Daily Buzz: Wednesday, 10 July
By
PropertyBuzz, your daily dose of property news.
Rental conditions remain tight, a property market health update for June, and should real estate be responsible for financial Crime Reporting?
Welcome to Property Buzz! I’m Grace Ormsby
Today is Wednesday, 10 July.
And the national rental vacancy rate could be looking up, with a slight increase to 1.42 per cent across June, according to PropTrack.
– Despite the increase, PropTrack’s senior economist warns that rental conditions remain tight, with 43 per cent fewer vacant properties compared to pre-pandemic levels from March 2020.
– The greatest increase was seen in Sydney, followed by Melbourne, Brisbane, Adelaide, and Perth.
– While conditions are improving in capital cities, regional areas continue to face challenges with a vacancy rate of 1.31 per cent.
In regional South Australia, the rate is just 1.22 per cent.
Looking to the sales market now, and the total combined value of residential real estate across the country has risen to $10.8 trillion.
The latest from CoreLogic has revelaed quarterly growth is easing, down to 1.8 per cent over the June Quarter – following a 3.3 per cent lift in values across the same period in 2023.
With more than 37,000 sales over the month of June, sales volumes are also up by almost 9 per cent on last year’s figures.
Corelogic also found the time taken to sell properties is slowing, pointing to a less frenetic national marketpace, despite the pace picking up across Perth, Brisbane and Adelaide.
– And Australia’s Attorney-General says he plans to implement ‘Tranche 2’ reforms to the national anti-money laundering and counter-terrorism financing regime by the end of 2024.
– The reforms will require real estate agents report suspicious financial transactions, aiming to curb money laundering in the property market.
– The Real Estate Institute of Australia supports the reforms but emphasizes the need for cost-benefit analysis in compliance programs, noting that only a small fraction of the property market has been flagged financial crime regulators.
That’s Property Buzz for today.
See you again tomorrow, 11 July, for your daily dose.
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