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Anuj

Anuj

Real Estate Consultant,

Australia’s rental market is set to experience an all-time record-high increase in household rents

7D ago 0 Replies 22 Views
While the rental market has borne the brunt of the consequences of the lack of overseas migrants in 2020 due to COVID-19 border restrictions, Propertyology’s head of research, Simon Pressley, believes that the “the next couple of years will produce the biggest increase in rents that Australia has seen”.
As house price growth is expected to reach up to 15 per cent, many parts of Australia may see rents increase by $2,000 to $5,000 per annum, according to him.
“The reality is that Australia does not have enough housing supply for its existing 25.6 million population… Most of Australia had an undersupply of housing prior to COVID-19. While this has managed to cause quite a bit of inconvenience for Australian lifestyles, it has no ability to dump thousands of extra dwellings out of the sky.

“Throughout the rest of Australia, it is becoming standard practice for property managers to frequently receive numerous applications to rent a standard house… Buyer’s agents have seen firsthand proof of multi-offer tenant applications, and the successful tenant paying $50 to $70 per week above the market’s median rent. 

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