Rental listings collapse across Australia

CoreLogic has released rental data, which shows that listings have collapsed across the combined capital cities, down around 40% from their pre-pandemic level:

Number of homes for rent

This decline in listings has helped drive strong rental price growth, with rents soaring 8.3% across the combined capitals and 9.0% nationally in the year to April:

Australian rental growth

CoreLogic’s data accords with SQM research’s, which shows Australia’s capital rental vacancy rate falling to its lowest level in 16 years of records:

Australia's rental vacancy rate

The situation is obviously even worse across Australia’s regions where rents grew by a whopping 10.9% in the year to April 2021. Accordingly, CoreLogic’s latest housing affordability report showed that the proportion of household income required to meet rental costs has surged to an all time high 34% across Australia’s regions:

Australian rental affordability

The planned reboot of the ‘Big Australia’ mass immigration policy will obviously make the rental situation even worse.

Where will all the new Australians live when we don’t have enough rental properties available to house the existing population?

Unconventional Economist
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Comments

  1. Looking at thise numbers its clear perth will outperform over the next 10 years. I vwould say its the only capital city with a good chance of doubling in 10 years.

  2. reusachtigeMEMBER

    It’s just renters. They’ll need to squeeze more people per room. Even a family per room is better than the sh1t holes where they come from because it’s nicer here and we have backyards to share if they are a bit more successful.

  3. “Accordingly, CoreLogic’s latest housing affordability report showed ” what happens if they are wrong? Or and a big OR, if they have vested interest in twisting the data?

  4. Melbourne is roughly on par with the last 10-15 years pre-pandemic. Anecdotal evidence confirms.

  5. Must be a lot converted back to AirBNB, many were pushed to rent whilst in lovkdown