Daily Buzz: Wednesday, 7 February
By
PropertyBuzz, your daily dose of property news.
The RBA reveals the first cash rate call of 2024, Victorians have been issued a reminder about rent bidding, and where is rental availability on the up?
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Wednesday the 7th of February, and the Reserve Bank of Australia has chosen to hold the official cash rate at 4.35 per cent.
– This marks the second consecutive hold since last November’s Melbourne Cup Day rate rise.
– Many economists had anticipated this decision, citing recent promising economic indicators and slowing inflation over the December quarter.
– While the hold is likely to boost buyer sentiment, commentators have warned that interest stress is not over, with rate cuts unlikely to kick in until late 2024.
Turning to the rental market, the Real Estate Institute of Victoria has urged real estate agencies to review their rental practices in the wake of growing concerns about rent increases.
– The REIV reminded agencies that they are required to provide clear, documented information with supporting evidence when increasing rent, as legislated by the Residential Tenancies Act.
– The institute also stressed that all Victorian residential rental properties must be advertised at a fixed price, reminding agents that it is unlawful to advertise with a price range or to initiate rental bidding.
And on a national scale, PropTrack has revealed that despite widespread supply stress, there are 10 suburbs where rental listings are on the up.
– Leading the charge is the Sydney suburb of Haymarket, which has seen an almost 120 per cent increase in rental listings in the 12 months from December 2022 to December 2023.
– REA Group economist Megan Lieu noted that many of the suburbs listed have benefited from the resurgence of city CBDs, making these areas attractive to investors once more.
That’s it for today.
See you again tomorrow, the 8th of February, for your daily dose of Property Buzz.
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