Macrobusiness, continues its great job in covering the Australian rental crisis, which in a recent piece says, “has completely gone mad.” Surveys indicate that the capital city vacancy rates are now 1 percent, the lowest in Australian history, even worse than in the Great Depression. Rental inflation is going through the proverbial roof, with a 12.2 percent growth in capital city rents.
Macrobusiness quotes these statistics from CoreLogic, PropTrack and SQM Research, and PropTrack blames the Albanese government’s record immigration program for the crippling rental market: “The ongoing rapid rate of population growth, coupled with a persistent reduction in the supply of properties available for rent, have maintained the pressure on the cost of renting, particularly in major capital cities”.