SQM Research has released rental vacancy data for August, which showed that the national rental vacancy rate fell 0.1% over the month to only 1.2%:
As the rental crisis in Australia worsens, the number of vacant and available rental homes decreased by 3,439 nationally, bringing the total to just 35,425.
Sydney, Perth, and Canberra all reported falls in rental vacancy rates for the month, to 1.4%, 0.4%, and 1.9% respectively.
SQM’s data follows PropTrack’s over the weekend, which showed that the nation’s rental vacancy rate had plunged to a record low 1.1%:
“Over the first half of 2023, there was a mini reprieve for tenants due to a modest lift in rental vacancy rates, especially for our regional townships”, SQM Research managing director, Louis Christopher commented.
“Tenants increasingly sharing accommodation together somewhat assisted in the easing. However, in more recent months, the rental market has tightened once again”.
“This renewed tightening mostly likely was caused by ongoing and rapid increases in our population plus a decrease in new dwelling completions compared to 2022”.
“Going forward, I expect the low rental vacancy market to be maintained. In response to shortages, housing formation will continue to contract and unfortunately, I am expecting a very large increase in homelessness”, Christopher warned.
Last week’s June quarter national accounts release from the Australian Bureau of Statistics (ABS) estimated that Australia’s population grew by 626,000 in the 2022-23 financial year – easily the largest population increase in history:
Source: Cameron Kusher (PropTrack)
Running the largest immigration program in history into a supply-constrained market is the height of lunacy and will inevitably force thousands of Australians into homelessness.
The Albanese government should be ashamed of itself for pouring immigration fuel onto Australia’s housing bonfire.
