Australia’s rental market continues to tighten, according to new vacancy figures from Domain.
The nation’s rental vacancy rate nearly halved to 0.8% in October, from 1.5% a year earlier.
Every capital city rental market remains zipped tight, with the combined regions (0.6%) even tighter than the combined capitals (0.8%):
Commenting on the results, Domain chief of research and economics Dr Nicola Powell warned “there is a rental crisis across the country, and it’s going to get more serious” as migrants and students arrive in greater numbers.
Powell noted that more housing is desperately needed to cater for migrants, and said that “if you are on a low income in Australia, you would find it extremely difficult to find an affordable rental”.
The latest federal budget forecast that nearly one million net overseas migrants will arrive over the next four years:
Whereas the latest permanent and long-term arrivals data from the Australian Bureau of Statistics has already ballooned to pre-pandemic highs since the Albanese Government was elected:
Where are these hundreds of thousands of migrants arriving each year going to live when there is already a dire shortage of rental homes for the current population? In tents? On the street?
The Albanese Government’s planned record immigration intake is an inequality disaster in the making that will inevitably result in ballooning rents, increased poverty and homelessness.
