The situation facing Australian renters continues to darken with new data from CoreLogic showing that the number of homes listed for rent across the combined capital cities has fallen to a new record low:
Source: CoreLogic
There are currently around 62,000 rental listings across the combined capital cities, which is around half the normal number in October.
The next chart shows the annual change in listings across the capital cities:
Source: CoreLogic
As you can see, the decline in rental listings has been most severe in Melbourne (-22.9%) and Sydney (-18.4%), which has received the largest share of net overseas migration.
It is hard to see how the situation will improve given the latest monthly arrivals data from the Australian Bureau of Statistics (ABS) shows that net overseas migration into Australia continues to increase:
Source: Justin Fabo (Macquarie Group)
To the contrary, the rental market is certain to tighten further given record immigration flows are landing at the same time as actual housing construction is crashing:
Australian renters should, therefore, brace for even tighter rental vacancies and soaring rents, which will push many to the financial brink, into group housing, or into homelessness.
It is an inequality disaster in the making brought to you by the Albanese Government’s extreme immigration program.
