Daily Buzz: Saturday, 27 April
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PropertyBuzz, your daily dose of property news.
Rental growth drops below 10% for the first time in two years, Millennials are choosing travel over mortgages, and which two states are best for affordability?
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Saturday the 27th of April, and for the first time in two years, rental growth has dropped below 10%.
– A new report from PropTrack shows that rental growth is slowing despite high demand, with national advertised rents increasing by just 9.1% — the first time in two years growth was below 10%.
– The national rental vacancy rate dropped to just over 1% in March 2024, with new rental listings almost 14% lower than the previous year and the lowest for March since 2010.
– Properties were leased quickly in Quarter 1 2024, with the median rental listing duration at just 18 days.
– PropTrack’s director, Cameron Kusher, attributes the slowdown in rental price growth to changing consumer behaviors due to financial pressures, with more people seeking cheaper alternatives or buying homes.
Meanwhile, a study of 1,200 Australians aged between 28 and 42 found that 48% prioritise leisure spending such as travel over saving for a home deposit.
– With homeownership more costly than ever, the study suggested that travel feels more achievable for young people.
– The survey also found a high level of concern about economic trends, with 90% of Australian millennials expressing anxiety about inflation and the state of the economy.
And Western Australia and Queensland have been found to be the most affordable states for property, according to the PropTrack Affordability Hotspots report.
– Kwinana, in the south of Perth, is the most affordable capital city region, with 20% of homes deemed affordable on a median income.
– Queensland’s outback regions also offer high affordability, contributing to rising prices in these areas.
– Sydney and Melbourne are the hardest cities in which to buy a home.
That’s it for today.
See you again on Tuesday, the 30th of April, for your daily dose of Property Buzz.
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