04 August 2022
Big four banks all pass on interest rate hikes to mortgage holders
By Daniel Jeffrey
All of Australia's big four banks have moved to pass on the official interest rate increase to customers.
Westpac and NAB announced they will both join the Commonwealth Bank and ANZ in passing on the Reserve Bank of Australia's newest cash rate rise.
Those with home loans will face an increase of 0.5 per cent on their variable interest rates, the full amount announced by the RBA on Tuesday.
It will also increase the interest rates on select savings products.
CommBank was the first to announce the change, followed by ANZ.
Both of those institutions' changes will come into effect August 12, as will NAB's, while Westpac customers will see a shift on August 18.
https://www.9news.com.au/national/australia-interest-rates-big-four-banks-cash-rate-hike-mortgage-cba-anz-nab-westpac/ef01e1d3-01c8-4e7a-aebc-163c3b4573a1
All of Australia's big four banks have moved to pass on the official interest rate increase to customers.
Westpac and NAB announced they will both join the Commonwealth Bank and ANZ in passing on the Reserve Bank of Australia's newest cash rate rise.
Those with home loans will face an increase of 0.5 per cent on their variable interest rates, the full amount announced by the RBA on Tuesday.
It will also increase the interest rates on select savings products.
CommBank was the first to announce the change, followed by ANZ.
Both of those institutions' changes will come into effect August 12, as will NAB's, while Westpac customers will see a shift on August 18.
https://www.9news.com.au/national/australia-interest-rates-big-four-banks-cash-rate-hike-mortgage-cba-anz-nab-westpac/ef01e1d3-01c8-4e7a-aebc-163c3b4573a1
03 August 2022
Get Ready, in 2023 Electronic Land Book Starts to be Implemented
Author: Muhdany Yusuf Laksono
JAKARTA, KOMPAS.com - The Ministry of ATR/BPN has a plan to transform land services from conventional to digital-based.
The Head of the Center for Land Data and Information, Spatial Planning, LP2B (Pusdatin), I Ketut Gede Ary Sucaya explained, the digital transformation roadmap of the Ministry of ATR/BPN.
"First, we at Pusdatin will strengthen the digital literacy of implementers to be more aware. Then increase the complexity of services, to realize an electronic land book," he said, quoted from the Ministry of ATR/BPN website, Wednesday (03/08/2022).
Then in 2023, less paper is planned. Thus, the land book is already electronic-based with an electronic signature as well.
"Then, in 2024 if possible we will be paperless. And in 2025 we will have implemented blockchain, smart contracts, full monetization and finally we are in a digital society," said Ketut Ary Sucaya.
Secretary General of the Ministry of ATR/BPN Himawan Arief Soegoto said his party had started the transformation. One of them is digitizing land documents and certificates.
The benefits of digitalization have been directly felt by the Ministry of ATR/BPN with the high number of transactions that occur.
"The process of services or transactions from Mortgages alone this semester has reached more than Rp 460 trillion," said Himawan Arief Soegoto.
Meanwhile, the Director General of Determination of Rights and Land Registration, Suyus Windayana, said that currently around 50 percent of land services are carried out digitally.
With this amount alone, it has had a positive impact on the Ministry of ATR/BPN's Non-Tax State Revenue (PNBP).
"I hope that next year 80 percent of services can be done electronically. That way we will not encounter problems like before," concluded Suyus.
https://www.kompas.com/properti/read/2022/08/03/193000821/siap-siap-tahun-2023-buku-tanah-elektronik-mulai-diterapkan
23 July 2022
Secondary House Prices in Medan are More Expensive than Jakarta
Jakarta, CNBC Indonesia - It is said that young people are increasingly finding it difficult to own a house, so it is not surprising that many decide to choose a used house over a new house. The changes in the price of used houses are largely influenced by the amount of demand and supply of properties available in the market.
Based on data from Rumah123.com, entering the beginning of the second semester of 2022, it was recorded that the price of used houses in Indonesia rose slightly by 0.6% compared to the previous month. On the supply side, there was a growth of 2.4% month-on-month.
However, if the annual housing supply trend is seen in comparison to years, it shows a significant increase of up to 22.3%.
In July 2022, the highest annual used house price increase was recorded not from the Greater Jakarta area or other areas on the island of Java, but in Medan. Price growth of 11.2% puts Medan as the city with the fastest price increase on a yearly basis.
The CEO of 99 Group Indonesia, Wasudewan, said the skyrocketing residential supply growth occurred for various types of properties, including secondary houses.
"Along with the recovery in demand for the property market in the country, of course we also need to maintain supply can grow at the same rate, so that consumer needs can be met. database and in-depth research strength from our team," explained Wasudewan in an official statement, Saturday (23/7/2022).
For comparison of the trend of used house prices seen between months, Surakarta occupies the first position nationally with an increase of 2.1%.
A positive trend was also seen in the Greater Jakarta area, with Jakarta, Tangerang, Depok, Bogor, and Bekasi experiencing price increases of 0.1%, 0.5%, 1.3%, 1.7%, and 1.0% respectively. consecutively this month.
For other big cities on the island of Java, on a month-on-month basis, house prices in Bandung, Surabaya, and Semarang grew 0.8%, 0.2% and 0.4% respectively, while house prices in Yogyakarta fell by 1.3%.
Switching to big cities outside Java, namely Denpasar and Makassar, prices decreased by 5.1%, and 1.8% in June 2022 compared to May 2022.
https://www.cnbcindonesia.com/market/20220723111901-17-357928/harga-rumah-seken-di-medan-more-mahal-dari-jakarta
Based on data from Rumah123.com, entering the beginning of the second semester of 2022, it was recorded that the price of used houses in Indonesia rose slightly by 0.6% compared to the previous month. On the supply side, there was a growth of 2.4% month-on-month.
However, if the annual housing supply trend is seen in comparison to years, it shows a significant increase of up to 22.3%.
In July 2022, the highest annual used house price increase was recorded not from the Greater Jakarta area or other areas on the island of Java, but in Medan. Price growth of 11.2% puts Medan as the city with the fastest price increase on a yearly basis.
The CEO of 99 Group Indonesia, Wasudewan, said the skyrocketing residential supply growth occurred for various types of properties, including secondary houses.
"Along with the recovery in demand for the property market in the country, of course we also need to maintain supply can grow at the same rate, so that consumer needs can be met. database and in-depth research strength from our team," explained Wasudewan in an official statement, Saturday (23/7/2022).
For comparison of the trend of used house prices seen between months, Surakarta occupies the first position nationally with an increase of 2.1%.
A positive trend was also seen in the Greater Jakarta area, with Jakarta, Tangerang, Depok, Bogor, and Bekasi experiencing price increases of 0.1%, 0.5%, 1.3%, 1.7%, and 1.0% respectively. consecutively this month.
For other big cities on the island of Java, on a month-on-month basis, house prices in Bandung, Surabaya, and Semarang grew 0.8%, 0.2% and 0.4% respectively, while house prices in Yogyakarta fell by 1.3%.
Switching to big cities outside Java, namely Denpasar and Makassar, prices decreased by 5.1%, and 1.8% in June 2022 compared to May 2022.
https://www.cnbcindonesia.com/market/20220723111901-17-357928/harga-rumah-seken-di-medan-more-mahal-dari-jakarta
12 July 2022
Hit by Recession Issues, Australian Dollar Drops to IDR 10,000!
Jakarta, CNBC Indonesia - The Australian Dollar exchange rate fell against the rupiah earlier this week and continued on Tuesday (12/7/2022) morning trading. The Australian dollar is now back in the range of IDR 10,000/AU$.
According to data from Refinitiv, the Australian dollar this morning fell 0.25% to Rp 10,049/AU$ in the spot market, while yesterday it fell 1.9%.
Some areas of China that are back in lockdown are making the Australian dollar. China is Australia's main export market, so this policy could result in a decline in demand.
Several cities in China did so because of the occurrence of the Corona virus (Coronavirus Disease-2019/Covid-19). Restrictions from business shutdowns to lockdowns with the aim of controlling new infections.
Plus the Shanghai commercial center is preparing to carry out another mass test after detecting the BA.5 Omicron sub-variant.
China's return to lockdown has made the outlook for the Australian economy even more bleak, and the risk of a recession getting bigger.
Australia is one of the countries that is expected to suffer as a result of rising inflation, as well as the policy of its central bank (Reserve Bank of Australia/RBA) which raises interest rates.
"Many central banks today have essentially singled out mandates, namely lowering inflation. Policy credibility is a very valuable asset that should not be lost, so the central bank will increase interest rates," said Rob Subbraman, Nomura's chief economist at a Street event. Sign Asia CNBC International, Tuesday (5/7/2022).
Subbraman projects that in the next 12 months the euro zone, Britain, Japan, Australia, Canada and South Korea will also experience a recession.
"Aggressive rate hikes mean we're seeing a front loading policy. In the past few months we've seen the risk of a recession, and now some developed countries are actually falling into recession," Subbraman added.
The RBA under Philip Lowe's monetary policy announcement today raised interest rates by 50 basis points to 1.35%.
Thus, the RBA has raised interest rates for 3 months in a row, and is at the highest point since May 2019, or before the coronavirus disease (Covid-19) pandemic.
When interest rates rise, the business world will restrain its expansion due to higher lending rates, as well as people who delay consumption. This will have an impact on the economic slowdown, up to a recession.
Diana Mousina, senior economist at AMP Australia also said an increase in interest rates will have an impact on housing prices, consumer spending and housing investment which can suppress consumer confidence levels.
As a result, the risk of a recession is getting bigger.
https://www.cnbcindonesia.com/market/20220712100630-17-354866/dihantam-isu-resesi-dolar-australia-jeblok-ke-rp-10000
According to data from Refinitiv, the Australian dollar this morning fell 0.25% to Rp 10,049/AU$ in the spot market, while yesterday it fell 1.9%.
Some areas of China that are back in lockdown are making the Australian dollar. China is Australia's main export market, so this policy could result in a decline in demand.
Several cities in China did so because of the occurrence of the Corona virus (Coronavirus Disease-2019/Covid-19). Restrictions from business shutdowns to lockdowns with the aim of controlling new infections.
Plus the Shanghai commercial center is preparing to carry out another mass test after detecting the BA.5 Omicron sub-variant.
China's return to lockdown has made the outlook for the Australian economy even more bleak, and the risk of a recession getting bigger.
Australia is one of the countries that is expected to suffer as a result of rising inflation, as well as the policy of its central bank (Reserve Bank of Australia/RBA) which raises interest rates.
"Many central banks today have essentially singled out mandates, namely lowering inflation. Policy credibility is a very valuable asset that should not be lost, so the central bank will increase interest rates," said Rob Subbraman, Nomura's chief economist at a Street event. Sign Asia CNBC International, Tuesday (5/7/2022).
Subbraman projects that in the next 12 months the euro zone, Britain, Japan, Australia, Canada and South Korea will also experience a recession.
"Aggressive rate hikes mean we're seeing a front loading policy. In the past few months we've seen the risk of a recession, and now some developed countries are actually falling into recession," Subbraman added.
The RBA under Philip Lowe's monetary policy announcement today raised interest rates by 50 basis points to 1.35%.
Thus, the RBA has raised interest rates for 3 months in a row, and is at the highest point since May 2019, or before the coronavirus disease (Covid-19) pandemic.
When interest rates rise, the business world will restrain its expansion due to higher lending rates, as well as people who delay consumption. This will have an impact on the economic slowdown, up to a recession.
Diana Mousina, senior economist at AMP Australia also said an increase in interest rates will have an impact on housing prices, consumer spending and housing investment which can suppress consumer confidence levels.
As a result, the risk of a recession is getting bigger.
https://www.cnbcindonesia.com/market/20220712100630-17-354866/dihantam-isu-resesi-dolar-australia-jeblok-ke-rp-10000
28 June 2022
More than one in five Aussie homes sold for million or more in the year to March
By Serena Seyfort
A record high number of Australians spent at least million on buying a home in the past year, according to new data.
A staggering 23.8 per cent of the 596,733 residences sold across Australia in the year to March went for million or more, according to CoreLogic's annual Million Dollar Markets report.
There were also almost 20 per cent more homes sold in the year compared to the 497,923 sales recorded in the previous year.
CoreLogic Research Analyst Kaytlin Ezzy said Australia's bullish economic and property performance during latter part of 2021 had led to a record result number of sales and proportion of million-dollar sales.
"High consumer sentiment, tight advertised supply, and low interest rates fuelled strong home value growth throughout 2021, resulting in a new record high annual growth rate of 22.4 per cent over the 12 months to January," she said.
Sydney suburbs made up 26.3 per cent of the new million-dollar markets, with the city's median residence value having sat above million since May 2021.
More than half of all Sydney sales over the 12 months to May transaction went for above million.
However, with national house values beginning to fall in May due to high inflation and rising interest rates, Ezzy said some of the houses that just reached the million-dollar mark would likely fall below million in value in coming months.
"As the market moves towards the downward phase of the cycle it's likely a number of the recent entrants to the million-dollar list will see their median values decline below the million mark."
https://www.9news.com.au/national/more-than-one-in-five-aussie-homes-sold-for-1-million-or-more-in-the-year-to-march/eeedab8f-e1d5-467a-9332-610f0ce723e1
A record high number of Australians spent at least million on buying a home in the past year, according to new data.
A staggering 23.8 per cent of the 596,733 residences sold across Australia in the year to March went for million or more, according to CoreLogic's annual Million Dollar Markets report.
There were also almost 20 per cent more homes sold in the year compared to the 497,923 sales recorded in the previous year.
CoreLogic Research Analyst Kaytlin Ezzy said Australia's bullish economic and property performance during latter part of 2021 had led to a record result number of sales and proportion of million-dollar sales.
"High consumer sentiment, tight advertised supply, and low interest rates fuelled strong home value growth throughout 2021, resulting in a new record high annual growth rate of 22.4 per cent over the 12 months to January," she said.
Sydney suburbs made up 26.3 per cent of the new million-dollar markets, with the city's median residence value having sat above million since May 2021.
More than half of all Sydney sales over the 12 months to May transaction went for above million.
However, with national house values beginning to fall in May due to high inflation and rising interest rates, Ezzy said some of the houses that just reached the million-dollar mark would likely fall below million in value in coming months.
"As the market moves towards the downward phase of the cycle it's likely a number of the recent entrants to the million-dollar list will see their median values decline below the million mark."
https://www.9news.com.au/national/more-than-one-in-five-aussie-homes-sold-for-1-million-or-more-in-the-year-to-march/eeedab8f-e1d5-467a-9332-610f0ce723e1
23 June 2022
Melbourne Airport's busiest period in more than two years to begin tomorrow
By Serena Seyfort
Melbourne Airport staff are preparing for the airport's busiest period in more than two years, with the winter school holidays set to begin tomorrow.
More than 2.1 million passengers are expected to pass through Melbourne Airport between Friday and July 17, marking an increase on the 1.7 million passengers who travelled through the airport during the three-week Easter holiday period.
Melbourne Airport CEO Lorie Argus said airport management had been working to put extra support into the system ahead of the busy time.
"We've been preparing for school holidays for some weeks now," she said.
However, Argus said there were still staff shortages at the airport, as was the case around the world.
She said passengers should leave plenty of time to be processed at the airport, but also warned against them arriving too early.
"We encourage people to allow time to get to the airport, check in and go through security, as there may be queues, particularly at peak travel times.
"Equally, we'd ask people don't arrive too early, because some airlines don't open check-in until two hours before a domestic departure and threes hours prior to an international flight."
Argus said people arriving too early for flights just created congestion at already busy times.
She said passengers on domestic flights should arrive one to two hours before their flight and those on international flights should arrive two to three hours beforehand.
In response to questions about an increase of bags being lost in transit in recent months, Argus said passengers should be prepared to live without their luggage for short period of time.
She said measures to improve congestion at the airport in coming weeks had involved scheduling busier flights at the closest gates, increased shift coverage at security screening points, extra technicians around for infrastructure issues and extra cleaning services.
While Melbourne Airport is set to be busy in the coming weeks, Argus said the airport was still only at 80 per cent of its capacity when both domestic and international flights were taken into consideration.
Of the 2.1 million people who will use Melbourne Airport in coming weeks, 1.6 million will be travelling domestically, with just 447,000 taking international trips.
https://www.9news.com.au/national/melbourne-airports-busiest-period-in-more-than-two-years-to-begin-tomorrow/aad18872-457f-470b-a8f8-ed319ed54d5e
Melbourne Airport staff are preparing for the airport's busiest period in more than two years, with the winter school holidays set to begin tomorrow.
More than 2.1 million passengers are expected to pass through Melbourne Airport between Friday and July 17, marking an increase on the 1.7 million passengers who travelled through the airport during the three-week Easter holiday period.
Melbourne Airport CEO Lorie Argus said airport management had been working to put extra support into the system ahead of the busy time.
"We've been preparing for school holidays for some weeks now," she said.
However, Argus said there were still staff shortages at the airport, as was the case around the world.
She said passengers should leave plenty of time to be processed at the airport, but also warned against them arriving too early.
"We encourage people to allow time to get to the airport, check in and go through security, as there may be queues, particularly at peak travel times.
"Equally, we'd ask people don't arrive too early, because some airlines don't open check-in until two hours before a domestic departure and threes hours prior to an international flight."
Argus said people arriving too early for flights just created congestion at already busy times.
She said passengers on domestic flights should arrive one to two hours before their flight and those on international flights should arrive two to three hours beforehand.
In response to questions about an increase of bags being lost in transit in recent months, Argus said passengers should be prepared to live without their luggage for short period of time.
She said measures to improve congestion at the airport in coming weeks had involved scheduling busier flights at the closest gates, increased shift coverage at security screening points, extra technicians around for infrastructure issues and extra cleaning services.
While Melbourne Airport is set to be busy in the coming weeks, Argus said the airport was still only at 80 per cent of its capacity when both domestic and international flights were taken into consideration.
Of the 2.1 million people who will use Melbourne Airport in coming weeks, 1.6 million will be travelling domestically, with just 447,000 taking international trips.
https://www.9news.com.au/national/melbourne-airports-busiest-period-in-more-than-two-years-to-begin-tomorrow/aad18872-457f-470b-a8f8-ed319ed54d5e
22 May 2022
Australian voters deliver strong message on climate, ending conservative government's 9-year rule
By: Hilary Whiteman
Brisbane, Australia (CNN) Australian voters have delivered a sharp rebuke to the center-right government, ending nine years of conservative rule, in favor of the center-left opposition that promised stronger action on climate change.
Australian Labor Party leader Anthony Albanese claimed victory Saturday, though it was unclear as counting continued if his party would have the 76 seats required to form a majority.
Early counting showed a strong swing towards Greens candidates and Independents who demanded emissions cuts far above the commitments made by the ruling conservative coalition.
Amanda McKenzie, CEO of the research group the Climate Council, declared climate action the winner of the vote.
"Millions of Australians have put climate first. Now, it's time for a radical reset on how this great nation of ours acts upon the climate challenge," she said in a statement.
Other than climate, this election focused on the character of the leaders. Incumbent Scott Morrison. was deeply unpopular with voters and seemed to acknowledge as much when he admitted during the last week of the campaign that he had been a "bit of a bulldozer." He was referring to making hard decisions during the pandemic and severing a submarine deal with France, but it reflected claims about his leadership style as being more authoritarian than collaborative.
Speaking to his supporters late Saturday night, Morrison said he had called Albanese and congratulated him on his election victory. "I've always believed in Australians and their judgment, and I've always been prepared to accept their verdict," he said.
Just before midnight, Albanese walked out to to cheers from his supporters and said he would seek to unite the nation. "I will work every day to bring Australians together. And I will lead a government worthy of the people of Australia."
He added: "I can promise all Australians this no matter how you voted today, the government I lead will respect every one of you every day."
https://edition.cnn.com/2022/05/21/australia/australia-election-results-morrison-albanese-intl-hnk/index.html
09 May 2022
PPKM All Indonesia Ends Today
Jakarta, CNN Indonesia -- The implementation of Community Activity Restrictions (PPKM) based on levels to deal with the corona virus (Covid-19) pandemic both in the Java-Bali and outside Java-Bali areas ends today, Monday (9/5).
The previous PPKM Java-Bali was valid for three weeks or started last April 19, while PPKM in areas outside Java-Bali which only started on April 26 and is valid for two weeks until May 9, 2022.
In the Java-Bali PPKM three weeks ago, no area was included in the level four PPKM category. There are only 2 regencies/cities at level three, level two areas totaling 97 regencies/cities, and level one regions totaling 29 regencies/cities.
Meanwhile, in PPKM outside Java-Bali which took effect two weeks ago, the number of regions at level 1 increased from the previous 84 regions to 131 regions. Meanwhile, the number of regions at level 2 from the previous 259 regions fell to 216 regions.
A similar decrease in level occurred in PPKM Level 3 areas from the previous 43 regions to 39 regions. The government also noted that there were no regions outside Java-Bali that had entered PPKM level 4 in recent weeks.
Meanwhile, based on data compiled from the government's daily report, there has been a downward trend in positive confirmed cases of Covid-19 and cases of Covid-19 deaths in the last three weeks. The decline also occurred until D+7 Eid al-Fitr 1433 H.
It was recorded that during the April 18-24 period, the cumulative number of confirmed Covid-19 cases in a week was 4,277 cases. Meanwhile, in the period from April 25 to May 1, the weekly addition of Covid-19 cases decreased to 2,890 cases. And it decreased again in the third week or the period of May 2-8 to 1,391 cases.
A similar decline occurred in the number of deaths due to Covid-19. During the 18-24 April period, the cumulative number of Covid-19 deaths in Indonesia was 234. Then in the period from April 25 to May 1, weekly cases of deaths decreased to 173 cases, and fell again on May 2-8 with 108 cases.
https://www.cnnindonesia.com/nasional/20220509071318-20-794350/ppkm-seluruh-indonesia-berakhir-hari-ini/amp#origin=https%3A%2F%2Fwww.google.com&prerenderSize=1&visibilityState=visible&paddingTop=32&p2r=0&csi=1&aoh=16520734527938&viewerUrl=https%3A%2F%2Fwww.google.com%2Famp%2Fs%2Fwww.cnnindonesia.com%2Fnasional%2F20220509071318-20-794350%2Fppkm-seluruh-indonesia-berakhir-hari-ini%2Famp&history=1&storage=1&cid=1&cap=navigateTo%2Ccid%2CfullReplaceHistory%2Ceducation%2Cfragment%2CreplaceUrl%2CiframeScroll
The previous PPKM Java-Bali was valid for three weeks or started last April 19, while PPKM in areas outside Java-Bali which only started on April 26 and is valid for two weeks until May 9, 2022.
In the Java-Bali PPKM three weeks ago, no area was included in the level four PPKM category. There are only 2 regencies/cities at level three, level two areas totaling 97 regencies/cities, and level one regions totaling 29 regencies/cities.
Meanwhile, in PPKM outside Java-Bali which took effect two weeks ago, the number of regions at level 1 increased from the previous 84 regions to 131 regions. Meanwhile, the number of regions at level 2 from the previous 259 regions fell to 216 regions.
A similar decrease in level occurred in PPKM Level 3 areas from the previous 43 regions to 39 regions. The government also noted that there were no regions outside Java-Bali that had entered PPKM level 4 in recent weeks.
Meanwhile, based on data compiled from the government's daily report, there has been a downward trend in positive confirmed cases of Covid-19 and cases of Covid-19 deaths in the last three weeks. The decline also occurred until D+7 Eid al-Fitr 1433 H.
It was recorded that during the April 18-24 period, the cumulative number of confirmed Covid-19 cases in a week was 4,277 cases. Meanwhile, in the period from April 25 to May 1, the weekly addition of Covid-19 cases decreased to 2,890 cases. And it decreased again in the third week or the period of May 2-8 to 1,391 cases.
A similar decline occurred in the number of deaths due to Covid-19. During the 18-24 April period, the cumulative number of Covid-19 deaths in Indonesia was 234. Then in the period from April 25 to May 1, weekly cases of deaths decreased to 173 cases, and fell again on May 2-8 with 108 cases.
https://www.cnnindonesia.com/nasional/20220509071318-20-794350/ppkm-seluruh-indonesia-berakhir-hari-ini/amp#origin=https%3A%2F%2Fwww.google.com&prerenderSize=1&visibilityState=visible&paddingTop=32&p2r=0&csi=1&aoh=16520734527938&viewerUrl=https%3A%2F%2Fwww.google.com%2Famp%2Fs%2Fwww.cnnindonesia.com%2Fnasional%2F20220509071318-20-794350%2Fppkm-seluruh-indonesia-berakhir-hari-ini%2Famp&history=1&storage=1&cid=1&cap=navigateTo%2Ccid%2CfullReplaceHistory%2Ceducation%2Cfragment%2CreplaceUrl%2CiframeScroll
04 May 2022
‘Hunger Games situation’: Rental vacancies at record lows as tenants do it tough
Written by: Melissa Heagney
Tenants are facing tough competition for a rental across the country, with Australia’s vacancy rate remaining at an all-time low in April, new data shows, as rents rise at the same time.
The national vacancy rate remained at 1 per cent after reaching the record low in March, Domain’s latest Rental Vacancy Report revealed.
It is down by almost a percentage point since April last year, when tenants were kept out of the Australian rental market due to COVID-19 border closures.
But property managers, including those in Sydney and Melbourne, say the market has changed from “night to day” this year, as demand is added from international students returning to school and local workers returning to the office.
Sydney recorded its lowest ever vacancy rate of 1.4 per cent, down by almost half since April last year, while Melbourne’s beleaguered rental market also showed further signs of improvement with the rate falling to 1.7 per cent, down from a massive 4 per over the same time period.
Other capitals saw vacancy rates rise marginally or remain steady in April, still proving incredibly difficult for prospective tenants.
Adelaide’s 0.3 per cent was the tightest vacancy rate in the country, while Hobart’s 0.4 per cent and Darwin’s 0.5 per cent were also tight. Perth sat at 0.6 per cent and Brisbane and Canberra recorded a 0.7 per cent vacancy rate over the month.
https://www.domain.com.au/news/hunger-games-situation-rental-vacancies-at-record-lows-as-tenants-do-it-tough-2-1135945/
Tenants are facing tough competition for a rental across the country, with Australia’s vacancy rate remaining at an all-time low in April, new data shows, as rents rise at the same time.
The national vacancy rate remained at 1 per cent after reaching the record low in March, Domain’s latest Rental Vacancy Report revealed.
It is down by almost a percentage point since April last year, when tenants were kept out of the Australian rental market due to COVID-19 border closures.
But property managers, including those in Sydney and Melbourne, say the market has changed from “night to day” this year, as demand is added from international students returning to school and local workers returning to the office.
Sydney recorded its lowest ever vacancy rate of 1.4 per cent, down by almost half since April last year, while Melbourne’s beleaguered rental market also showed further signs of improvement with the rate falling to 1.7 per cent, down from a massive 4 per over the same time period.
Other capitals saw vacancy rates rise marginally or remain steady in April, still proving incredibly difficult for prospective tenants.
Adelaide’s 0.3 per cent was the tightest vacancy rate in the country, while Hobart’s 0.4 per cent and Darwin’s 0.5 per cent were also tight. Perth sat at 0.6 per cent and Brisbane and Canberra recorded a 0.7 per cent vacancy rate over the month.
https://www.domain.com.au/news/hunger-games-situation-rental-vacancies-at-record-lows-as-tenants-do-it-tough-2-1135945/