October shaping up to be a ‘pretty busy month’ for the property market

REA Group Senior Economist Eleanor Creagh says October is shaping up to be a “pretty busy month” for the property market.

Ms Creagh said despite this, auction clearance rates are holding “pretty firm” with the uplift in stock coming to the market, which reflects the improvement in conditions on the ground.“Certainly, playing into that stronger housing demand environment that we see manifest itself this year,” Ms Creagh told Sky News Business Editor Ross Greenwood.

“So certainly, you know rental market conditions incredibly challenging … rental prices have increased about 15 per cent in the past year – in Sydney, that’s even more.”

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Temporary migrants ‘exacerbating’ challenges in the rental marketREA Group Economic Research’s Executive Manager Cameron Kusher says temporary migrants are exacerbating the challenges in the rental market. “Most of the people that come into the country don’t own a home, most of the people that migrate to Australia are temporarily here,” he told Sky News Business Editor Ross Greenwood.
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