CoreLogic’s latest rental listings report shows that the number of homes available for rent across Australia’s capital cities has plunged by around one-third to levels not seen since 2014, when Australia’s population was around 10% smaller:
Accordingly, rental growth remains turbo-charged, soaring by 3.0% over the May quarter and 9.3% annually, with regional rents (10.8%) growing even stronger than the capital cities (8.8%):
SQM Research’s latest rental report also showed that Australia’s capital rental vacancy rate fell to its lowest level in 16 years of records:
Meanwhile, SQM’s asking rents index index soared by 2% in May to be 15.6% higher year-on-year across the combined capital cities.
The planned return of ‘Big Australia’ mass immigration will obviously add further fuel to the rental fire.
Where will all of the new migrants live when Australia doesn’t have enough rental properties for the existing population?