Monthly Property News 10th Edition 2022.

“Good news is gradual and bad news is sudden!”

Hi Guys, it’s Dean OBrien from OBrien Real Estate with the tenth edition of the monthly property news for 2022 where real estate information is on the house.

Things are getting better for us, that is the truth of the matter even though it doesn’t always seem that way or as the media likes to portray it. Today, we live better than ever and each year going forward our living standards will improve. The world’s population today is 7.98 billion and 169,000 people are coming out of extreme poverty every single day and it’s been like that for the last 20 years. Wealth per capita in Australia is currently $553,954 according to Australia Bureau of Statistics and household deposits grew by 0.5 percent, households have now accumulated just shy of $312 billion in deposits since the pandemic.

For Melbourne Metro declines in the Home Value Index over September eased slightly in comparison to August, this is the second month in a row that we have seen declines ease, although the declines are continuing to trend. Corelogic reported that combined dwellings of houses and units fell 1.1 percent, prices in Metro Melbourne and is now down 5.3 percent year to date. Regional Victoria on the other hand is still in positive home price territory with 7.2 percent growth for the year so far, although September had a 1.1 percent decline like Melbourne Metro.

Looking at the rental market, rents in Metro Melbourne during September has had its slowest growth since December 2021 which is a little surprising considering the low vacancy rates and the increase in migration. However gross yields for investors in units and apartments are now realising a 4.0 percent gross yield which is further evidence of a shift of rental demand back towards higher density living and is a preference we are seeing strongly post the covid-19 lockdowns.

That’s all for this month, I’m Dean O’Brien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.

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