Friday, 1 March 2024

Rents reaccelerate; record household wealth

Rents strengthen in 2024

Not great news for the inflation narrative, with rental price growth reaccelerating over the year to February, according to CoreLogic.

House rents in Perth (+13.5 per cent) and Melbourne (+10.3 per cent) were especially strong. 

Rents for units were also very hot in Perth (+16.3 per cent) and Brisbane (+12.3 per cent), as well as in other cities. 

Overall, dwelling prices for units (+0.7 per cent) and houses (+0.6 per cent) picked in in February, with strong growth in Perth, Adelaide, and Brisbane, combined with solid price growth in Sydney. 


Source: CoreLogic


Separately, PropTrack released its latest monthly housing price figures, which also accelerated.


Aussie household wealth is on fire at the moment, with house prices at record highs, superannuation balances the same, and the Aussie stock market closing today at 7,746.


You'd have got good odds on this at the start of the interest rate hiking cycle.

More wealth increases are likely to follow as interest rates begin to fall across the next couple of years. 

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