Despite already high rents, apartment rents in Australia are predicted to continue to rise over the next five years, with some areas seeing increases of up to 30%. Vacancy rates are also expected to shrink, contributing to the rent hikes.
Despite soaring rents in the past 18 months hurting many tenants who already taking big hits from a rising cost of living, apartment rents are predicted to continue to soar over the next five years.
Research by commercial real estate firm CBRE says rents in Sydney’s eastern suburbs and Parramatta, Melbourne’s north, Perth city and almost all suburbs of Brisbane could rise by up to 30 per cent by 2028. The rises are underpinned by forecast declines in capital city vacancy rates from a current average of 1.8 per cent to just 0.8 per cent – one-third of the previous decade average of 2.5 per cent.
In Sydney, less than 40 per cent of renters were housed in apartments in 2006 but, by 2021, it had jumped to more than 50 per cent.
Rents Australia Apartment Rise Vacancy Rates Real Estate
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.
Heatwave conditions in New South Wales triggers extreme fire danger warningThe mercury is expected to soar above 30 degrees, with fire authorities on high alert.
Read more »
Why more apartment rent rises are on the wayRents across Australia have risen at their fastest rate in more than a decade, but things are likely to get worse, with more hikes and shrinking vacancy rates on the way.
Read more »
Property Prices Soar in Australian Capital CitiesProperty prices in Sydney have risen 7.51% in 12 months, while five areas of Perth rose by more than 15%. Limited sales volumes and rising populations contribute to the record levels in several capital cities.
Read more »
Total fire bans in place as temperatures soar and bushfires rageBrisbane is set for a maximum temperature of 34 degrees on Tuesday as a ferocious blaze continues to burn in southern Queensland.
Read more »
World Bank warns oil price could soar to record $150 a barrelEscalation of Israel-Hamas war into Middle East-wide conflict would disrupt oil supplies and stoke food prices, says Bank
Read more »
Firefighters on High Alert as Dangerous Conditions Expected in South-Western QueenslandAfter two days of cooler temperatures, firefighters in south-western Queensland are on high alert today, with hot weather and strong winds expected to make for dangerous fire conditions. Fire containment lines will likely come under intense pressure, with authorities saying if fires take off they will be difficult to control. Western Downs Mayor Paul McVeigh says the council is seeking to establish an emergency shelter near Tara to handle the situation and evacuate people if necessary. Many of those evacuated from bushfires near Tara are now in alternative accommodation.
Read more »