Big crowds gathered at auctions and open for inspections across Melbourne on Saturday. But prospects are bleak for people searching for a new home.
Rental vacancy rates in Melbourne are at a record low of 1 per cent and advertised rents are continuing to rise.
A crowd lines up for the auction at 41A Jacka Street Preston on Saturday, where the house sold for $1.2 million.charted a course across the hipsterish suburb in Melbourne’s north, attending auctions and open-for-inspection rentals. The suburb has a median house price of $1.08 million, just above the city’s median of $1.03 million.At 41A Jacka Street, the auction of a three-bedroom house drew a crowd. The property, which was advertised for between $1 million to $1.
Interest rates on Tuesday hit a 10-year high of 3.35 per cent, making the repayments on beefy home loans increasingly unaffordable for many.“I think most people sort of already brace for it,” he said. “At the end of the day, people still need to upsize, downsize and transact.” Tenants Victoria director of community engagement Farah Faroque said renters were under extreme pressure, particularly those on low incomes or surviving on income support.
The Reserve Bank of Australia estimates this trend has created demand for an extra 140,000 homes, offsetting the fall in population growth during the pandemic.
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