Property Buzz

PropertyBuzz, your daily dose of property news.

Rental affordability at worst level on record, Australia reignites its Passion for Home Buying, and public holidays put auctions on the backburner.

Welcome to Property Buzz! I’m Orana Durney-Benson.

Today is Saturday, the 9th of March, and

Rental affordability in Australia is at its worst in 17 years, with low- and middle-income households most affected, according to new data from REA Group.
– Between July and December 2023, only 39% of advertised rental properties were affordable for median-income households, with conditions worst in New South Wales, Tasmania, and Queensland.
– The decline in rental affordability has been driven by a significant increase in rents since the COVID-19 pandemic, which wages have not kept pace with.
– In total, rents have risen 38 per cent since the pandemic began.

But when it comes to home-owners, things may be looking more positive.
– The Westpac Home Ownership Report found that 44% of Australians plan to buy a new home in the next five years, a 9% increase since July 2023.
– There was a 6% increase in investors planning to buy investment properties, and a 4% increase in upsizers and renovators. However, first-time homebuyers decreased by 3% due to cost-of-living pressures.
– The research also found a resurgence in apartment living, with a 7% increase in popularity. Interest in townhomes has doubled, and house and package preferences have quadrupled.

And looking ahead to this week’s auction outlook, public holidays in four Australian states and territories are expected to reduce auction activity
– Just 1,773 homes scheduled for auction this week, a one-third decrease from the week before.
– The drop in auction volumes is due to public holidays including Labour Day in Victoria, Eight Hours Day in Tasmania, Adelaide Cup Day in South Australia, and Canberra Day in the ACT.
– Sydney is expected to be the busiest auction market this week with 958 homes set to go under the hammer.

That’s all for today.

See you again on Tuesday, the 12th of March, for your daily dose of Property Buzz.

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Rental affordability at worst level on record