{"id":1283,"date":"2023-11-12T18:20:18","date_gmt":"2023-11-12T18:20:18","guid":{"rendered":"https:\/\/economicherald.net\/?p=1283"},"modified":"2023-11-12T18:20:18","modified_gmt":"2023-11-12T18:20:18","slug":"property-crisis-the-rental-squeeze-without-a-safety-word","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1283","title":{"rendered":"Property crisis: The rental squeeze without a safety word"},"content":{"rendered":"

It was the worst of times, it was the worst of times.<\/p>\n

If the rental market seemed tight before, then these few tidbits from PropTrack and Realestate.com.au are going to be hard to swallow.<\/p>\n

The number of places available for rent in Australia shrank that little bit more last month.<\/p>\n

New PropTrack research has found the national rental vacancy rate fell to a new, horrible record low of 1.02% in October, down, down, down 0.06 percentage points (ppt) month-on-month.<\/p>\n

A little but a lot.<\/p>\n

And to rub hydrochloric acid into the wound \u2013 just as the number of available rental homes has been falling, weekly rents across Australia have been climbing.<\/p>\n

In fact the national median weekly advertised rent on realestate.com.au at the start of October was recorded at $550 per week at the an increase of 3.8% over the quarter and 14.6% over the year.<\/p>\n

Rental properties have become so hard to find that some renters have been offering to pay above asking rents to secure a home.<\/p>\n

It\u2019s the worst of news for Aussie renters who\u2019ve had to endure weekly rent rises amid the cost-of-living crisis or have been forced to move as investors sell up and exit the market.<\/p>\n

PropTrack senior economist Anne Flaherty says prospective Aussie renters were staring down a long and difficult road.<\/p>\n

\u201cThe national vacancy rate has been trending down for well over three years now \u2013 a trend that looks likely to continue off the back of strong population growth and a slowdown in the supply of new housing,\u201d Flaherty said.<\/p>\n

\u201cMelbourne and Sydney have seen the sharpest falls in available rentals over the past 12 months, with vacancy down 0.55 ppt and 0.35 ppt, respectively.\u201d<\/p>\n

Rental conditions in Sydney deteriorated further in October, with vacancy sliding 0.08 ppt to a record low of 1.11%.<\/p>\n

\u201cTenants faced even tougher conditions in October, with the proportion of rental properties sitting vacant falling to the lowest level on record.<\/p>\n

Just 1.02% of rentals were vacant in October, with vacancies down in both capital city and regional areas and record lows reached in New South Wales, Victoria, and Queensland.<\/p>\n

\u201cConditions have also deteriorated in regional areas, with vacancy down 0.31 ppt over the quarter,\u201d Flaherty said.<\/p>\n\n

Adelaide continued its run as the city with the lowest vacancy in the country at 0.67%, while Darwin held the highest vacancy rate at 2.47%.<\/p>\n

Rental vacancy rates in Melbourne and Hobart fell to 1.09% and 1.21%, respectively.<\/p>\n

Vacancy rates below 1% were recorded across Perth and Brisbane, sitting at 0.87% and 0.7%, respectively.<\/p>\n

<\/span><\/p>\n

The post Property crisis: The rental squeeze without a safety word<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

It was the worst of times, it was the worst of times. 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