Rentals crushloaded
Rental properties are being leased in just 18 days on average at the moment, faster than they can be listed and a record speed.
Source: CoreLogic
Asking rents for units in Sydney are rising at a 30-40 per cent year-on-year pace at the moment, with Melbourne and Brisbane also recording rapid rises.
Unfortunately there isn't much respite on the horizon, with CoreLogic's latest rental report showing a new record low for capital city vacancies.
Source: CoreLogic
Urban Developer reported yesterday that a majority of Australia's building and construction businesses are borderline insolvent, with failures in the sector well above decade highs, and rapidly approaching two-decades highs.
Thus many approved homes and planned apartment projects are now being mothballed or scrapped, at a time when population growth is running at well over 500,000 per annum.
One sole piece of good news: Cordell reported that construction cost growth slowed to 0.9 per cent in the March quarter, this lowest rate of growth in the 2 years since March 2021 (and well down from 1.9 per cent in the December quarter).
Otherwise, the pressure on the construction and rental market continues.
