Rental price growth at 4-year low

3 months ago 1

Asking rents decline

Exactly what the inflation-fighting central bank would like to see - CoreLogic reported that national rental price growth was only +0.1 per cent in July, the lowest in 4 years.

The Reserve Bank's Andrew Hauser took aim in a speech today at commentator's professing to know with certainty how policy should look, and appeared to hint at a slight bias towards inactivity over the remainder of the year.

SQM Research also released its vacancy rates data, which showed the national vacancy rate remaining very tight at 1.3 per cent.

Perth and Adelaide remain extremely tight, and Brisbane only has a vacancy rate of 1.1 per cent, but overall there has been a modest easing of rental vacancies over recent months.

Indeed, SQM reported a decline of -1 per cent in asking rents over the month.

While this is a seasonally soft time of year for rental demand, and the rental crisis could yet be reignited towards the end of the year, this is the largest monthly decline since the pandemic hit in 2020, as tenants jockey for better deals.

CoreLogic reported that while rents have increased by +40 per cent over the past 5 years, the July increase of +0.1 per cent was the lowest in 4 years.

Construction cost inflation has also declined to a 22-year low, according to CoreLogic.

You can find SQM's full media release here.

Millionaire migration

In other news, the latest millionaire migration figures for 2024 showed the United Kingdom losing wealthier residents internationally, while Australia, Canada, and Singapore tend to be key destinations of choice.

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