That’s not the only surprising trend reported in recent property news.
Rental enquiries are dropping, despite vacancy rates sitting at historic lows.
Let’s take a look at what’s going on.
In Brisbane distressed listings have dropped to a 21-month low, reports Domain.
“There is definitely a larger proportion of our incomes going towards mortgage repayments,” says chief of research and economics Dr Nicola Powell.
“However, despite the financial strain, it hasn’t become a scenario where people have had to urgently sell their properties – that is the outlook quite broadly.”
On the rental front, The latest Domain Vacancy Rates Report found that average views per rental listing dropped in February and were lower than past years.
“The number of prospective tenants per rental listing is easing, indicating falling competition between renters. This supports the trend of slowing rental growth, suggesting demand is pulling back,” said Dr Powell.
“The overall competition between tenants has eased compared to 12 months ago,” she says. “That should logically feed into a higher vacancy rate, but that will take time. This could be an early indicator of an increase in vacancy rates sometime this year.”
That will no doubt be music to the ears of renters who have been hanging in there for a while now.
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