Latest news with #AnneFlaherty
News.com.au
an hour ago
- Business
- News.com.au
Houses for auction decrease as winter season emerges
REA Group Senior Economist Anne Flaherty discusses the property market and the auctioning happening this weekend. 'We have seen the number of homes coming up for auction decrease in line with winter,' Ms Flaherty said. 'We are around 10 per cent below the same levels we were seeing this time last year. 'We are still seeing very strong levels of buyer demand."
Daily Telegraph
12 hours ago
- Business
- Daily Telegraph
The 327 Aus postcodes with a median rent of more than $1k a week
It's no secret that Australian tenants are doing it tough, and new data has revealed there are now 327 postcodes across the nation where the median weekly rent is now more than $1000 a week. Across the capital cities, tenants now pay almost $11,000 more than they did five years ago, pushing the median weekly rent for a house to $657 and $585 for units, according to latest PropTrack figures. For those tenants renting in suburbs where the median price is at least $1000 – and in some cases up to $3450 a week – the sky-high rents are reflective of the broader changes experienced across Australia's property market, including general price increases, inflation and shortages in housing supply. Unsurprisingly, many of Australia's most expensive rental suburbs are located in Sydney, with Bellevue Hill, Double Bay and Vaucluse ranking in the top three with weekly rents well above $3000. Another 17 Sydney suburbs have median rents of at least $2000, including in North Bondi, Coogee, Rose Bay and Bronte, while a further 207 NSW localities have median rents over $1000 a week. Queensland followed with 47 locations with median weekly rents over $1000, including Ascot in Brisbane and regional locations including Noosa Heads and Palm Beach. There are also 34 suburbs with median rents of over $1000 recorded for Western Australia, 22 for Victoria and two for the ACT. Meanwhile, Adelaide recorded its first suburb with a median $1000 weekly rent this month. REA Group economist Anne Flaherty said the current growth drivers of rentals across Australia are a lack of supply and surging demand. 'I think it's inevitable that we'll see more $1000 rental suburbs added to the list,' she said. 'It's kind of astonishing, because a lot of the conversations around where rents are sitting are that they couldn't possibly go any higher because people couldn't afford to pay anymore. 'But time and time again, we see that proven wrong and we see more and more suburbs touching the $1000 a week mark.' MORE NEWS Great Aussie dream crushed by cost surge First-home frenzy: Young Aussies locked out Scary reason Aus renters won't move Ms Flaherty said nationally, tenants now pay $10,920 more than they did five years ago. 'They are markets where this figure is even more staggering. In greater Perth, compared to five years ago, people are paying $16,640 more and in Brisbane it's $13,000. Sydney is also $13,000,' she said. 'So what we're seeing (as a result), especially in Sydney, is that the demographic is becoming much older than other states. 'If we look at interstate migration, we see the strongest interstate migration out of NSW into the other states than any other states. So we're seeing more people leaving NSW than coming in and affordability is a big factor there. 'So what we're seeing is that young working people are tending to move to other capital cities, for example Melbourne and Brisbane, where home prices and rents are lower.' Ms Flaherty adds that the only real solution to combat rent costs was building more homes. 'Fundamentally, we need more homes and more rental accommodation,' she said. 'If we can build more homes, then that not just slows down the rate at which home prices grow, but it can also slow the rate at which rents grow.' Meanwhile, a new report provided by property investment advisory, InvestorKit, has revealed the markets under the most pressure based on vacancy rates, supply levels, rental yields, affordability, and long-term demand. MORE NEWS: Where you can buy a house for unit price While rental growth has moderated compared to previous years, regions in Western Australia, South Australia and Queensland continue to lead the country. InvestorKit identified Unley in Adelaide as a standout suburb for future rental growth, with its median house price of $1.4m making renting significantly cheaper than buying, even with anticipated rate cuts. It also highlights Mundaring in Perth, which has seen rents surge 69 per cent over the past four years, combined with persistently low vacancy rates and limited new supply. MORE NEWS Little-known rule could save you $800 Worst celeb tenants exposed 'Unbelievable': Surprise $100k hoarder home find In Brisbane, Loganlea, The Gap, and Wynnum-Manly are tipped to see continued rental growth due to their relative affordability compared to house prices and a lack of new housing supply in these areas. InvestorKit CEO Arjun Paliwal said despite interest rates falling, housing supply was still well below demand, which would keep upward pressure on rents in 2025 and beyond. 'Australia's rental crisis has now entered its fourth year and while there has been some relief, for example, national 'for rent' listings and vacancy rates have improved slightly, both metrics remain significantly below their pre-Covid levels,' Mr Paliwal said. 'This is not a temporary issue. It is a chronic condition driven by long-standing structural problems: a sustained lack of private rental supply, limited diversity in rental options, insufficient social housing, and an ongoing shortfall in new housing supply that cannot be quickly resolved.'
News.com.au
3 days ago
- Business
- News.com.au
Housing market seeing ‘dip' in homes for sale as buyer demand stays strong
REA Group Senior Economist Anne Flaherty discusses the 'dip' Australia is currently experiencing in the number of houses for sale compared to the market in 2024. 'We have seen a bit of a dip in the number of homes coming up for sale … if we compare this year to last year, we are actually down around nine per cent,' Ms Flaherty said. 'Buyer demand is still showing very strong. 'The total number of people looking is very high.'
News.com.au
09-06-2025
- Business
- News.com.au
Rents down across greater Townsville
In good news for tenants, rents dropped or remained stable across half of the Townsville region in the May quarter, while the majority of increases were sitting below 6 per cent. The latest PropTrack data showed in the past three months Greater Townsville house rents were down across nine suburbs, stable across a further six and up across 15. In the unit market, rents were down in three suburbs, stable in seven and up in seven. The biggest drop was in the North Ward house market where the median rent fell 8 per cent in the May quarter to sit at $388 per week. Next was the Aitkenvale unit market where the average rent dropped 5 per cent in the past three months to $380, followed by the house market in Douglas with rents down 4 per cent to a median of $530. The largest increase was in the West End unit market where the median rent was up 8 per cent since February to $388, followed by the Rosslea unit market, up 5 per cent to a median of $400, and the Townsville City unit market, up 5 per cent to a median of $550. REA Group economist Anne Flaherty said investor activity in Townsville may have helped stabilise the local rental market. 'Townsville has seen a surge in investor interest and I think it's one of the things that has increased the total number of rental properties in Townsville,' she said. 'We do know if you see a surge in investor activity it can slow down rent growth.' Real Estate Institute Queensland data from the March quarter showed the vacancy rate in Townsville was sitting at 1 per cent, down from 1.2 per cent in the December 2024 quarter and in line with the September 2024 quarter figure. REIQ CEO, Antonia Mercorella said low vacancy rates such as the 1 per cent in Townsville were concerning. 'The REIQ classifies a 'healthy' vacancy rate as between 2.6-3.5 per cent to sustain a stable rental market that caters to population growth and natural housing mobility,' Ms Mercorella said. 'The state wide vacancy rate remains tight at 0.9 per cent as of the March 2025 quarter, but has hovered around a critically low 1 per cent since December 2023. 'In many parts of the state, vacancy rates are even lower, indicating persistent pressure on supply and ongoing rental stress.' The PropTrack data showed in Queensland, rent prices decreased in 218 house or unit markets, and remained stable in a further 274 suburbs across the May quarter. Ms Flaherty said she was surprised to see 35 per cent of Queensland record rent decreases. 'It's good to see … a bit of stabilisation in rents,' she said. 'We have seen a significant slowdown in the pace of rental growth and some rents even moving backwards is good news for renters. 'The levels that rents were previously increasing were very challenging for a lot of households and well out of the ordinary. 'To now be in a situation where rent growth is in line with the historical average levels is a good thing.' Ms Mercorella said rent decreases and stabilisation across Queensland suggested the market may have reached an affordability ceiling, prompting both lessors and tenants to recalibrate. 'Lessors are increasingly aware that each week a rental property sits vacant, it comes at a cost, and many are making pragmatic decisions around pricing to secure consistent, sustainable long-term tenancies,' she said. 'Property managers are reporting more subdued letting activity, longer days on market, and lessors being more careful with tenant selection. At the same time, tenants are staying put for longer where they can, recognising the value and stability of renewing existing leases in an uncertain market.' TOWNSVILLE'S BIGGEST RENT DECREASES, MAY 2025 QUARTER Property type Suburb Rent_May_2025 Rent_Feb_2025 QoQ House North Ward $600 $650 -8% Unit Aitkenvale $380 $400 -5% House Douglas $530 $550 -4% House West End $535 $550 -3% House Charters Towers City $370 $380 -3% House Ingham $370 $380 -3% House Mundingburra $540 $550 -2% House Cosgrove $560 $570 -2% Unit Kirwan $385 $390 -1% House Oonoonba $490 $495 -1% TOWNSVILLE'S BIGGEST RENT INCREASES, MAY 2025 QUARTER Property type Suburb Rent_May_2025 Rent_Feb_2025 QoQ Unit West End $388 $360 8% Unit Rosslea $400 $380 5% Unit Townsville City $550 $525 5% House Condon $490 $470 4% House Ayr $375 $360 4% Unit Ingham $295 $285 4% Unit Idalia $460 $450 2% House Gulliver $480 $470 2% House Rasmussen $480 $470 2% House Heatley $480 $470 2%
News.com.au
09-06-2025
- Business
- News.com.au
Rental prices drop across one third of Sydney suburbs
Rents have fallen or frozen in more than a third of Sydney's suburbs over the past year in breakthrough signs of the rental crisis easing. Latest rental data from PropTrack has showed median rental prices have dropped or stayed stagnant across over 250 Sydney locales. Falls in average rents were as high as $350 a week in some areas. It's a notable change from the period between 2022 and 2024, when rampant hikes in rent were the norm across nearly every suburb – driven by post-Covid international boarders reopening, soaring migration, tight rental vacancies and high interest rates. The recent shift will be welcome news for renters considering almost half of NSW tenants polled in a recent Residential Audience Pulse survey by said they're experiencing financial difficulty due to high rents. Wild number of Aussie millionaires revealed Suburbs with some of the biggest rental decreases over the past year included Woollahra, Bondi Junction, Forest Lodge, Kensington, Beaconsfield, Peakhurst and Matraville, with rents in these areas falling $100-$350 a week. There was multitude of other suburbs where the fall in rents was about $50 a week, which would save tenants about $2600 a year. Much of that decline occurred over the last three months, coinciding with moves by the Reserve Bank to cut interest rates. PropTrack economist Anne Flaherty said it was a positive change for Sydney tenants who faced the highest levels of rent across the country. 'It's really good news for renters,' she said. 'The level we saw rent rises, particularly over 2023 as really extremely high and for a lot of renters it was that fear every time that negotiation time came around we were seeing some big jumps.' 'The fact that we have seen the rate of growth slowed to what's hopefully a more sustainable level it's given more people to plan ahead.' Many of the suburbs that were falling were areas with a lot of apartment stock or the higher end of the market, she added. Rate drops had seen an increase in investor activity in NSW, which of 19 per cent over the 12 months to March, could be contributing to the drops. 'Although increased investor activity isn't great news for first home buyers, it can be a good thing in that it increases the supply of rental properties coming up for rent and can slow the rate of growth and provide a bit more supply and choice out there for renters.' This trend could continue later in the year as more first home buyers transition from renting with first homebuyer schemes coming into affect and more potential rate drops come into fruition. Regional NSW was not seeing the same levels of relief as Greater Sydney. 'I think because of that affordability piece, we do see a high portion of people leave greater Sydney and move to regional NSW.' Louis Christopher, Managing Director of SQM Research noted that the rental market remains tight in many areas. 'Landlords appeared to have reduced their rental expectations somewhat and the overall rate of rental growth has slowed since 2024 … yet the rental crisis does remain with us.'
