CoreLogic’s has released data showing that rental listings continue to collapse, down over 50% from their pre-pandemic level across the combined capital cities:
Rental listings down 50% over pandemic.
The next chart shows that new listings were down 2.8% in the year to June across the combined capital cities, whereas total listings were down 24.1%. Moreover, total listings were down across every capital city market except Canberra:
Broad-based declines in rental listings.
This collapse in listings and vacancy rates has helped drive strong rental price growth.
As shown in the next chart, the vacancy rate across the combined capital cities has fallen to just 1.3% (down from 2.5% a year ago), whereas vacancies across the combined regions has fallen to 1.0% (down from 1.4% a year earlier). As such, annual rental growth has surged to 9.5% nationally, with the combined capital cities growing 9.1% and the combined regions surging 10.8%:
Australian vacancy rates down, rental growth up.
Separate data from SQM research also shows that Australia’s capital rental vacancy rate has fallen to its lowest level in 16 years of records to just 1.0%:
Lowest rental vacancy rate in 16 years.
With Labor signaling an aggressive lift in Australia’s immigration intake, the rental crisis is certain to worsen.
Where will the hundreds of thousands of new migrants live when we don’t have enough rental properties to house the existing population?
As usual, the costs of mass immigration are ignored by the ‘Big Australia’ shills.
