5. Low stock on market
Low supply of properties in both the established market as well as in terms of new supply has also been driving price growth.
6. Record low vacancies across many markets and growing rents
The total number of rental properties sitting empty across Australia has plunged to just 1.7 % in May, a level not seen since October 2012, Domain reports.
Vacancy rates have been tightening in all the major cities with Adelaide, Perth, Gold Coast and Brisbane at incredibly low rates of 0.6%, 0.9%, 0.7% and 1.3% respectively in June 2021 according to SQM Research.
At the same time, national rental values have soared, rising 5.6% in the year to May, which is the fastest annual increase since February 2009.
Updated price trends:
Unsurprisingly, prices are tipped for continued strong growth from 2021-2022 – so buyers who are waiting for prices to slowdown are likely to be disappointed!
In a hot market, it’s important to have the right information and dedicated support to help you identify quality properties in the right location.
At Ironfish we offer research-backed property recommendations for our investors, in all the major capital cities across Australia.
To find out more, book a free consultation with one of our experienced property strategists.