Australian landlords passed on their biggest-ever rent increases in 2022, and the cost-of-living situation is unlikely to ease significantly for tenants in coming months.
One silver lining is that the rents have recently been rising at a slower pace.“While a slowdown in the pace of rent rises could be a sign that the rental market is starting to shift, it's not great news for tenants just yet," CoreLogic's head of Australian research, Eliza Owen, said.Eliza Owen says the rise in December rental listings may not necesarily be the start of a new trend.
“However, it’s important to recognise, despite the increase in rental listings, the figures remain 13.8 per cent lower than the previous five-year average for this time of year," Ms Owen added. "Migration is coming back, and most people who migrate live in Sydney or Melbourne. They need somewhere to rent.
Ms Colvin said governments could do a lot more to get affordable rentals on the ground, and to soften the impact on renters by increasing Commonwealth Rent Assistance. Approvals for new dwellings are down 15 per cent year on year, meaning there will be fewer houses being built as migration rebounds and more people start to call Australia home.
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