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Co-founder & CEO of AllenWargent property buyers & WargentAdvisory (subscription market analysis for institutional clients).
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Pete Wargent blogspot
Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Thursday, 9 March 2017
Half-decade low for Melbourne vacancies?
Vacancies trending down
Interesting statistics from the Real Estate Institute of Victoria (REIV), which suggest that record population growth in Melbourne is absorbing the new supply of apartments.
In fact, the 6-month average trend for vacancy rates is sitting at its lowest level across the chart which spans half a decade.
Still, there are attached dwellings aplenty under construction in Victoria and New South Wales.
And these are overwhelmingly located in Melbourne and Sydney.
It could be an interesting year ahead for the apartment market.
With mainland Chinese investors reportedly now struggling to settle on apartments, it is a near certainty that apartment commencements will fall sharply, particularly in the three most populous capital cities.
While the slowdown in construction may be no bad thing for the unit market at face value, it's worth remembering that the construction industry employs well over 1 million Australians, so the impact on employment will likely be material.