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Competition Heating Up for Rental Properties

Rental Properties

The residential rental market just got tighter with the number of new listings reaching its lowest point since before the pandemic.

The availability of rental properties dropped -3.9 per cent in August, according to the Proptrack rental listing report from REA Group.

Rental volumes dropped the fastest in Melbourne at -16.9 per cent and Canberra at -29.9 per cent as lockdowns hampered the market.

Meanwhile in Sydney, “green shoots” were starting to appear with a 6.7 per cent increase in new rental properties as one-on-one inspections were introduced and activity picked up.

Change in rental listings

Location Monthly new listings Annual Change Total listings Annual change
Sydney 6.7% -23.4% -0.7% -24.8%
Melbourne -16.9% 36.4% -6.7% 14.4%
Brisbane -3.7% -6.4% -0.9% -18.3%
Adelaide 5.4% -3.7% 3.0% -11.2%
Hobart -9.8% 8.7% -3.2% 3.4%
Darwin -1.1% 5.7% 7.9% -20.4%
Canberra -29.9% -21.3% -18.3% -16.7%
Capitals -4.7% -5.0% -3.3% -11.0%
Regional -1.3% -3.5% -2.0% -15.8%
Total -3.9% -4.6% -3.1% -11.9%

Source: REA Group from realestate.com.au August 2021 data

REA Group director of economic research Cameron Kusher said in the report that the fall brought national rental listings to their lowest point since December 2019.

“The rental market has become even more competitive with the availability of rentals close to an all-time low,” Kusher said.

“The crunch in rental supply is being felt regionally, too. Total rental listings were at an historic low at the end of August in regional NSW, regional WA and regional Tasmania.

“Regional Victoria and regional Tasmania were the only regions in which total listings recorded a year-on-year increase.”

Nationally the vacancy rate remained at a multi-year low of 1.6 per cent in August, according to Domain.

This report showed in Brisbane, Hobart, Adelaide and Darwin landlords could use the tight levels to increase rent on new listings.

However in Melbourne, vacancy rates were continuing to rise, hitting 3.8 per cent.

Sydney remained relatively steady, with levels at 2.6 per cent since June.

While the rental market remains competitive, soaring property prices have pushed rental yields to all time lows.

 

Article Source: www.theurbandeveloper.com

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Brisbane

The Fernery, Brisbane apartments in Ferny Grove, hit 70% sold

The Fernery comprises of 82 luxury apartments at 47 Conavalla Street, Ferny Grove, with a resort-style rooftop recreational deck for residents

The $140 project, Ferny Grove Central, in Brisbane’s north-west has seen 70% of its apartments sold two months after its construction began.

The Fernery comprises of 82 apartments featuring 1, 2 and 3 bedroom apartments in the low rise project.

Some 85% of the buyers come from surrounding suburbs through Colliers since the April launch.

Some 70% of the sales have been to owner-occupiers. For investors, based on an appraisal by local agents, the yield is likely to be circa 5%.

The Fernery

The Fernery 47 Conavalla Street, Ferny Grove QLD 4055 

Apartments prices at The Fernery start from $349,000.

There will be a resort-style rooftop recreational deck with 15-metre pool set among landscaped sub-tropical surrounds.

The Fernery is a joint venture project by Honeycombes Property Group and MaxCap Group.

The Fernery is the residential centrepiece of Ferny Grove Central, the $140 million landmark urban renewal project, which has been almost eight years in the making.

It will transform the northern Brisbane suburb with a new Transit Oriented Development (TOD) which combines apartment living, a major retail centre and an entertainment precinct .

Its construction contract is with builder Broad Construction, a subsidiary of CPB Contractors, part of the ASX-listed CIMIC Group.

Peter Honeycombe is managing director of Honeycombes Property Group, which has over 25 years had more than $1.5 billion in projects that are either completed or under construction.

More than 800 full time jobs are being supported by the development, including about 285 jobs directly tied to the construction project.

Construction of Ferny Grove Central is expected to take 28 months with completion set for late-2023.

The most high-profile example of Honeycombes’ urban redevelopment projects is the award-winning Coorparoo Square, a $252 million urban renewal development completed in 2018.

With property projects at the fore, MaxCap Group has invested more than $10bn across more than 370 loans since inception in 2007.

 

Article Source: www.urban.com.au

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Brisbane

House Prices Still Soaring Despite Lockdowns

House Prices

Home values are still rising at their fastest pace in more than 30 years despite lockdowns in Australia’s two biggest cities and the foot coming off the pedal over the past six months.

They jumped another 1.5 per cent in September, bringing the total increase for the first nine months of the year to 17.6 per cent, according to Corelogic.

Nationally, home values have soared by 20.3 per cent over the past 12 months to a median of $676,848, which is up $8334 from last month.

The annual growth rate is now tracking at its fastest pace since the year ending June 1989.

But while the market conditions remain positive, the monthly growth rate is continuing to lose steam and ease back from its peak of 2.8 per cent in March.

Corelogic research director Tim Lawless said worsening affordability—with increasingly higher barriers to entry for non-homeowners and fewer government incentives—was slowly putting the brakes on growth rates.

“With housing values rising substantially faster than household incomes, raising a deposit has become more challenging for most cohorts of the market, especially first home buyers,” he said.

Lawless said a prime example was Sydney, where the median house value at just over $1.3 million now means the typical buyer needs around $262,300 for a 20 per cent deposit.

“The slowdown in first home buyers can be seen in the lending data, where the number of owner-occupier first home buyer loans has fallen by -20.5 per cent between January and July,” he said.

“Over the same period, the number of first home buyers taking out an investment housing loan has increased, albeit from a low base, by 45%, suggesting more first home buyers are choosing to ‘rent vest’ as a way of getting their foot in the door.”

September house prices: Corelogic

House Prices

Corlelogic’s research indicates the monthly change in house values remains positive across all capital cities with Hobart (2.3 per cent) and Canberra (2 per cent) notching up the largest growth, while Darwin (0.1 per cent) and Perth (0.3 per cent) recorded the softest growth.

Generally, house values are still rising faster than unit values with the exception of Hobart and Darwin, where unit values have risen 5.4 percentage points and 4.8 percentage points more than house values, respectively, during the past 12 months.

Across regional Australia, however, unit values rose faster than house values in the September quarter.

“This is probably a reflection of stronger demand for downsizing options and holiday homes in popular coastal markets,” Lawless said.

AMP Capital chief economist Shane Oliver said ultra-low mortgage rates, an ongoing relatively low level of homes for sale along with a resumption of economic and jobs market recovery once lockdowns end, pointed to further home price increases ahead, albeit at a slowing rate.

“A surge in listings once lockdowns end could act as a bit of a dampener on price growth,” he said. “But this looks to be more of an issue in Melbourne where listings have fallen sharply in recent weeks and where economic uncertainty is greater, but less so in Sydney where listings have already been increasing.”

 

Article Source: www.theurbandeveloper.com

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Brisbane

Inside the two-bedroom Silk Lane apartments in Woolloongabba, home of the 2032 Olympics

Silk Lane

A relaxed sense of luxury fills every space, with tonal finishes and complimentary textures that create a luxurious hotel ambience

Accompanying the rush of global infrastructure investment set to transform Brisbane in the decade leading up to the Olympics, Silk Lane is among the new residential developments in Brisbane to secure a wave of renewed interest.

Comprising 306 one, two and three-bedroom apartments, Silk Lane delivers a luxury living experience that rises amongst Brisbane’s legendary cricket ground, ‘The Gabba’

 

Silk Lane

Delivered by Sarazin, each residence is designed as an urban sanctuary, set high above the buzz of the surrounding precinct.

Silk One takes centre stage among the legendary Brisbane cricket ground, ‘The Gabba’, and boasts stunning views of the Brisbane River, CBD skyline and beyond.

Urban takes a look at two feature floorplans available to discerning buyers.  

1. East No.12 

Silk Lane

The floorplan East No.12 has two bedrooms, one tucked away off the kitchen and dining area, with the master positioned at the front of the apartment off the living space.

That curved bedroom, with its own ensuite, will have full floor-to-ceiling glass windows with views across Brisbane.

The apartment, designed by Nettleton Tribe Architects, features generous living spaces, a balcony, built-in robes, laundry room and study space.

2. West No.8 

Silk Lane

The larger two-bedroom floorplan is West No.8, which comes with two bedrooms, two bathrooms and a multi-purpose room.

West No.8 is a more rectangular apartment and features a unique cube style crown and a lighter colour scheme.

“Living here is living Brisbane,” developer Sarazin say. It’s a rare and inspirational blend of serenity and exhilaration.

City and Gabba views are on offer from the balcony or the communal rooftop areas.

 

Article Source: www.urban.com.au

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