Source:  CoreLogic Australia’s rental market continues to tighten as low supply levels cause national vacancy rates to dive and rents to rise across all capital cities and property types over the past three months. CoreLogic’s Quarterly Rental Review for Q2 2022, released today, shows the national rental index increased 0.9% in the month to June and 2.9% over the June quarter, a 30 basis point increase on the three months to March. Dwelling rents are 9.1% higher across the...

Source: CoreLogic Owing to the popularity of the state’s largest coastal markets (Gold Coast and Sunshine Coast), Queensland was the only state to have a similar number of million-dollar markets in both its capital city (122) and its rest of state area (107). Thanks to its relative affordability and a steady stream of interstate migration, values have surged across Queensland, with the number of million-dollar markets more than doubling across Brisbane (up 139.2%) and regional QLD (u...

Source:  Australian Property Journal The national residential vacancy rate has been crunched to just 1% – its lowest level in 16 years – and is set to tighten further, as rents skyrocket and the national rental crisis worsens. New data from SQM Research showed there were 36,478 vacant properties across the country in May, down from 39,616 in April. Vacancy rates in Sydney and Melbourne came down over the month to 1.5% and 1.7% respectively, and were steady in their CBDs at...

Source: CoreLogic While housing value growth has slowed, rents continue to rise swiftly.  Nationally, CoreLogic’s Hedonic Rental Index increased 1.0% in May, taking the quarterly rate of growth to 3.0%, up 60 basis points on a year ago. The annual change in rents is now tracking at 8.8% across the combined capital cities and 10.8% across the combined regions. Unit rents are rising at a faster annual pace than house rents across the combined capital cities (where house ...

Source: Australian Property Journal Queensland's residential property market is continuing to grow, as much of the country begins to experience stagnation and decline for the first time since the onset of COVID. According to REIQ’s data for the first quarter of 2022, median house prices are up 3.23% and median unit prices are up 2.17%, despite disruptions throughout the period including further COVID-19 outbreaks, flooding, several long weekends and the run up to the Federal Elect...

Source: CoreLogic Housing markets lost more steam in May as a combination of higher interest rates, rising inventory levels and lower sentiment dampened conditions. CoreLogic’s Home Value Index (HVI) showed Sydney (-1.0%) and Melbourne (-0.7%) dwelling values continued to record the most significant month-on-month falls, while Canberra (-0.1%) recorded its first monthly decline since July 2019. Although housing values continued to rise across the remaining capitals, the growth wa...

Source: Courier Mail Queensland is in the grips of its worst rental crisis on record with just 0.7 per cent vacancy rates forcing families to live in their cars as experts say there is no sign of reprieve in sight and things may yet get worse. Record-low vacancy rates, blown-out housing waitlists and an unrelenting property price boom have deepened Queensland’s rental crisis with families still scrambling for shelter. Jess Pomerenke secured a rental after speaking to The Courier-Mail...

Source: Australian Property Journal Owner occupier and investor home loan commitments fell at their fastest pace in nearly two years in April – but remained higher than pre-pandemic levels – a month ahead of the Reserve Bank lifting interest rates for the first time in 12 years. April’s 6.4% fall in commitments to $31.0 billion followed a rise of 2.1% in the previous month, according to the latest data from the Australian Bureau of Statistics (ABS). Owner-occupied lending...

Source:  AVAA The first decision under recent Anti-Phoenixing Laws has been handed down. Victorian Supreme Court Associate Justice Gardiner observed that the case had “all the classic hallmarks of a phoenix transaction” before handing down his decision. It is his opinion that assets had been transferred below market value - or best available price at the time.
 
Introduced under the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 and takin...

Source:  Australian Property Journal RENTAL properties are becoming less and less available, as the country’s rental crisis mounts the national vacancy rate continues to fall, reaching just 1%. According to the latest data from SQM Research, in March there were just 36,868 residential rental properties available Australia-wide, down again from February’s 43,844 and last March’s 72,446. In Sydney the vacancy rate fell to 1.6% with 12,748 vacancies, while in Melbourne ...