The new financial year began with a tepid start as month-on-month asking rate performance was broadly negative. However, it’s important to note that most markets still succeeded asking rates compared to the prior year.
After a strong performance, Melbourne’s asking rates softened in July but continued to outperform the peer group with double-digit growth on a 12-month basis. Similarly, Perth, another top performer, experienced a cooling in asking rates but still maintained low double-digit growth compared to the previous year. Sydney’s negative trend from June persisted into July, coupled with negative year-on-year growth across the larger unit range.
Our full July 2024 report can be downloaded from the link below:
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