On Tuesday, CoreLogic released its quarterly rental market report, which recorded the highest annual rental growth on record (i.e. 10.2% nationally) on the back of a near record tight vacancy rate:
Source: CoreLogic
Separate CoreLogic data also showed that the number of homes listed for rent across Australia’s capital cities has plunged to a record low:
Source: CoreLogic
Now Domain has released its own rental report for the December quarter which shows Australia “has seen the steepest annual rental increase on record, at 14.6% for houses and 17.6% for units across the combined capitals”.
House and unit rents are also at record highs across all cities, apart from Darwin and units in Perth.
The below table shows house rents across Australia, with double-digit annual rental growth recorded across most markets:
Domain house rents
Unit rents are also growing at an extreme pace across the capital cities, according to Domain:
Domain unit rents
Domain’s Chief of Research and Economics, Dr Nicola Powell, noted that “asking rents are at historic highs across all cities (apart from Darwin and units in Perth), rents are rising at the fastest annual pace ever seen across the combined capitals and the number of vacant rental properties is at an all-time low for the month of December”.
“This quarter, the rental market has become extraordinarily tight with tourism, overseas migration and foreign students placing greater pressure on supply as demand increases. This continues to fuel the landlords’ market putting increased pressure on tenants in many parts of the country”.
Australia’s rental crisis is destined to worsen in 2023 given the Albanese Government has committed to the largest temporary and permanent immigration program in this nation’s history, which has already seen annual immigration return to its manic pre-pandemic level:
Where will the hundreds of thousands of extra people arriving live when there is already a crippling shortage of rental homes? In tents and cars?
The Albanese Government’s Big Australia mass immigration policy is an inequality disaster in the making that will tighten the rental market even more, drive up rents, and push many families into severe financial stress and homelessness.
And for what? To line the pockets of Big Business, Big Property and the education-migration industry, while ordinary Australians bear the costs.
