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New data has revealed the number of Australian properties for rent cheaper than $500 has dramatically declined, adding to an already devastated housing climate. According to analysis of rental listings by Ray White, property listings for less than $500 a week have almost halved across Australia’s major cities in the past year. There were 178,321 rentals for less than $500 a week in April 2023, which fell to 94,887 in April this year.
“The main point is that prices are going up and people will have to sacrifice on location and accessibility,” Go Tian said. Rental listings in total had also dropped by 6 per cent across the board amid the nation’s growing housing crisis. Melbourne had the most affordable rentals with 16,005 less than $500, which represented about 35 per cent of the market. “Melbourne appears to be your best bet.
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