Experts say 'record levels of migrants' has bolstered rental demand. 9News
Though depressing for renters, the news comes as no surprise to experts, who say "record levels of migrants", many of whom rent in inner-city unit precincts, "has bolstered demand".and unit markets across Australia saw an increase in rents in the last financial year.Bleak new data has revealed that nine in 10 rental markets across the country saw an increase in rent in the last year.
Of those, almost two thirds of unit suburbs recorded an annual increase of 10 per cent or more, as did more than one third of house markets. CoreLogic Economist Kaytlin Ezzy said an overall shortage in vacant rentals is behind the worrying trend."The sharp rise in interest rates has coincided with a -23.6 per cent fall in new housing investment lending between April 2022 and May this year, and this includes a slight recovery in investment lending in recent months, which has lifted 10 per cent from a low in February this year.
"For Perth in particular, there is a persistent shortage of rentals, with total rent listings now about -50 per cent lower than the historic five-year average." Brisbane, Adelaide, Perth and Darwin saw "100 per cent of unit markets record rent value increases" over the last 12 months, Ezzy added, while just three markets in Sydney, two markets in Melbourne and one market in Hobart saw unit rents fall.
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