September 23, 2023

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Newest Australian Property Markets Information and Forecasts

5 min read

We all know that housing affordability is an actual subject with many Aussies now discovering it tougher to purchase their dream house as 8 consecutive rate of interest rises have reduce many consumers borrowing capability by as much as 20%.

However what about rental affordability?

With increasingly more individuals renting for longer at a time when the variety of marketed dwellings for lease has plummeted, emptiness charges are file lows and rents have shot up on the quickest price in many years what does this do to rental affordability and the way will this have an effect on rental will increase shifting ahead?

That’s what I ask Dr. Andrew Wilson, chief economist of My Housing Market on this week’s Property Insiders chat.

I additionally get his views on the energy of Australia’s economic system, the most recent month-to-month inflation figures and what’s forward for rates of interest and the place our housing markets are headed.

Short-term Lease Reduction Ends – Home rents resume their upward surge

The latest pause in month-to-month home lease will increase has predictably ended, with asking rents for each items and home rising sharply over November as Dr Wilson explains on this week’s Property Insider chat.

All capitals reported greater home rents over the month except for Hobart the place month-to-month rents had been regular.

Most capitals have reported vital rises in home rents over the 12 months ending November with Perth the highest performer greater by 20.2% adopted by Brisbane up 18.1% and Sydney rising by 16.8% over the 12 months.

Asking Rents Houses November 2022

Unit rental markets additionally once more reported greater rents over November except for Brisbane the place rents had been regular.

All capitals have reported outstanding will increase in unit rents over the 12 months ending November except for Canberra the place annual rents have nonetheless elevated by 3.7%.

Sydney has recorded the best unit rents development over the previous 12 months up by 25.0% adopted by Melbourne up 23.3% and Perth greater by 15.9%.

Asking Rents Units November 2022

Booming Financial system?

Regardless of this 12 months’s steep rise in rates of interest Aussies preserve spending and this client money splash continued driving strong development within the nationwide economic system.

Australia’s economic system as measured by the Gross Domestic Product (GDP) rose 0.6 per cent in seasonally adjusted phrases within the September quarter of 2022 and by 5.9 per cent by the 12 months, based on the ABS.

Watch this week’s Property Insiders video as Dr Andrew Wilson unpacks the components that affected this month’s GDP figures.

Abs National Quarterly Gdp

You’ll hear how family spending continues to drive our financial development.

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