PropertyBuzz, your daily dose of property news.
The rental crunch worsens; Interstate migration inspires a Brisbane property boom; and Consumer Affairs Victoria sets its sights on housing.
Welcome to Property Buzz. I’m not Phil Tarrant, I’m not Juliet Helmke, I’m Kyle Robbins and today is Wednesday the 18th of October.
Our top headline is Aussie vacancy rates experience September tightening. The nation’s rental crisis worsened last month with the national vacancy rate dropping to 1.1% according to SQM Research. Perhaps unsurprisingly, Sydney, Melbourne, Hobart and Canberra reported declines in vacancy rates while Brisbane and Darwin experienced increases. Perth and Adelaide, the nation’s two tightest markets, saw rates hold steady. Regional Australia also experienced a declining number of vacancies with the data indicating a population overflow is sending city dwellers into regional pockets of the country on the hunt for housing. Rents are up, with the national median weekly rent just shy of $600, with that figure rising to $684 in our capitals. Surprise, surprise, Sydney’s housing market remains the most expensive for tenants, who fork out nearly $1,000 per week. SQM Research’s Managing Director Lewis Christopher suggested conditions may worsen in October with no immediate relief in sight due to population growth and limited new housing.
In other news, what do warm weather, sunny beaches and affordability have in common? They’re all reasons Aussies are moving to Brisbane. A surge of interstate arrivals to the Queensland capital has resulted in increased home values and rents in the city. Affordability has been a key driver of this trend with Brisbane’s median property price being 31% cheaper than Sydney’s whilst also offering more space and outdoor living opportunities. Feeding off this increased migration, the city’s median home value rose nearly 4% in the September quarter and 8.1% in the last 12 months. And with the city set to host the 2032 Olympics some time away, and a projected population of 3 million entering its borders, can anything be done to stop Brisbane’s housing surge?
And finally, Consumer Affairs Victoria has released its strategic plan for 2023-26, as it aims to close loopholes that drive up costs and undermine a fair deal for renters and homebuyers. As part of the plan, the organisation intends to strengthen consumer rights in the state, foster a fairer marketplace and empower Victorians in their everyday transactions by focusing on nine key areas for the delivery of this plan. Victorian Minister for Consumer Affairs Gabrielle Williams stated the Victorian Government is committed to creating a fair playing field for Victorian consumers and businesses and renters and rental providers. Well, that’s Property Buzz for today. See you again tomorrow the 19th of October for your daily dose of Property Buzz.