‘Worse before it gets better’: Renters face stiff competition for homes

 Australian tenants are struggling to find affordable homes, as strong demand and fewer rental options drive up competition and prices for properties.

Tenants are facing record low rental vacancies – fewer than 1 per cent of rentals were left empty in August – and experts fear the situation could worsen in the months ahead.

The national vacancy rate held at 0.9 per cent last month, down from 1.7 per cent the previous August, Domain data shows, and the proportion of empty rentals in Sydney, Melbourne and Brisbane more than halved year-on-year.

Sydney’s rental vacancy rate fell to 1.2 per cent, the lowest on record for the time series, which began in 2017. Melbourne’s rate dropped to 1.3 per cent, marking the eighth consecutive monthly decline and lowest point since March 2019.

Read More: https://www.smh.com.au/property/news/worse-before-it-gets-better-renters-face-stiff-competition-for-homes-20220902-p5bevu.html



Comments

Post a Comment

Popular posts from this blog

The Future of Retail Space In Australia Commercial Property Market

Image
 Hey people, I have been working in the retail industry for years. The sector used to be a thriving part of the Australian economy until we had to suffer the COVID-19 pandemic impact. It was much worse for retail than industrial and office commercial properties. Many small businesses closed and others had to rely on government’s help to remain in business. However, we managed to pull out of the dark times and are now looking at the silver lining. We have now our own ecommerce store and are building AI capabilities in the store to make it more immersive for in-store customers. Here is an article that will help you understand this better. https://www.commercialproperty2sell.com.au/blog/2023/04/the-future-of-retail-space-in-australias-comm.php
Read more

The Australian city where house prices are growing by Olympic proportions

Image
 Brisbane is now the fastest-growing capital city property market in Australia, after house and unit medians skyrocketed 32.1 per cent and 9.3 per cent respectively in just one year. Domain’s House Price Report for the March quarter revealed house prices in the Sunshine State capital rose a remarkable $553 per day to a record $831,346 – the steepest annual upswing in 18 years. Units jumped $37,299 to a record $437,034 median, their sharpest annual rise in 14 years. Domain chief of research and economics Dr Nicola Powell said a unique cocktail of ingredients was behind the surge that, unlike Sydney and Melbourne, was far from fizzling out. Read More: https://www.smh.com.au/property/news/the-australian-city-where-house-prices-are-growing-by-olympic-proportions-20220427-p5aggm.html
Read more

Shalom House invites critics to inspect facilities amid dispute over property near primary school

Image
 Christian-based rehabilitation centre Shalom House has invited critics to scrutinise its facilities, amid community concerns over a proposed location for its new residential quarters. Shalom House intends to move some of its female residents to a former nursing home, situated between a primary school and children's daycare centre. Locals have voiced safety concerns over the location in Craigie, in Perth's north. However, Shalom House founder Peter Lyndon-James has urged people to see the program and its residents for themselves before making any judgements. Read More: https://www.abc.net.au/news/2022-12-09/shalom-house-rehab-new-property-craigie-school/101742766
Read more