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Melbourne, Perth and Sydney are facing the toughest rental market conditions in the entire country, with total rental listings over the year falling 31.3%, 19.2% and 15.7%, respectively. As Australia’s rental crisis continues, attention is turning towards the impact of the short-term rental market and sites like AirBnb.
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Australia is facing its tightest-ever rental market, and renters are feeling the pinch caused by rising rents coinciding with the sharp increase in living costs. But what can be done to help, and are landlords really to blame?
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As rental vacancies in our capitals stay at historic lows, the number of people looking to share has exploded as PropTrack economist Anne Flaherty explains.
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The rental crisis continues to worsen, with unit rents now higher than pre-pandemic levels and at their all-time highest levels in Sydney and Melbourne. PropTrack Senior Economist Angus Moore dives into the data.
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Renters are doing it tough at the moment, but there are some simple ways to save a bit of cash.
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With the year 2022 behind us, it’s time to look ahead to the 2023 rental market. The rise of remote work and continued uncertainty around the pandemic are expected to continue influence tenant preferences, while the ongoing supply shortage of rental properties is sure to drive prices higher in certain markets.
PropTrack’s Cameron Kusher dives into the trends we’re seeing for the coming year.
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The cost of renting has been rapidly increasing, pushing many tenants towards home ownership. The trend of high rental costs, combined with low interest rates, has made home buying a more appealing option for many. As a result, the number of first-time home buyers has increased and is expected to continue to rise.
The shift from renting to owning a home is also being driven by the desire for stability and long-term security, as well as the ability to build equity and create wealth. However, it’s important for potential home buyers to consider their financial capabilities, take advantage of government incentives, and research the market before making a purchase.
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Finding an available rental property in some suburbs is virtually impossible at the moment, with extremely high demand and almost unprecedented low supply.
New data from PropTrack shows the areas around Australia at the forefront of the rental crisis, where would-be tenants face intense competition and sky high prices.
Just how tight are rental markets? PropTrack economist Angus Moore explains.
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