The Latest Scoop on Aussie Property Markets: w/e 3rd Nov '23

Published: 3rd November 2023

G'day property enthusiasts!

As the Aussie property landscape continues its dynamic dance, this week's wrap-up promises insights that'll have you on the edge of your seat. From surging rental demands to foreign buyers doubling down, there's no denying - the land Down Under is the place to watch.

Dive in for the latest deep-dive and trends from the week ending 3rd November '23.

Grab a cuppa, and let's unravel the property magic together!

Demanding Days in Australia's Rental Market

Where Rentals Are Steaming Up

Perth's Enthusiasm: With an impressive average of 50.3 enquiries for every online rental listing, Perth is showing some serious demand. Not far behind, Adelaide and Melbourne are fielding 40 and 31.4 inquiries respectively.

A suburb in Perth, Bently, outshone all with an overwhelming 160 enquiries per online rental listing. It's clear that the housing wave is riding high.

Highlight: Cameron Kusher, PropTrack's Director of Economic Research, accentuated the pressure in the rental market. He mentioned, "Renters are facing intense competition due to the strong demand and scarce supply, primarily from the major capital cities."

Affordable home with a 'For Sale' sign in front

The Charm of Affordable Homes

The dream of owning a home under $500,000 is still alive! Here are the insights:

Broken Hill, NSW: Topping the list with a staggering 55.5% of properties sold under $500,000 in the past year.

Darwin: Close on its heels with 45.6% of sales under that price point.

The Metropolitan Surprise: Even in bustling cities like Perth, Adelaide, and Brisbane, properties under $500,000 are in plenty.

Highlight: Nerida Conisbee, Ray White Group's chief economist, shed light on the scenario, "While the number of affordable properties has diminished over the past two decades, options still exist. High apartment development zones, in particular, offer a plethora of low-priced apartments."

She further adds a silver lining stating the affordability in regional Australia is much better.

Investors handshake with property backdrop

Attractive Terms for Investors

Big banks are rolling out a red carpet for investors, particularly the Commonwealth Bank, introducing the tempting 5% deposit.

RateCity's research director, Sally Tindall, comments on the bank's move, stating, "This showcases the bank's confidence in investors facing the increased interest rates, thanks to the significant uptick in rents."

Highlight: With vacancy rates hitting historic lows, the days of investors offering reduced rents are long behind. Westpac and ANZ are also offering investor-friendly deposit terms.

First-home buyers smiling outside their new house

First Home Buyers Riding the Wave

The Federal Government’s low deposit guarantee scheme has been a blessing:

One in three first-home buyers benefited from it in the past year.

The scheme extended its arms, now welcoming permanent residents and those who owned a property over a decade ago.

Highlight: Top locations for the guarantee scheme beneficiaries are Mackay Harbour, Queensland, Armadale in Western Australia, Craigieburn in Victoria, and Liverpool in Sydney.

Arrows pointing towards Australia on a globe

Surge in Overseas Demand

Foreign love for Australian properties is on the rise, surpassing even pre-pandemic levels. Searches have doubled since 2019, especially from New Zealand and China.

Paul Ryan, PropTrack economist, observes the increase in overseas interest, aligning it with the 2022 international border reopening. He anticipates a significant influx of student arrivals in the upcoming year.

Sign Off: Rasti Vaibhav here, your Architect of Property Wealth, always ready to guide, inform, and enlighten.

Stay savvy, informed, and always remember - every market phase comes with its silver lining.

If this piqued your interest and you're pondering about personal circumstances and property investment prospects, don't hesitate.

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