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3 reasons rents will slow down in 2024; inside Australia’s population boom

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Welcome to this week’s edition of 2 Sense on The Australian Property Podcast, where we take a look at the week’s most interesting news headlines and break down what this means for you.

Mortgage Broker Chris Bates and Buyer’s Agent Pete Wargent are discussing the population boom, labour market & reasons why rents could slow.

Story 1: Population boomed by a record +182,000 in Q1

  • Population growth accelerated to +182,000 in Q1 – highest ever – that’s 2,000 people per day. Catching up COVID and alleviating the labour shortage
  • Why we can’t build for this kind of growth
  • Where? Victoria, Queensland, and NSW all got massive growth
  • What next? A big debate about whether this is responsible policy given the housing shortage

Story 2: Slack increases in the labour market

  • The economy is still adding jobs, but measures of underemployment and underutilisation are now rising
  • Why? Record immigration and slowing economy
  • Where? Most states are slowing, mainly driven by slack in Sydney and Melbourne
  • What does it mean? Slower wage growth going forward, interest rates to peak

Story 3: 3 reasons rents will slow in 2024

  • Eliza Owen from CoreLogic identified 3 reasons why rents will slow in 2024
  • rents move with interest rates
  • softer incomes growth
  • rental affordability becoming stretched in some areas
  • What does it mean? Good news for inflation and renters

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