Rental vacancy rates have reached a new low, with new data revealing only 1.07 per cent of rental properties were available last February.
Senior Economist Angus Moore says the only solution is to build more homes.
Although governments are focussing more on this issue, Moore says, “we’re probably not going to see much relief for renters in the near term.”
Stay up-to-date on the latest news with The National Briefing – keeping you in the loop with news as it hits:
The availability of rental homes has plummeted 60 per cent since March 2020.
“The National Cabinet is targeting 1.2 million homes over five years, though unfortunately, at the current pace of building, we’re not really on track to hit that,” Moore said.
Australia’s rental affordability is at its worst in at least 17 years, and the tight market continues to put pressure on rental costs.
Subscribe to The Briefing, Australia’s fastest-growing news podcast on LiSTNR today. The Briefing serves up the latest news and deep dives on topics affecting you, all in under 20 minutes.
Cameron Munster has been ruled out of this years entire State of Origin series as…
Brad Arthur has been sacked from his position of Head Coach of the Parramatta Eels…
A strong start to the week from Hughesy. JB loved his evolution joke! "A child…
Can you name all 34 number one draft picks since 1990?
Teacher's Pet killer Chris Dawson faced court last week to appeal his murder conviction. The…
Rapper Sean ‘Diddy’ Coombs has admitted to beating his ex-girlfriend, Cassie Ventura, in the hallway…