Did you invest in property during the pandemic? If so, the value of your asset may not be shooting up like it was last year. But it’s unlikely the property is vacant and depending on where you are, you’re likely to be experiencing strong rental growth.
Strong rental growth is set to continue. International migration has started up again and the federal government has recently announced an increase to the permanent resident intake to 195,000 this year to help with labour shortages. While more people are moving to Australia, housing supply will be constrained due to construction costs. While this supply/demand imbalance is likely to mean that house prices don’t fall as much as they otherwise would in an increasing interest rate environment, it also means that rents will rise for a while longer.
Last year was all about price growth but it certainly wasn’t about rental return. Residential rental yields hit their lowest level ever recorded at the start of this year but are now steadily increasing. Depending on where you buy, you may be able to balance out lower price growth with an increase in your rental return.
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