Australia’s rental shortage has continued to worsen with the total number of listings falling to a record annual low, a new report has revealed.
Released on Monday, new analysis from PropTrack has found the number of new rental listings fell 5.7 per cent in the year to September, as the rate of new builds eases, property investors exit the market, and Australia’s population grows at its fastest pace in more than a decade.
The number of rental listings has fallen to a record annual low. Picture: NCA NewsWire / Max Mason-Hubers PropTrack head of economic research Cameron Kusher said conditions in the rental market had pushed costs much higher and further increases could be expected. “From here, we expect rents will continue to climb in the major capital cities due to persistent low supply and strong demand. Outside of the major capital cities, we expect rental price growth to continue to slow, the availability of stock for rent to ease further and vacancy rates to start drifting higher.”Recent quarterly inflation data, released by the Australian Bureau of Statistics, on Wednesday showed rents across the board jumped at a blistering pace of 7.
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