Rents up
Rents continue to climb, according to CoreLogic, up another +0.9 per cent for the month of July, and +9.8 per cent for the year.
Source: CoreLogic
Rental tenancy laws and Queensland's landlord taxes are likely to accentuate the rental shortage over the years ahead.
Even the CBDs are seeing rental vacancy rates normalising now.
Charts for Sydney, Melbourne, and Brisbane respectively are below (via the excellent SQM Research):
Source: SQM Research
PropTrack reports that the housing market downturn is being led by the premium end of the housing market in Sydney (-6.3 per cent for the quarter in the upper quartile) and Melbourne (-4.5 per cent for the upper quartile).
Source: PropTrack
It was often the more illiquid properties at the top end of the market which outperformed in recent years, so this makes logical sense.
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New York Fed 1-year and 3-year consumer inflation expectations fell significantly in July.
Gas prices also fell further, to be almost $1 below their highs, and to sit at the lowest level in 5 months.
This is good news, which should further ease concerns about higher price expectations becoming baked in.
