Market Essentials - March 2024
/Republished from Buyside
Despite RBA’s transition from 11 to 8 meetings a year – with the next monetary policy decision due 19 March – our commitment to bringing you the latest RBA news and updates remains unchanged.
On that note, the Herald Sun says inflation data are pointing to another rate standstill. However, Michelle Bullock remains tight-lipped, leaving the door ajar for further rises.
In spite of surmounting political pressure, Treasurer Jim Chalmers says the government “will not consider changes to negative gearing and capital gains legislation”, keeping tax deductions intact – for now.
It seems Australians’ appetite for homes over apartments hasn’t changed, with Master Builders Association reporting the price difference between houses and apartments has increased by a record 45% over the past 4 years.
CoreLogic’s data confirms the findings, showing a 33.9% upswing for house prices across the capitals from 2020 to 2024, while apartments rose by only 11.2% during the same period.
Having said that, combined dwelling values have re-accelerated across the nation in February, with all mainland capitals soaring in value. It probably comes as no surprise that Perth claimed the top spot by gaining a whopping 1.8% for the month.
With increasing number of empty offices – a global trend after Covid – developers such as Pro-Invest Group are raising funds to convert their commercial holdings into rental housing, according to Financial Review.
