Housing affordability, however, will likely continue to deteriorate even with price falls, an expert predicts.
Young Australians are driving the overall migration growth in regional areas, which is at a five-year high.
Queensland’s top marginal stamp duty rate remains one of the highest in the country.
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The unit market, however, could benefit over the next few months as affordability issues pushes buyer away from houses.
Renters in New South Wales are coming out of hibernation as rental vacancies shrink in metropolitan and regional areas.
The next few months could potentially slow down ahead of the coming election.
Renters should brace for higher rents in these capital and regional cities this year as demand intensifies.
Two of the major banks are already forecasting the RBA to raise their rates later this year.
Selling conditions are likely to remain strong in the coming months but several headwinds are starting to appear.
Constructions costs last year hit the biggest annual growth since 2005.
Economists from the major bank expect a series of rate hikes that would commence by November this year.
These markets are reporting declining dwelling supply and faster selling times.
Investor numbers are growing in the state as first-home buyers maintained their presence in the market.
Many suburbs have reported close to 50% growth in rents and more than $50,000 monthly increase in median price.
City dwellers are still in a tough spot as the number of vacant rental properties shrink across all state capitals.
Dwelling prices across Australia reached a new cyclical high, posting the highest annual growth since 1989.
The regional markets in these two states continued to benefit from the escape the city trend, which boosted housing demand and prices.
Rentvesting has become a popular strategy among first-home buyers who do not want to sacrifice living in relatively expensive locations.
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