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Australians are resorting to side hustles to meet housing costs, rental growth flatlines, and a dip in auctions marks a slow start to spring.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Saturday, the 7th of September, and 67% of Australian homeowners are considering side jobs to manage home loan repayments amid economic challenges, according to a report from Great Southern Bank.
– The trend is particularly popular among millennials, with 40% planning to start a side hustle and 11% planning to start a small business alongside their full-time job.
– And that’s not all Aussies are doing — to save on housing expenses, 7% of Australians have moved back in with family or had adult children move back home.
When it comes to the rental market, CoreLogic’s national rental index is indicating the end of the rental boom, with weak rental markets across Australia.
– Annual rental growth has slowed to 7.2%, with unit rent growth reducing to 6.7% and house rent growth slightly higher at 7.4%.
– Factors causing the slowdown include affordability issues, changing household formations, a peak in overseas migration, and increased investor activity.
– But affordability remains tight: in the four years from March 2020 to June 2024, rent increased by over 36%, while wages only grew by just 12%.
And turning to the auction market, just over 2100 homes are scheduled to go under the hammer this week, a decline of nearly 8% from the week before.
– Melbourne remains the busiest auction market with 955 auctions scheduled, albeit a 9% decrease from the previous week.
– Sydney will see 820 homes go under the hammer, down 6.2 per cent from the week prior, while Brisbane, Adelaide, Canberra, Perth, and Tasmania will see varying levels of auction activity.
That’s it for today.
See you again on Tuesday, the 10th of September, for your daily dose of Property Buzz.Â
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