In my neck of the woods rent has gone up slightly for apartments. However, real estate sales for housing is through the roof. Construction of new housing uas slowed but people are purchasing full speed ahead. Commercial real estate has tanked though.
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Yep, commercial property isn't the best to be in at the moment...We manage billions of dollars worth of it and we have a lot of very worried owners...Whose tenants can't pay...Not only mum and dad tenants either companies.
Housing construction here is strong though, a $40,000 grant for new builds is on offer from the government and there's many slabs going down. The problem is that many of those people have over-extended themselves from a lending perspective, mainly through the relaxation of lending criteria the government have allowed with the lenders; It had tightened right up after the banking Royal Commission but has been loosened since covid. This is a future problem for many, and will cause a glut of properties on the market forcing prices down and with few buyers to buy them...You know.
Sale prices are strong here, through lack of supply but again that will revert as more stressed properties come on the market. People keep thinking that it'll be great and they can pick up a bargain, but mostly it's not the little guy picking them up, it's people form overseas and those like one of my clients who owns a business that turned over $2.6bn in the June 2019-July 2020 FIN year. He already has a few hundred residential and hundreds of commercial sites with no sign of slowing down. So, once again, the little guy misses out while the Gina Rinehart's of the world earn more billions.
...Meanwhile wages don't keep up with inflation and those who can least afford it hold to their consumerist ways.