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September’s cash rate call, housing affordability drops, and are short-term rentals killing the Australian property market?
Welcome to Hot Property, REB’s weekly round-up of headline stories that are important not only for the real estate sector, but also for the state of the Australian property market as a whole.
To compile this list, we consider the week’s most-read stories and the news that matters to you, collating your need-to-know property report from across our site and sister brands. Here are the biggest stories of the week:
For the third consecutive month, the Reserve Bank of Australia (RBA) decided to hold the official cash rate at 4.10 per cent. The central bank’s September cash rate decision also marked the final one delivered by RBA governor Philip Lowe, whose seven-year tenure concludes next week.
Keeping with the cash rate theme of this week’s piece, could the Reserve Bank’s latest decision inspire a market recovery? Or is it too early, and are interest rates still too high, for such a prediction to even be considered?
Short-term rental accommodation has become the new scapegoat for Australia’s property market woes. But a new research from the Real Estate Institute of Australia suggests this lambasting may be warranted – with STRA uptake increasing astronomically over the past 12 months.
Research from the property expert concluded that a cocktail of surging prices throughout the COVID-19 pandemic and the RBA’s rate hiking cycle of the last year has created a housing affordability crisis unlike any other.
A new alliance, called Housing Now!, aiming to shake up the property conversation has been formed. The group, which brings together several significant organisations and think tanks, is highlighting issues trickling into the health, education and business sectors as a result of the city’s housing shortage.
A friendly reminder to watch what you say ... email.
The numbers have been crunched and the results are in, but who comes out on top in the battle of the tenancy lengths? The new kids on the block, short-term rentals, or the seasoned professional, long-term rentals.
Affordability constraints have resulted in many Aussies renovating, rather than selling, their homes.
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