It seems like only a year ago when concerns about high-interest rates stifling property markets were widespread, and discussions of a potential recession in Australia were on the horizon. Despite ongoing wars and geopolitical uncertainties, the global economy has confounded optimists.

Amidst this backdrop, Australia's economy has demonstrated resilience, surpassing the RBA's expectations in the battle against inflation. Our property markets have experienced ten consecutive months of growth, and rents have surged due to historically low vacancy rates.

While October posed challenges for tenants with exceptionally tight rental markets and record-low vacancy rates, the pressure on asking rents continues.

The shortage of properties for sale and rent is further highlighted by a decline in home building approvals. As Australia's population rapidly rebuilds, coupled with pandemic-induced changes in housing preferences, the pressure on housing markets persists.

In addition to these challenges, household spending has surged by 4.9% in the last 12 months. Despite the RBA's efforts, spending remains higher, with increases in transport, health, food, and hospitality.

While the auction market faced some strain in maintaining clearance rates, overall, the property market has shown resilience. Steady results were observed in most capital cities, with Adelaide leading the way with an auction clearance rate of 82.3%.

As we navigate these dynamic market conditions, DMC Property Advisory remains committed to providing strategic insights and expert guidance. We'd like to acknowledge the source of this content and invite you to explore our own blog for personalised discussions on your property goals and investment strategies.

Donie Collins