Market Essentials – September 2023

This Month in Review

In this months news, CoreLogic’s Mapping the Market tool shows rent values rose in over 90% of Australian markets over the last 12 months, with Adelaide and Perth’s suburbs topping the list.

In response, the National Cabinet has introduced new measures to counter the rising housing crisis, including a New Home Bonus, a Housing Support Program and a National Planning Reform Blueprint.

It has also agreed to A Better Deal for Renters, which will streamline renters’ rights across the nation with consistent policies for eviction grounds, rental standards and limits on rent increases.

According to AFR, the government’s Help to Buy Scheme is expected to start in 2024, which will contribute up to 40% to the purchase of a new home and 30% to an existing home.

According to CoreLogic, Australia has arrived at the fixed-rate cliff. Now, thousands of homebuyers will have to find an additional $1,100 per month to service an average $500K mortgage.

Surprisingly, CoreLogic’s official data suggest the risk is contained, with arrears rising marginally, from a low 1% in Sep 2022 to 1.2%. However, it has recorded an unusual increase in listings over the last few weeks.

Click here for the full infographic and report.

The Market Essentials Report is compiled by Buyside on behalf of Loanscape.  Founded by Josh Masters, Buyside are registered buyer's agents with on the ground expertise in the Sydney and Brisbane property markets.