Market Comment - June 2024

The budget has brought some relief, providing $39.00 a week for the average family and $16.00 a week for the average worker. As homeowners and investors, we hope to benefit from the changes to the bright-line test and the restoration of interest deductibility. These measures should encourage greater provision of rental accommodation, but the relief can't come soon enough. We will see how the next few months unfold.

Winter has arrived early this year, leading to a sharp decline in inquiries over the past four weeks. Properties are taking longer to rent, and fewer people are attending viewings. Consequently, there has been a slight increase in rental listings across the city. This trend is normal for this time of year. However, last year we didn't experience this slowdown due to sustained post-COVID demand. As we enter a typical winter renting period, it's important to remember the security that fixed-term tenancies provide.

We will continue to monitor rental rates for properties coming to market and will discuss renewals and securing quality tenants with you. Additionally, thank you for supplying your updated insurance details to our office.