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April Bulletin: Market Update

April Bulletin: Market Update

Across the brand the March spotlight was on the Blackshaw Queanbeyan and Jerrabomberra team, taking home the win at the REIA 2023 National Awards for Excellence in the category of Small Residential Agency of the Year. A terrific and well-earned achievement for Alex AhKey and the team. Unwaveringly supportive to their clients and one-another, they continue to prove to their peers that consistency, trust, integrity, and reliability, builds firm bonds in real estate. 

The market remains to be challenging – or relatively ‘normal’ to those of us who have been through a number of property cycles. As is the case every time the market corrects itself, consumers turn to strong/established businesses. New management opportunities have increased and listings are flowing. Sales require more work, but we are getting the job done. Some of our teams are seeing results exceeding our March 2022 figures. 

ACT & Regional NSW dwelling values have a buffer of 25.9% and 32.7% from March 2020 to February 2023 according to Domain’s Chief of Research and Economics, Dr. Nicola Powell. 

We have seen some property sales continue to accrue while sellers sit tight on the sidelines with results varying—and some record high house prices in unexpected suburbs. Premium markets are being hit harder than regional postcodes. Properties are moving, just not as fast as precovid. If the flow of more listings increases in the absence of a rise in buyer demand this could exert a downward pressure on housing values. 

Longer term, the market is poised for recovery. We are seeing higher unemployment growth start to take the pressure off wage growth, and high interest rates reducing non-essential spending. There is no denying the undersupply of housing stock, with the most pressing concerns in rental supply— “The rapid return of overseas migration together with a supply pipeline constrained by decade-high construction costs and significant increases in interest rates is exacerbating an already tight rental market,” NHFIC chief executive Nathan Dal Bon said

Contrary to this, rental availability in the ACT and surrounding NSW has revealed the market is slightly less competitive for tenants—Canberra Times 31 March 2023. Echoing Canberra Weekly’s article on the 11 March, Canberra rental vacancies up over 2%, bucking national trend. Property Management teams and landlords have noticed up to 70% less applications for rentals in the region. 

What are the changes to residential tenancy laws in the ACT?  
Changes commenced 1 April 2023 include:  

  • Landlords may no longer issue 'no cause' eviction notices. New grounds to end a tenancy have been introduced to support landlords to manage their properties effectively. 

  • Landlords and agents are prohibited from soliciting rent bids and rental properties must be advertised at a fixed rental rate. 

  • Tenants now have a greater freedom to grow their own food and compost. 

  • A new energy efficiency standard for ceiling insulation in rental homes has been introduced. 

  • New rules have been introduced to support compliance with the new ceiling insulation standard and any future minimum housing standards for rental homes.  

For information on recent changes, future changes, and providing feedback, click here.  

Helpful Links:    

For more information please contact your local Blackshaw Real Estate Professional.

Blackshaw Corporate

27 Bougainville Street
Manuka ACT 2603

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