The situation facing Australian renters continues to deteriorate, with PropTrack reporting that the total number of rental listings had fallen 39.1% nationally in the year to April.
Capital city rental listings have fallen the most, down 40.2% year-on-year, with all five major capitals recording huge declines:
Source: PropTrack
PropTrack notes that “while rental listings typically decline in April compared to March, the 18.9% month-on-month fall was the largest decline since 2017”.
Moreover, “total stock for rent remains significantly lower than at the start of the pandemic in both capital cities (-40.2%) and regional areas (-36.1%)”.
New listings also recorded “the largest monthly decline since 2017”, notes PropTrack.
PropTrack also warns that “without an imminent increase in supply, the stock of rental properties will remain low, exacerbating the competitive conditions renters currently face”.
Separate data from CoreLogic paints a similar picture, with rental listings across the combined capital cities crashing to record lows of roughly half the 2020 peak:
Source: CoreLogic
This news is obviously a disaster for Australian renters who are already experiencing record rental price growth of 10.1% nationally (11.7% across the combined capital cities):
Source: CoreLogic
The federal budget has projected population growth of 2.18 million people in only five years, driven by net overseas migration of 1.5 million people.
This 2.18 million projected population increase is the equivalent of adding five Canberra’s or one Perth’s worth of people to Australia in only five years.
To add insult to injury, the record population boom is occurring alongside a collapse in actual new home construction.
The only outcome from the Albanese Government’s extreme immigration policy is a worsening housing crisis, infrastructure crush-loading, and an increase in homelessness and suffering.
