- Dwelling purchase values rose 11.2% over the last 12 months.
- Rental prices increased 9.5% over the last 12 months.
- National rental vacancy fell from 2.2% to 1.2% in June 2022 from June 2021.
Many Aussies are currently facing a catch-22 situation in Australia?s red hot property market; whether to rent amid record high rental prices, or buy, knowing interest rates are going to continue rising.
Property purchase values are up 11.2% over the last 12 months and rental prices continue to rise, up 9.5% over the year, according to CoreLogic.
In the second quarter, Adelaide recorded the tightest rental market with just a vacancy rate of just 0.3% for houses and units in June.
Adelaide also recorded the strongest annual growth in rental prices, up 3.9% for units and 4.4% for houses over the three months to June 2022.
Melbourne on the other hand replaced Adelaide as Australia?s most affordable house rental market with the average house renting for $509 per week.
And yes, little wonder why Melbourne was recently titled the 10th most liveable city in the world for 2022.
Adding to the housing woes, national dwelling vacancy rates fell from 2.2% in June 2021, to 1.2% in June 2022 - in just another sign the housing crisis is far from over.
There hasn?t been a prolonged period of growth in rental prices like this since December 2008 when international migration was at record levels.
So why is this happening again now? International migration is again surging after the Australian government let down the hard border into the country.
The government expects overseas migration to rise from 41,000 people in 2021-22, to 180,000 in 2022-23. This will help the country?s labour shortage but will add further pressure to the nation?s already tight rental market crisis.
With experts anticipating the RBA to raise the country?s cash rate to 2% by the end of 2022, Aussies looking to buy a new home may have to beat the competition in the rental market for a while to come.