House prices Victoria: Rents rise 11 per cent as investors flee, NAB says

Victorian property investment declined last year while advertised rents increased by 11 per cent, according to new data from NAB, leading the opposition toNAB’s State Economic Overview for March 2024, released on Tuesday, found that property investment fell by 3.1 per cent in the December quarter and was down by 5.1 per cent across 2023.Dwelling approvals declined later in the year and into early 2024, signalling housing activity is likely to remain subdued, NAB said.

“The recovery in dwelling prices was more muted in Melbourne than some other capitals, with prices rising 3.5 per cent year-on-year in 2023 and down slightly to start 2024 – though we see prices rising over 2024.” “Victoria must be seen as a competitive and attractive place to invest, but the Allan Labor government’s mismanagement of the housing sector continues to hold back Victoria’s economic growth.”by cutting the tax-free threshold for land tax from $300,000 to $50,000, imposing new yearly flat fees and increasing the rate of tax payable on properties over $300,000 by 0.1 percentage point.

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