Property rebalancing begins

Rebalancing markets

New property listings are already falling away compared to last year in Sydney (-14.1 per cent) and Melbourne (-8.1 per cent) as the property market has softened.

Now it is the turn of vendors in Brisbane, Adelaide, and Perth to try their luck.

Source: Cotality

The rental market remains very tight, with rents still up by 5.9 per cent over the year to July, outpacing wages growth.

Source: Cotality

Cotality reported that rental yields are now starting to hit multi-year highs:

"National gross rental yields (3.72%) reached their highest level since April 2023, supported by rising rents and easing home values. This is up from the 2022 low of 3.2%".

Over the past 3 months the most expensive quartile of properties has been hit hard in Sydney (-5.2 per cent) and Melbourne (-4.6 per cent).

However the cheapest 25 per cent of properties has seen very little impact on prices.

Source: Cotality

You can check out the Chart Pack from Cotality here. 

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