Melbourne Market Q2 2024

In Q2 2024, Melbourne's property market faced mixed trends as construction activity declined despite the Victorian government's goal to build 800,000 dwellings over a decade. High costs and financing issues resulted in the lowest new housing completions in ten years. Robust demand from strong population growth, particularly overseas migration, supported property prices and rents amid higher interest rates. Vacancy rates dropped to 2.2%, leading to significant rental price increases—house rents up 9% and unit rents up 10%. The outlook suggests continued strong rental demand and a greater role for investors despite rising land taxes​ (Urban Property Australia)​​ (Urban Property Australia)​​ (Property Update)​​ (The Property Tribune)​.

Sydney Market Update Q2 2024

In Q2 2024, Sydney's property market showed resilience amidst economic challenges. Construction activity remained steady, though there were signs of moderation in new housing completions compared to previous years. Strong demand persisted, fueled by population growth and investor interest, despite higher interest rates and affordability pressures. Vacancy rates were stable, contributing to modest rental price increases across the city. Investors continued to show interest, navigating market conditions influenced by government policies and economic factors affecting affordability and investment decisions.