Domain's June Quarter Rent Report has revealed prices are 'moving in the right direction,' as easing migration and government programs begin to free up more homes.
Domain 's June Quarter Rent Report has revealed prices are"moving in the right direction," as easing migration and government programs begin to free up more homes.
Rent prices in major cities are either"declining, increasing at a slower pace, or stopping rising altogether," the report said, adding the trend is expected to continue into the new financial year. Domain found vacancy rates in Sydney, Melbourne, Brisbane, and Canberra were sitting at a six-month high, Hobart a nine-month high and Perth and Adelaide the highest in two years.
Speaking to Skynews.com.au, Ms Powell acknowledged falling migration would play a role, but cautioned against"drastic" cuts similar to those proposed by opposition leader Peter Dutton.The report warns"misalignment" between demand and supply is still a concern, with vacancy rates still sitting under two per cent and asking rents at record levels in capitals except Hobart for homes, as well as Canberra and Darwin for units.
Despite this, she expressed scepticism over the Albanese government's target of 1.2 million homes, highlighting Australia had"never" managed to build the number of homes per year which would be required to meet the goal."If history is anything to go by, Australia has never been able to make that, ever."
Mixed use developments, a type of medium density zone which incorporates shops and recreational areas, provide a mid point in the market, offering prospective buyers smaller, more affordable homes that are a step up from apartments but below more traditional suburban houses.
Rental Prices Commonwealth Rent Assistance Migration Perth Peter Dutton Housing Melbourne Hobart Stamp Duty Mixed Use Developments Nicola Powell Housing Affordability Darwin Albanese Government Brisbane Housing Supply Canberra Build To Rent Domain Sydney
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