Is now a good time to buy property in Australia? And other news bulletins

For PropertyGuru’s real estate news roundup, do Australians feel now is a good time to buy property? In other headlines, vacancy rates in Hong Kong are improving but office rents continue to slip. Lastly, for Malaysians thinking of moving to Vietnam, here are a few important things to know about living and potentially buying property in Vietnam.

Rising buyer concerns: Is now a good time to buy property in Australia?

In the most recent Residential Audience Pulse survey conducted by realestate.com.au in July, 34 percent believed that now was a bad time to buy, compared to 29 percent last year. Since the last survey in April, the number of non-confident buyers increased by 35 percent, despite buyer activity being unseasonably strong throughout winter.

PropTrack reports that the largest uncertainty was seen in Western Australia and Queensland, where the number of respondents who considered now a bad time to buy was 54 percent and 41 percent, respectively. For WA, this was an increase of 43 percent compared to last year and 26 percent for QLD.

Although most states saw an increase in less confident buyers, except New South Wales, where the percentage remained unchanged, there was also an increase in buyers who felt now was a good time to purchase.

Several factors influence buyer sentiment in the current climate, such as property prices, demand and interest rates.

Hong Kong class A office rents continue to downtick in mid-summer

According to JLL’s latest Hong Kong Property Market Monitor report, vacancy rates of Grade A offices in Central and Hong Kong East improved in July 2024, but office rents continue to slip.

The overall vacancy rate of Grade A offices rose to 13.7 percent as of the end of last month. However, the vacancy rates in Central and Hong Kong East decreased to 12.0 percent and 13.1 percent respectively.

In contrast, the vacancy rate in Kowloon East saw an increase of 0.5 percentage points. The overall market also recorded a negative net absorption of 128,900 sq ft, primarily due to a large space in Kowloon East returning to the market.

Alex Barnes, Managing Director and Head of Office Leasing Advisory at JLL in Hong Kong said in The World Property Journal report, “The trend of flight-to-quality continues to drive the office leasing market, with office rents having dropped 36.5 percent from the market peak in 2019. It has reached a level that attracts upgrading demand, as more occupiers currently focus on high-quality space to upgrade their working environment.”

For Malaysians: 5 Popular places in Vietnam and considerations before planning your stay

One concept that has skyrocketed in terms of popularity these past few years is remote working and being a digital nomad. Unsurprisingly, Southeast Asia, including our beloved Malaysia, has emerged as a hotspot for this lifestyle.

If you’re a Malaysian looking for a new adventure in a foreign country, Vietnam might be the place for you. This dynamic Southeast Asian neighbour of ours has been drawing in digital nomads, remote workers, and expats worldwide.

This comes as no surprise as it’s a nation that offers an affordable cost of living, vibrant culture, and stunning natural landscapes. But before you start packing your bags, PropertyGuru Malaysia presents a few important things you’ll want to know about living and potentially buying property in Vietnam as a Malaysian.

The Property Report editors wrote this article. For more information, email: [email protected].