This Week's Australian Property Market Update

Lot’s of property news and data over the last week.

Despite the bad news about our unemployment figures, our property markets are remaining particularly resilient. While the number of new homes listed for sale is increasing, more buyers are out and about now searching on line, inspecting properties and making buying decisions.

Last weekend auction clearance rates remained solid in Melbourne and Sydney. Interesting to see the trend as more properties are put to auction over the next few weekends.

At the same time rents are being slashed across Australia’s capital cities with one in three Sydney and Melbourne rentals have been discounted in recent months, according to Domain analysis.

The change has been attributed to job losses, paused migration, increased housing stock and dwindling demand.

But this week’s realestate.com.au Weekly Rental Demand Report data shows that the number of highly-engaged rental listing interactions have increased by 2.7 per cent over the last week.

That means that serious renter activity has now increased for 10 of the past 11 weeks (falling the previous week) and is up 102.9 per cent from its low in March.

The 2.7 per cent weekly increase did not completely offset the -4.3 per cent fall the previous week.

One of the likely drivers of such high volumes of serious renter activity is the fact that the number of new rental properties becoming available is shrinking. With less stock, those serious about renting are required to narrow their focus and are more likely to be highly-engaged with what’s available online.

22nd June - Michael Yardney's Blog Property Update

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