales Land Tax Plan to Cover Most Home Sales
More than eight out of ten homes sold in Australia’ state of New South Wales would qualify for a proposal allowing first home buyers to opt for an annual land tax over paying one-off stamp duty, the government says. About 84 per cent of homes sold fall under the A$1.5 million (US$982,192) threshold for the…
Australian House Values Continue Falling While Rental Market Continue Trending Down
August 19, 2022
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Australia’s rental market remains tight as the residential property market continues trending downwards. Rental vacancies in the CBDs of Sydney and Melbourne fell to 2 percent and 3.4 percent, respectively, in response to the return of international arrivals, according to SQM Research (pdf). Meanwhile, the rental vacancies of other capital cities edged slightly higher but…
More Australians Feeling the Crunch From Rental Crisis
Helen Howell is planning to pitch a tent outside her mother’s house in Launceston if she can’t find a place to live in the next month. The 48-year-old Tasmanian has applied for 10 rentals in the past three weeks, but has found many are being snapped up even before they are open for inspection. “We’ve…
Australian Rental Crisis Worsens, National Vacancy Rate at Lowest Level Since 2006
April 15, 2022
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Australia has entered into a deep rental crisis, with tenants facing increasing competition for the diminishing pool of available rental homes, driving up rents by almost 12 percent across capital cities in the last 12 months at an accelerating rate. SQM Research revealed the national vacancy rate fell to one percent in March, the lowest…
You’re Wrong Premier Dan Andrews, Young Aussies Still Dream of Owning Homes
Commentary The ability to own one’s home is central to the Australian way of life. Saving up for a deposit and being able to pay off a mortgage is the greatest sign of independence and personal responsibility in our society. Yet the Victorian Premier Dan Andrews recently told The Guardian that the “great Australian dream”…
Sydney and Melbourne Property Markets Cool as 1 in 10 Homes Sell at Discounted Price
Around 10 percent of homes in Sydney and Melbourne were sold at a discounted price in February as the market slows down, according to data from Domain. In Sydney, 10.5 percent of properties lowered their asking price before selling, a jump from 5.9 percent in July 2021. The figure was slightly lower in Melbourne, at…
Brisbane Flooding Will Hit Property Prices but Difficult to Predict Long-Term: Experts
March 6, 2022
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House prices in flood affected areas of Brisbane will take a short-term hit, but it was difficult to predict how the market would behave in the medium to long-term. Antonia Mercorella, the Real Estate Institute of Queensland (REIQ) CEO, told The Epoch Times that while property prices would take an immediate hit, it was unlikely…
Difference Between House and Unit Prices at All-Time High in Australia
February 17, 2022
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The gap between Australia’s house and unit prices has reached record high in January of 28.3 percent after houses grew almost twice as fast in value over the same period. CoreLogic’s latest monthly market update revealed that units recorded a growth rate of 14.3 percent in the 12 months to January while houses grew 24.8…
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