Earlier this month, PropTrack reported that rents nationally surged 10.3% in the year to September:
Soaring rental growth.
PropTrack also predicted worse to come as immigration is ramped:
With the supply of rental stock remaining extremely tight and migration to Australia lifting, we anticipate rents to continue to rise over the coming quarters…
Now PropTrack is reporting that the share of rental properties listed for rent on realestate.com.au for less than $400 plummeted to just 19.3% in September 2022, down from 41.8% at the start of the pandemic:
Affordable rental listings vanish across Australia.
PropTrack once again warned that the situation will worsen as immigration lifts:
With supply of rental listings continuing to tighten and competition for stock heating up due to low levels of first home buyer purchasing and increasing migration, we expect the supply of affordable rental listings under $400/week to reduce even further over the coming months.
Australia’s net overseas migration hit its highest ever level in the March quarter, with a record 96,200 net arrivals:
Highest ever NOM in March quarter.
The Albanese Government also used last month’s Jobs & Skills Summit as a trojan horse to ramp immigration to unprecedented levels via:
- Raising the permanent non-humanitarian migrant intake to a record high 195,000 a year;
- Turbo-charging temporary migration by:
- Expanding work rights for international students via:
- Uncapping the number of hours international students can work while studying for another year; and
- Extending the length of post-study work visas by two years.
- Committing to clear the ‘backlog’ of “nearly one million” visas awaiting approval.
- Expanding work rights for international students via:
Blind Freddy can see that increasing rental demand by hundreds of thousands of migrants will necessarily tighten the rental market further, sending rents soaring and plunging people into homelessness.
The Albanese Government’s record immigration push is an inequality disaster in the making.
