News roundup: Latest data analysis on India’s Chennai residential market, plus more news

For PropertyGuru’s real estate news roundup, know what’s happening in India’s Chennai residential market with the latest data analysis breakdown. In other stories, real estate expert says Australia’s rental growth is decelerating after years of little growth, while Hong Kong’s overall Grade A office market recorded a positive net absorption of 137,000 sq ft in March.

Know what’s happening in India’s Chennai residential market: Here’s our latest data analysis breakdown

The real estate scene in Chennai, India is a testament to the city’s development and change. It mirrors the blend of traditional and contemporary dreams, providing various property options catering to diverse lifestyles. Chennai’s status as a key IT and industrial centre, offering abundant job opportunities, has fuelled a growing demand for housing from locals and newcomers to the city. Additionally, governmental initiatives to bolster the real estate sector have positively impacted the growth of the housing market. Housing.com notes that as Chennai’s economy progresses and its population becomes more diverse, its residential real estate market adapts accordingly.

Australia’s rental growth is decelerating – Ray White

It has been a tough four years for renters, according to real estate expert Ray White in The Real Estate Conversation. Since the start of the pandemic, rents have risen on average AUD200 per week across Australia. Perth has topped the list, with an increase of AUD280 per week. Hobart has seen the lowest at AUD100 per week. Interestingly, the comparative strength in rental growth is broadly similar to what we’ve seen with price growth.

While rents have risen a lot, it comes after a prolonged period of very little rental growth. In the four years prior to the pandemic, rents nationally increased by only AUD25 per week. Rents declined by AUD30 a week in Perth. Brisbane units also saw a rental decline. Globally in 2020, according to the Organization for Economic Cooperation and Development (OECD), Australia was one of the world’s best places to be a renter with very low levels of rental stress.

While the 10 percent of households under rental stress has increased in Australia since 2020, the ranking of Australia is unlikely to have changed significantly. Rental challenges are occurring pretty much everywhere – underbuilding, relatively strong population growth, and changes to household types are not just an Australian problem.

Hong Kong’s grade A office market sees growth in March – JLL

Hong Kong’s overall Grade A office market recorded a positive net absorption of 137,000 sq ft in March, according to JLL’s latest Hong Kong Property Market Monitor released on 25th April and reported by RETalk Asia.

It is mainly due to the realisation of pre-commitments in completed new projects. Among new lettings, an insurance company leased one floor with a total gross floor area of 53,600 sq ft at AIRSIDE in Kai Tak, to meet growing business demand. It also showed that insurance companies, which benefited from the return of mainland tourists, are actively driving leasing demand in Hong Kong and continue and will continue to support leasing demand.

Partly due to the completion of Six Pacific Place in Wanchai and Viva Place in Wong Chuk Hang, the overall vacancy rate rose to 13.1 percent as of the end of March. Central and Wanchai/Causeway Bay’s vacancies rose marginally by 0.1 and 0.3 percentage points, respectively, while vacancies in Kowloon East continued to improve and dropped 0.5 percentage points.

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