Which rental markets have been impacted most by COVID-19?
COVID-19 is having varied impacts on residential property, but arguably the biggest impact could be in the rental space.Prior to COVID-19, the Australian rental market was already weak. Now, new challenges are here. As Australian borders remain closed to tourists, and government policies restrict short-term rental arrangements, Airbnb rentals are converting to long-term rental supply....
Property Values Stable Amid COVID-19
While the COVID-19 outbreak has already significantly affected market activity and listing volumes, property values remained in the positive territory in the previous weeks, according to CoreLogic's latest market analysis.Over the 28 days ending on 21 April, property prices still clocked a 0.4% growth. However, growth had been slowing down from the 1.1% in mid-March.Eliza Owen, head of resident...
Low Rates Poised To Buoy Prices
The low interest-rate environment will be crucial in helping cushion the negative impact of the coronavirus outbreak on house prices, according to the Property Investment Professionals of Australia (PIPA).Peter Koulizos, chairperson of PIPA, said the recent rate cuts by the Reserve Bank of Australia are amongst the many financial supports available that would help prevent any significant price ...
Fears of 'second-class' Queensland tenants amid new coronavirus rent laws
Coronavirus-affected tenants risk becoming an underclass of renter during the crisis as landlords shy away from what they think are risky tenants, experts warn.It comes as the Queensland government faces criticism for watering down their renter protections, and adding a new way for landlords to evict.The measures ensure tenants and landlords will engage in negotiations about rent decreases, and...
Realestate.com.au Search Activity Increases
Despite COVID-19 shutdowns, Australians are maintaining a keen interest in property. New data shows search activity across the Buy and Rent sections of realestate.com.au has increased over the past week and is considerably higher than it was a year ago.In promising news for vendors, search activity on realestate.com.au increased by 5.3 per cent over the past week and is now 37 per cen...
Guide to the COVID-19 tenancy legislation changes
Today, the the Palaszczuk Government enacted the Residential Tenancies and Rooming Accommodation (COVID-19 Emergency Response) Regulation 2020 (COVID-19 Regulations), which temporarily amends the Residential Tenancies and Rooming Accommodation Act 2008.The regulation will remain in place during the COVID-19 emergency period and will expire on 31 December 2020, as outlined in the COVID...
The Relative Resilience of Property Values
So far, the COVID-19 downturn has had a dramatic impact on agent activity and listings volumes in residential real estate. But the value of dwellings has been relatively resilient.It is still likely that property values will fall amid the downturn. But the decline in momentum across property values has been mild relative to what has happened in market activity.The chart below shows the rolling ...
Will tenant criteria change post COVID-19?
While location and price are top priorities for renters, the latest behavioural search data from realestate.com.au reveals what renters are looking for in a home – but could this change post COVID-19?Australia’s favourite rental house is a three-bedroom, two-bathroom abode, while the most popular rental unit has two bedrooms and one bathroom.Preferences change, however, depending on...
Will rent reductions put landlords at risk?
LANDLORDS who show leniency to struggling tenants as a result of the coronavirus pandemic could void their right to claim on insurance.The Federal Government last week placed a six-month ban on evictions for tenants who are unable to pay rent due to COVID-19.Prime Minister Scott Morrison called landlords and tenants to work together to come to an arrangement around rental payments.That request ...
