Australia’s rental market continues to meltdown, with new data from SQM Research showing that short-stay Airbnb-style listings have surged at the same time as long-term rental listings have collapsed:
This is obviously occurring at a time when the Albanese government is literally flooding Australia with people, with an estimated 500,000 net overseas migrants landing in Australia in 2022-23:
In turn, Australia’s rental vacancy rate across the combined capital cities has collapsed to a record low of just 0.9%, according to CoreLogic, which is around one-third the decade average:
Source: CoreLogic
The unprecedented tightness in the rental market has driven advertised rents up by around 30% since the start of the pandemic, according to the latest RBA Statement of Monetary Policy, causing widespread pain for tenants:
The rental situation in Australia has clearly turned diabolical, which will inevitably drive rents higher, causing deeper financial pain and forcing more Australians into share housing or homelessness.
An inequality disaster is unfolding before our eyes.
