the unit market update

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If you've been in the game as long as I have, you know Markets rise and fall. 

Today is no different. Here in October 2024 the experts are in agreement, there is definitely data indicating a slowing in the trajectory of the past 3 years. And as always, as the property market moves, so does the rental market.

So where are we now? Well put simply, September to Christmas should be our peak selling period when  saleboards appear everywhere, but there is a stock shortage. Normally supply and demand pressure would mean that the price increases should continue, however this is not the case. In fact, the quarterly growth rate slowed, indicating an easing in demand as the market becomes less affordable. 

For those who have watched your investment property values increase over $100k in the last year, be warned, the slowing comes before the levelling and normalising. You may remember the pre covid days of waiting months to sell a property, and endless empty Open Homes and few offers. The days of rapid property growth and lightening sales are quickly ending.

That said... If you have been considering selling, you may be wise not to wait. 

Brisbane asking rents have fallen for the first time in years, after a concerted period of record prices that put financial pressure on tenants and cut their ability to pay any more for a home.

Units dropped $10 or 1.7 per cent to $590 per week.

Whole vacancy rates remain  under 1%, in spite of the low vacancy rate, surprisingly new data indicated  that the rapid rise in rental prices is easing, this is also a reflection of renters reaching a threshold in spite of a tight market.