Dearth of stock continues
Rental vacancies remained generally low in June according to CoreLogic, with several industry participants noting a recent demographic shift back towards the inner cities.
Capital city vacancy rates remained at a record low of 1.1 per cent.
The number of properties listed for sale also continued to decline across the combined capital cities, to now sit some -26.4 per cent below the 5-year average.
This has clearly underpinned the market, with home values increasing by +1.1 per cent in June and +2.8 per cent for the June quarter.
The quarterly increase was driven by a +4.9 per cent increase in Sydney, and a +3 per cent increase in Brisbane, though recent sentiment suggests something of a cooling in these markets.
Hobart has experienced some mean reversion, with home prices dropping -12.7 per cent over the year, following a preceding multi-year boom.
CoreLogic released its full monthly report here.
