Renters in inner Melbourne, Sydney’s Ku-ring-gai and Caboolture north of Brisbane are experiencing extremely large price rises, as experts call for more homes to solve the housing crisis.
An acute shortage of properties is driving rents sharply higher across Australia, prompting intense competition among tenants, as experts warn the crisis will not be solved without a concerted effort to build more homes.
PropTrack economist Angus Moore said the reason rents were growing so quickly was because there were so few vacant properties, tipping the supply-demand balance in“That means it’s very hard for tenants to find a rental, and competition is fierce when they are available. We’re seeing rents grow very quickly as a result,” he said.
Fourteen of the 15 capital city areas with the lowest vacancy rates are found in these two capital cities, with fewer than 0.7 per cent of all rental properties available for lease in February.Tenants’ Union of NSW chief executive Leo Patterson Ross said there has been an inbuilt under-availability of homes for a very long time.
”And while we are seeing more investors entering the market, which will help start to bring more supply to market, it will be a slow process – the number of new investors and new rental properties relative to the size of the overall rental market is small.”Jarden chief economist Carlos Cacho said the crisis is likely to get worse if migration continues at current rates.
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