Property + Migration = Momentum
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What impact does migration have on the Australian property market?
It's the Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings.
And welcome to another episode of the Real Estate Breakfast, available on iHeartRadio every morning and also on Spotify and Apple and wherever you get your podcasts from. Friday morning, yes, it's back with us, the 14th day for October, nearly halfway through the month. November will be here before we know it and coming up we are going to be looking at market momentum and migration. But what does that mean? Well, if you've got property plus migration, the net result of that will equal momentum and Rich Harvey is here very shortly.
How have rental prices changed in Sydney recently?
and we're going to be talking about all of that. Well, we know that the rental market is extremely tight, and Domain released its rent report for the September quarter yesterday, and it tells us that Sydney tenants are facing record high house and unit rents as low rental vacancies drive up competition and prices for homes, and house rents jumped $30 a week to a record median of $650 over the September quarter, and new figures also show that unit rents increased $25 to $550. Domain's rent report also showed that rents fell or held steady in some areas, so that's some good news. However, house and unit rents each climbed 4.8% over the quarter and were up 14% and 14.6% respectively over the year.
Now, it's the largest annual increase in unit rents on domain records, which go back to 2004, and it's the largest jump in house rents since 2009.
What was the effect of the international lockdown on migration?
Really not telling us anything we didn't know, but it is great to see those numbers with clarity in terms of exactly what is taking place in the rental market, particularly in Sydney.
Informing you every morning from 6.30, seven days a week on The Real Estate Breakfast. It's the main centre forecast with PRD, selling smarter every day.
All right, on this Friday morning, let's have a look at your weather around Australia. And a bit of a mixed bag in Sydney, probably rain and showers this morning. They say it should be then mostly fine this afternoon or later in the day, 24. is your forecast high in melbourne today a few showers with 18 brisbane a possible shower or two 28 is your forecast high and in perth today mostly blue skies and sunshine with 21.
When can we expect the return of normal migration levels to Australia?
It's your weekday real estate breakfast with news, interviews and predictions every morning on The Real Estate Podcast. Let's Talk Property, a podcast series with Rich Harvey.
And we're looking today at the changing tide of the property market. When markets were rising quickly, a lot of people became absolutely convinced that the increases in property prices would go on and on and up and up. And then as the property market softened, a lot of people believed the downturn was entrenched with no sign of recovery. And we see property buyers holding off their buying decisions and some people with loan pre-approvals are not in a hurry to move. And many are convinced that the market will fall even further. So the question this morning, is there anything on the horizon that is going to shift market momentum? Well, there is, and that is our subject. Migration will have a massive impact on property pricing.
So to help you and to help me understand this dynamic better, We have got Rich Harvey back from his holiday, CEO and founder of propertybuyer.com.au. And welcome back, energised Rich Harvey.
Thanks very much, Craig.
How are current migration numbers affecting housing availability?
Yeah, I had a great break. And actually, all my team said, Rich, you're looking really relaxed and refreshed. I went, yep, you betcha, ready for the last quarter of the year. So I had a great trip away.
Well, it makes it easy too, doesn't it, to get these last three months and then we're into that Christmas New Year. So let's have a look at the international lockdown first with this subject, because the international lockdown was pretty brutal when it was taking place. But just how severe was it on our economy?
Craig, it was actually quite severe. It had a massive impact on Australia's migration.
What challenges does Australia face in attracting skilled migrants?
Not only did Australia lock down, but the world did as well. And that impacted our population significantly.
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Chapters
8 chapters
1
What impact does migration have on the Australian property market?
0:02–0:47
2
How have rental prices changed in Sydney recently?
0:47–1:59
3
What was the effect of the international lockdown on migration?
1:59–2:53
4
When can we expect the return of normal migration levels to Australia?
2:53–4:18
5
How are current migration numbers affecting housing availability?
4:18–4:52
6
What challenges does Australia face in attracting skilled migrants?
4:52–5:49
7
How is the government responding to the migration backlog?
5:49–6:42
8
What are the implications of rising migration for the housing market?
6:42–13:59
Speakers
3 identifiedMore from Aussie Real Estate Podcast
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