PropTrack has released disastrous rental vacancy data, which collapsed to a fresh record low in August despite large numbers of Australians being forced into group housing:
In August, the national rental vacancy rate decreased by 0.14%, marking the lowest level in more than a year.
In comparison to the beginning of the pandemic, there are now 54% fewer rental units that are unoccupied and available.
Sydney’s rental market continued to deteriorate in August as its vacancy rate dropped by 0.19% to 1.26%.
Melbourne’s rental vacancy rate decreased by 0.10% throughout the month to reach 1.19% in August:
“It became even harder to rent a property in August, with the national vacancy rate falling to a new low of just 1.1%”.
“Vacancy rates deteriorated in every capital city bar Darwin, with Canberra and Sydney seeing the sharpest drops over the month”.
“There are no signs rental conditions are easing, with the vacancy rate now sitting below 1% in three of Australia’s capital cities. Across Australia, the share of available rental properties has fallen by more than half since the start of the pandemic”.
“The supply of vacant rental properties in regional areas has also deteriorated, with the vacancy rate falling to just 1.1%. Regional SA and Queensland have the tightest rental markets, with vacancy sitting below 1%.
“Rents are predicted to continue rising off the back of these incredibly low vacancy rates, which are driving up competition for properties”.
Make no mistake, this rental crisis has been caused by the Albanese Government’s unprecedented immigration program, which has driven Australia’s 15-plus population up by around 2.8% year-on-year:
Source: CBA
Indeed, this week’s national accounts release showed that Australia’s population swelled by more than 620,000 people over the 2022-23 financial year:
Source: Cameron Kusher (PropTrack)
As long as the federal government pursues a ‘Big Australia’ immigration strategy, the nation will continue to experience perpetual housing shortages and soaring rents.
Thousands more Australians will be plunged into financial stress, forced to live in group housing, or driven into homelessness.
If the Albanese Government genuinely wanted to solve Australia’s housing crisis, it would lower the immigration intake to a level where housing demand matches the growth in supply. Otherwise, the problem will only get worse.
