Welcome to this week’s episode of 2 Sense, where The Australian Property Podcast experts are breaking down some of the week’s most interesting news headlines. This week Buyer’s Agent Pete Wargent is joined by Rask founder, Owen, and is discussing the rental shortage in Melbourne, recent upgrades in price forecasts, and what the greatest intergenerational wealth transfer means for the property market.
On this episode of the Australian Property Podcast:
Melbourne’s rental shortage to worsen?
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- Melbourne’s vacancy rate is now 0.8%, down from 1.7% a year ago, and rents rose 12.6% from a year ago
- What does it mean for property owners and tenants?
- Expanded land tax for landlords is due to come in for landlords from 1 January 2024 3 Talk of rent controls.
- Are some landlords exiting early or investing elsewhere?
- What does it mean for property?
- What should listeners consider doing, if anything?
Westpac updates dwelling price forecasts
- Westpac has upgraded price predictions with Sydney to rise 20% from 2023 to 2025
- Melbourne up 9%, Brisbane up 13%, and Perth 20%
- What does it mean for property buyers (and sellers)?
- What are some of the reasons behind this? Low stock listings, high population growth, undersupply expected, and interest rates about to peak.
Sydney Shortage
- Over the weekend, The SMH reported how Sydney faces a shortfall of at least 134,000 dwellings over the next five years amid the Albanese Government’s record immigration program
- Core Logic Data shows that Sydney house prices continued to climb in July, rising by one percent to an even more unaffordable, despite the Reserve Bank’s 12 interest rate rises since May 2022.
- What could this mean over the long term?
Intergenerational wealth transfer
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- A recent study by research house McCrindle estimates this generation will inherit the colossal figure of $3.5 trillion from their parents over the next 20 years.
- What we think this means for property
- Early inheritance on the cards for some Gen X’ers,
- Parents helping kids onto the ladder
- Estate planning
- Implications for the FIRE community etc
