Will the housing shortage drive up rents?

A new report from Charter Keck Cramer has warned that the recent slowdown in apartment developments means that Sydney, Melbourne and Brisbane will face a housing supply shortage by the end of 2021. Dwelling approvals across Australia fell by 18.5 per cent in calendar 2018, to the lowest level since 2012; all three east coast cities recorded a decline in apartment developments for the year. Rob Burgess of Charter Keck Cramer says the looming housing shortage will put upward pressure on rents:

“All of the east coast capitals are facing a significant shortage by the end of 2021,” said Charter Keck Cramer national director of research and strategy Rob Burgess.

“There’s an impending supply shortage which will place upward pressure on rents. As a response to that, we will see investors’ appetite start to pick up”…

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