January’s rental data has been a shocker for Australian tenants with soaring growth recorded across all private sector data providers.
It began with CoreLogic recording double-digit rental growth nationally, with rents across the major capitals exploding amid tightening vacancy rates:
Then Domain posted its rental results, with house rents soaring by 14.6% across the combined capital cities in 2022:
Unit rents grew even faster, soaring 17.6% across the combined capital cities in 2022:
Domain also reported a collapse in rental vacancies, which hit just 0.8% across the combined capital cities in January:
Now PropTrack has posted its rental data for January, with rental growth going vertical:
The situation facing renters is only going to get worse in 2023 given immigration is already soaring, led by international students:
To add further insult to injury, China’s directive that it will no longer recognise foreign academic degrees and diplomas if the study was conducted online is expected to see 40,000 to 50,000 Chinese students land in Australia over the next two months, equating to roughly one-third of available rentals in Sydney and Melbourne.
Where are the hundreds of thousands of new migrants expected to arrive every year supposed to live when there is already a dire shortage of homes for the existing population? On the streets?
Labor’s Big Australia policy is an inequality disaster in the making that will create a permanent rental shortage and force thousands of Australians into extreme housing stress and homelessness.
