Sydney’s rental crisis has been getting worse as winter rolls on, with new research revealing the staggering amount rents have risen by and why more increases could be coming. 😫🏠 Get the details 👉
SQM Research director Louis Christopher noted a key driver of the rental increases was the return of overseas migration after nearly two years of closed borders.“We have evidence that the rise in overseas arrivals is starting to put some additional demand pressure in certain pockets of the rental market,” Mr Christopher said.
He added that there was a slight uptick in vacancies in Wollongong and the Central Coast, but they remained well below long-term average for most of Sydney.“The rental market by and large remains very tight,” he said. “We will wait to see if the increased immigration demand creates pressure elsewhere.”
Real Estate Institute of NSW CEO Tim McKibbin said finding a suitable rental home at an affordable price was becoming the main challenge for tenants. “It’s a very stressful time for tenants,” he said. “ members are telling us that they’ve never experienced such a lack of supply. The shortage of stock is extreme and there’s no denying that the rental crisis is real.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Victorian rental properties at temperatures beneath World Health Organisation ‘safe’ standard - realestate.com.auVictorian renters are shivering through dangerously low winter temperatures — beneath World Health Organisation standards — and spending a fortune on futile attempts to heat their homes.
Read more »
Maldon: Former Bushells corner store with rockin’ 1950s garage diner for sale - realestate.com.auThe former Bushells shopfront has since been converted into a house, now with its own 1950s style garage diner. Take a look inside.
Read more »
Inside Hugh Jackman’s splashy new $30m New York penthouse - realestate.com.auThe Aussie megastar’s new luxury apartment in the Manhattan neighbourhood of Chelsea has jaw-dropping views of the New York City and the Hudson River. See inside.
Read more »
Brunswick East terrace house soars $340k above reserve as demand for renovated properties rises - realestate.com.auA recently-renovated terrace in the Melbourne’s inner north had two families battling at auction because they wanted to avoid the rising costs and delays of building.
Read more »
Fear of awful neighbours: First-home buyers worry as much about who they live near as loan rejection - realestate.com.auFirst there was FOMO (Fear Of Missing Out) then came FOOP (Fear Of Overpaying), but it seems uninitiated buyers have another source of anxiety, according to new research.
Read more »
Possible bread shortage after bakery fire in south-west SydneyA fire which engulfed a bakery in Sydney&x27;s southwest last week could be the cause of a significant city-wide bread shortage.
Read more »