2-Sense: 3 reasons rents will slow in 2024, population boom & labour market.

Welcome to this week's edition of 2 Sense on The Australian Property Podcast, where we take a look at the week's most interesting news headlines and break down what this means for you.

Mortgage Broker Chris Bates and Buyer's Agent Pete Wargent are discussing the population boom, labour market & reasons why rents could slow.

Story 1: Population boomed by a record +182,000 in Q1

• Population growth accelerated to +182,000 in Q1 – highest ever – that’s 2,000 people per day. Catching up COVID and alleviating the labour shortage
• Why we can’t build for this kind of growth
• Where? Victoria, Queensland, and NSW all got massive growth
• What next? A big debate about whether this is responsible policy given the housing shortage

Story 2: Slack increases in the labour market

• The economy is still adding jobs, but measures of underemployment and underutilisation are now rising
• Why? Record immigration and slowing economy
• Where? Most states are slowing, mainly driven by slack in Sydney and Melbourne
• What does it mean? Slower wage growth going forward, interest rates to peak

Story 3: 3 reasons rents will slow in 2024

• Eliza Owen from CoreLogic identified 3 reasons why rents will slow in 2024
• rents move with interest rates
• softer incomes growth
• rental affordability becoming stretched in some areas
• What does it mean? Good news for inflation and renters

Australian Property Podcast resources:

• Australian Unemployment
• Core Logic Study
• Pete's blog
• Australian Property Podcast online - videos, notes & resources
• Ask a question
• Chris' mortgage broking
• Amy's new property course
• Amy's 100-point checklist (PDF)
• Pete Wargent's property coaching
• Join Owen's Rask Core  membership for $0.99

INFORMATION WARNING!

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

Full individual disclosures for each guest are available via the show notes page. Owen and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.

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