SOLD! 6-4-22 -THE GAP BRISBANE - FIVE STAR VENDOR REVIEW

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WESTGATE 24B 2021 08 10 13 25 30

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953 Whitmore St Taringa Q 4068 UNDER CONTRACT

CALAMVALE MANAGED SINCE 1995 BY LJ GILLAND REAL ESTATE

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Rents 17-4-21

Rents in Australian capital cities are rising again, according to a report released today. The rental sector has lagged behind its property sales counterpart in early 2021, but according to new research from Domain, it is now on the rebound across the country and numbers are already surpassing previous peaks. "What we are seeing is a lift in rents across the country, but it's certainly not uniform, even across the capital cities," said Domain's Senior Research Analyst, Dr Nicola Powell. "We're seeing that inner city locations are weaker compared to outer and even regional areas, where rent growth has been very strong." For brokers and property investment clients, it represents a return to form for the rental sector. In recent months, First Home Buyers had overtaken investors within the market, but with vacancy rates falling and rents rising, the potential for return on investment is back. "Gross rental yields, which are what investors might look towards, are varied across capitals," said Powell. "When you look at the forecast for property price growth, allied to increasing rents in some cities that have been seeing multi-year downturns – Perth springs to mind – I think it's understandable why some of these markets will lure investment activity." One of the key drivers behind the growth in rents has been the movement from inner cities to suburbs and regional areas that came about due to the pandemic. "During the pandemic, that was a trend," said Powell. "If you look at the rental market, there is less friction in moving and its easier for a tenant to relocate than it is for a homeowner who has to sell up and purchase a new property. I think the change has been quite rapid in the rental market." "If we look towards the future, the question is whether these trends are here to stay. Particularly when we're seeing rental growth in inner city areas, especially in inner Sydney, which was most disrupted by rents. What we've now seen over the quarter is rents in these areas either holding steady or increasing." "We might be now seeing a turn of events where some people migrate back into the city as we go back into the office or revert to a more hybrid working environment. We have seen a trend of people moving to 'lifestyle' locations, and strong rental growth in places like the Northern Beaches in Sydney or the Mornington Peninsula in Melbourne, as well as regional areas, but my view is that, long term, for capital growth or rental growth, it will be those regional locations that are connected to a central working hub."

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Brisbane breaks record for low vacancy rates, while Melbourne rate doubles in a year

Vacancy rates in Brisbane have broken a decade long record, according to SQM Research. The news comes as vacancy rates in Melbourne and Sydney trend in the opposite direction, with the Victorian capital in particular showing twice as many vacant rental properties as last year. Brisbane finds itself with just 1.5% of properties on the rental market unoccupied, marking a significant supply problem for that market. Dr Diaswati Mardiasmo, Chief Economist at Queensland-based real estate firm PRD, said that it was partly due to the pandemic and partly due to pre-existing factors that had seen Australia’s biggest two cities struggle. “The only places that aren't having fun with vacancy rates are Sydney and Melbourne, where they're going up,” said Dr Mardiasmo. “Regardless of whether you look for a one year, five year or 10-year perspective, they're going up.” “We can't blame them, because they are the cities that have suffered the most in terms of lockdowns. They’ve lost internationally open economies, student and business travellers, import/export, everything. Compared to Perth, Canberra or Brisbane, they're much more open. In some ways, it's ironic that the two big cities that have done best in terms of economic activity and house prices are the ones that are hit hardest when it comes to vacancies.” “The Real Estate Agency of Australia (REAA) puts a healthy benchmark of 3% for vacancy rates, which is considered the natural state where supply and demand are balance. Sydney is 3.3%, which for what they've gone through, is not much above the benchmark. Melbourne is higher, but they've gone through a lot too and I don't see it as a catastrophe. History tells you that they're usually lower than the benchmark, so this is an extraordinary event.” While COVID was an obvious shock to rental markets, it was just the most recent part of a wider trend that has seen vacancy rates rise in Sydney and Melbourne. “The jump pre-COVID was because of people leaving the cities due to lack of affordability,” said Dr Mardiasmo. “There was also a migration of people outside of Sydney, particularly to Brisbane and the Gold Coast. At the same time, this was when quite a few developments hit the Sydney market, so there was a little more supply. As a result of what happened between 2015 and 2017, the government approved a lot of development. That altered the supply and demand, which altered the vacancy rates. And then COVID hit, which sent it up further.” The data reported in SQM’s research puts Australian cities in an unusual position, where some markets are over-saturated by supply, and others by demand. “In a lot of ways, it's a double-edged sword,” explains Dr Mardiasmo. “Sydney and Melbourne have had that much development that they have to consider how to get their vacancy rates down, whereas in other capital cities, because they didn't do a lot of development prior, there are now so many rents who can't find a place to rent. There's no immediate supply. Everyday you hear about people apply for 10 or 20 rentals and not getting anything. You hear that the market is so hot right now that you have to sign papers when you come to the open house because there's 20, 30, 40 people inspecting the same property.”

Vacancy Rates: February 2021

Capital city rental vacancy rates – February 2021 Feb-21 Jan-21 Feb-20 MoM ∆ YoY ∆ Sydney 2.8% 2.9% 2.6% ↓ ↑ Melbourne 4.7% 4.6% 1.6% ↑ ↑ Brisbane 1.4% 1.6% 2.1% ↓ ↓ Perth 0.7% 0.7% 1.8% – ↓ Adelaide 0.6% 0.6% 0.8% – ↓ Hobart 0.5% 0.4% 0.6% ↑ ↓ Canberra 0.8% 0.9% 1% ↓ ↓ Darwin 0.8% 0.8% 3.2% – ↓ National 1.9% 1.9% 1.7% – ↑ Note: The vacancy rate represents the portion of available, empty rental properties relative to the total stock of rental property. The rental vacancy rate is based on adjusted Domain rental listings and will be subject to slight revisions over time. Nationally, the vacancy rate held steady in February at levels recorded before the pandemic, at 1.9 per cent. This is the lowest vacancy rate since March 2020, the month before the COVID-19 induced peak of 2.6 per cent in April 2020. In certain areas, competition between tenants will be fierce as tight vacancy rates remain across some capital cities. Many tenants will find themselves operating in a landlords market and should brace for rental price hikes. February was a month with mixed results across the capital cities. Vacancy rates in Sydney, Brisbane and Canberra continued to tighten, while Melbourne and Hobart rose. Perth, Adelaide and Darwin vacancy rates all held steady. As February draws to a close, the longer-term annual growth figures show the true extent of how COVID-19 has affected capital city rental markets since February 2020, a month before the beginning of the pandemic. Melbourne and Sydney vacancy rates have slid from the COVID-19 induced peak, indicating the worst is behind landlords. However, annual vacancy rates remain higher, fuelled by prolonged lockdowns and higher vacancies concentrated in inner-city apartment markets due to a lack of international students and hard national border closures. Sydney’s and Melbourne’s rental markets are far from uniform; inner-city areas or those close to universities remain tenants’ markets while outer suburban areas continue to be landlords’ markets. All other capitals have drifted below their vacancy rates from February 2020. This will be a welcome boost for landlords, especially those in Perth who have seen a stark turnaround in the vacancy rate in recent years, falling from 5.0 per cent in June 2017 to a mere 0.7 per cent in February 2021. Sydney’s vacancy rate is the second-highest of all the capitals, rising to 2.8 per cent compared to 2.6 per cent in February 2019. There were an estimated 17,769 vacant rental listings at the end of February, an approximate rise of 9 per cent in estimated vacant rental listings over the year. Tenants will find the most pronounced rise in vacant rentals in the Inner City, Strathfield-Burwood-Ashfield, Parramatta, Kogarah-Rockdale and Eastern Suburbs-South. Melbourne tenants will find vast rental options, with estimated vacant rental listings jumping 212 per cent year-on-year to just under 27,000. The best chance of a rent negotiation will be in Melbourne City, Stonnington-West, Port Phillip, Boroondara and Glen Eira; these areas have seen the sharpest rise in vacant rentals. Highest vacancy rates Highest vacancy rates across greater capital city areas – February 2021 Rank Sydney Melbourne Brisbane & Gold Coast Perth Adelaide 1 Parramatta, 4.9% Melbourne City, 11.7% Brisbane – Inner, 4.3% Perth City, 1.3% Adelaide City, 5.2% 2 Strathfield – Burwood – Ashfield, 4.5% Stonnington – East, 8.7% Sherwood – Indooroopilly, 3.7% Cottesloe – Claremont, 1.0% Prospect – Walkerville, 1.0% 3 Auburn, 4.2% Stonnington – West, 8.0% Brisbane Inner- West, 2.9% South Perth, 1.0% Holdfast Bay, 0.8% 4 Botany, 4.0% Whitehorse – West, 7.5% Nathan, 2.4% Canning, 0.9% Norwood – Payneham – St Peters, 0.6% 5 Pennant Hills – Epping, 3.9% Boroondara, 6.5% Mt Gravatt, 2.3% Melville, 0.8% Unley, 0.5% Source: Domain Note: The vacancy rate represents the portion of available, empty rental properties relative to the total stock of rental property. The rental vacancy rate is based on adjusted Domain rental listings and will be subject to slight revisions over time. domain Embed this table Lowest vacancy rates Lowest vacancy rates across capital city areas – February 2021 Rank Sydney Melbourne Brisbane & Gold Coast Perth Adelaide 1 Camden, 0.4% Mornington Peninsula, 0.3% Caboolture Hinterland, 0.1% Wanneroo, 0.2% Tea Tree Gully, 0.1% 2 Wyong, 0.4% Nillumbik – Kinglake, 0.3% Capalaba, 0.2% Gosnells, 0.3% Gawler – Two Wells, 0.1% 3 Blue Mountains, 0.5% Yarra Ranges, 0.3% Nerang, 0.2% Armadale, 0.3% Marion, 0.2% 4 Gosford, 0.5% Cardinia, 0.4% Mudgeeraba – Tallebudgera, 0.3% Rockingham, 0.4% Playford, 0.2% 5 Wollondilly, 0.8% Casey – North, 0.7% Coolangatta,0.3% Cockburn, 0.4% Port Adelaide -East, 0.3% Source: Domain Note: The vacancy rate represents the portion of available, empty rental properties relative to the total stock of rental property. The rental vacancy rate is based on adjusted Domain rental listings and will be subject to slight revisions over time.

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