PropTrack has released rental vacancy data for November, which recorded a moderate increase in the national vacancy rate to 1.07%, with the combined capital city rate rising to 1.10% and the combined regional vacancy rate falling to 0.98%:
PropTrack’s vacancy rate broadly aligns with CoreLogic’s, which recorded a combined capital city rate of 1.0% and regional vacancy rate of 1.2%
Source: CoreLogic
Commenting on the results, PropTrack noted that “rental market conditions remain extremely tight”, “placing exceptional pressure on renters”.
“Despite the easing, vacancy rates have trended down for over three years following strong rental demand and a slowdown in new construction”.
“Conditions will remain tough for those looking to rent in the new year period amid strong demand”, PropTrack added.
CoreLogic data shows that the number of homes for rent across the combined capital cities is tracking around half 2020 levels:
Source: CoreLogic
Whereas data released last month by Ben Phillips at the ANU showed that the number of adults per Australian dwelling has risen back to pre-pandemic levels:
Therefore, Australians have responded to the shortage of accommodation and the surge in rents by shifting into share housing – a view backed up by Flatmates.com.au.
So long as Australia’s population growth (read immigration) continues to run well ahead of dwelling construction, Australia’s housing shortage will continue to worsen:
In turn, thousands more Australians will be pushed deep into rental stress, forced to live in group housing, or will become homeless.
