Melbourne rental shortage
CoreLogic released its latest quarterly figures on the rental market for the June 2023 period.
Although there may be some temporary respite with Aussies travelling overseas, total rental listings remained -32 per cent below their 5-year average.
Vacancy rates are now very low in Perth, Adelaide, Melbourne, and Brisbane.
Melbourne's vacancy rate has dropped from 1.7 per cent a year ago to just 0.8 per cent.
And this is ahead of the proposed change to land taxes for landlords, which don't kick in until 1 January next year.
Overall, rents rose 2 per cent over the quarter, with unit rents rising 3.6 per cent, led by strong increases in Sydney, Melbourne, Perth, and Brisbane.
Source: CoreLogic
Although there is a high level of supply in the pipeline, developers are reporting delays (and in many cases, insolvencies).
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Westpac has upgraded its dwelling price forecasts, and now expects price increases in 2023, 2024, and 2025.
Reported in the AFR and the Daily Mail:
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Farm prices have doubled in 3 years, reports James Kirby at The Australian.
