Inside Real Estate – 18 September 2024: The State of the Market

REIA has recently released a great report for the June 2024 quarter; the Housing Affordability report.

The latest Housing Affordability Report identifies a pronounced decline in housing and rental affordability, attributable to rising inflation and interest rates.

Housing affordability is currently at the lowest point since REIA monitoring began in 1996.

Key takeaways include:

Lowest Housing Affordability indicator: The Australian household is now spending 48.1% of the median family income on loan repayments alone. This is an increase of 1.3 percentage points compared to the last quarter.
First Home Buyers active: The number of first home buyers increased to 30,636, 18.6% more than last quarter, and 7.2% more than in the June quarter 2023.
Rental Affordability Decline: Nationally, the proportion of income required to meet median rents increased 0.2 percentage points over the quarter to 24.6%.
Mixed Movement across the States: Rental affordability improved over the quarter in New South Wales, Tasmania, and the Australian Capital Territory, and declined in all other states and territories. Declines ranged from 0.2 percentage points in South Australia and the Northern Territory to 0.6 percentage points in Victoria.

For more insights, you can read the full report here.

In July, we announced a new partnership with View Media Group (VMG), a multi-year agreement that provides REIP members with another listings portal. This initiative just recently launched, so you may have seen your listings appear on VMG’s portal.

I’m thrilled to see our collaboration thriving and can’t wait to continue working together further on other initiatives around data and insights to give agents more control and information at their fingertips. This agreement is another relationship that takes us closer to strengthening our power as an industry.

I’m excited to share that REIP is one of 4 founding signatories on a joint venture to prepare our industry for regulation and transition to an Energy Efficiency Features Standard.

Right now, energy efficiency/sustainability property attributes are often added in an ad hoc basis with no real understanding of the building performance science lying behind those attributes, and the real lifestyle benefits to both homeowners and renters.

If you believe like we do that standardising how we communicate energy efficiency features to the market has benefits for all, we invite your agency to join us! Click here to find out how.

And finally the Property Management Leadership Retreat is just around the corner. This year this insightful event is being held on the 16-18 October in Marysville. Come along to hone your leadership skills and set your team up for success. You can grab your tickets here.

Until next time,

Stay connected.