Rental Market:

The rental market, although well supplied with new dwellings over the last 5 years, continues to be tight with low vacancy levels. This is tending to force rents a little higher (around 4% year to date), particularly in inner city areas. A drop in new dwellings being built in 2005 and 2006 will see rental demand remain tight.

Auction Clearance rates:

Evidence for March and May of 2006 indicate the clearance rates are approximately 55%. This represents an improvement over 2005 where clearance rates averaged less than 50%. These latest figures indicate a potential bottoming out of the market may be happening.