Property Buzz

PropertyBuzz, your daily dose of property news.

Skyrocketing costs wipe out affordable rental properties, a new rental filter launches on, and could Darwin’s outer suburbs be the place to buy?

Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Thursday, the 30th of May, and a new report from PropTrack has found that just 3.8 per cent of Sydney rental listings are affordable.
– The proportion of rental homes listed for below $400 a week has dropped from one in five at the start of the pandemic, to one in 50 now.
– The same concerning trend can be seen across Australia, where 10.4 per cent of listings are priced below $400 a week.
– The report identified near record-low vacancy rates, strong demand, and limited new supply as factors contributing to the challenging conditions for renters.

On the topic of rental affordability, major listings platform has unveiled a brand-new affordability filter for those on the hunt for a home.
– The affordability filter will help renters identify homes that are compatible with government programs like the National Rental Affordability Scheme.
– According to the REA Group, the filter was developed in response to the increasing needs of consumers in the tight rental market, as identified through formal and informal user feedback.  
And towns in the outer ring of Darwin are witnessing a boom in property sales this dry season.
– Glenn Grantham, general manager at Raine & Horne Darwin, highlighted the popularity of rural suburbs like Virginia, Humpty Doo and Noonamah, for househunters after a balance of city and rural living.
– Large family homes in these areas range from $600,000 to just over $1 million, with properties on acreage commanding higher prices.
– As work-from-home options increase, outbuildings like sheds are becoming popular for executives or small business owners needing separate workspaces, or for property owners seeking additional rental income.

That’s it for today.

See you again tomorrow, the 31st of May, for your daily dose of Property Buzz.

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