CoreLogic has released data showing explosive growth in unit rents amid strong arrivals of international students and migrants.
As shown in the next chart, unit rents are tracking at more than 12% across Melbourne (13.7%), Sydney (13.4%), Brisbane (13.1%) and Adelaide (12.4%):
This has come off a continued decline in the nation’s rental vacancy rate, which has plunged to just 0.99% nationally and 0.97% across the combined capital cities:
Last month’s federal budget projected 470,000 net overseas migrants to arrive in Australia over the two years to 2023-24:
Yet, these projections are wildly understated given annual net temporary visa arrivals have already surged to pre-pandemic levels:
Driven by a record increase in temporary student and work visas:
Last week, Immigration Minister Andrew Giles boasted how the Albanese Government was remedying “a decade of cruelty and a decade of neglect” from the former Coalition Government and had processed 3.4 million visa applications since June.
Giles also promised that the contrived “one million visa backlog” would be reduced to 600,000 by the end of the year, and further reduced next year.
Where will these hundreds of thousands of new migrants live when there is already a chronic shortage of rental homes for the existing population?
The Albanese Government’s mass immigration drive is an inequality disaster in the making.
