CoreLogic has provided a bunch of new charts and tables illustrating the deepening rental crisis afflicting Australia.
The next chart shows that annual rental growth hit a record high 10.0% in the year to August, with both the combined regions and capital cities growing at double-digit rates:
Aussie rents growing at double-digit rates.
This strong growth has occurred off the back of a sharp drop in rental supply. As illustrated in the next chart, total rental listings have shrunk by around 40% over the pandemic across the combined capital cities:
Rental supply has collapsed.
This collapse in listings has driven the national vacancy rate to just 1.2% in August, down from 2.1% the year prior:
Vacancy rates are tracking at historic lows as rents boom.
The Albanese Government’s decision to throw open the temporary and permanent migration floodgates will obviously deepen Australia’s rental crisis.
Next year, Australia is likely to experience its highest ever net overseas migration, with up to half a million migrants landing in Australia.
Where will they live when there is already a chronic shortage of rental accommodation?
Thanks to Labor’s open borders policy, Australians are facing a further shrinkage in rental vacancies, soaring rents, and rising homelessness. It is an inequality disaster in the making.
