Australian Rental Crisis to Continue, for Years, Decades, Centuries? By James Reed
The bad news regarding the present Australian accommodation crisis is that according to the managing director of SQM Research, Louis Christopher, rental increases and the scarcity of places to rent will continue into the future, some say for many years. "Overall, the national rental market remains in severe shortage and barring some exceptions, is not expected to materially soften out of the rental crisis for some years," Christopher said.
The reason why this crisis has now become part of the worn social fabric of Australia, is as Macrobusiness.com.au, and myself have argued almost every day, because of runaway mass immigration. This is summarised in the extract below, so it is good to hear this story from another source for a change:
"Anthony Albanese's government will fail to meet its goal of reigning in immigration amid a housing crisis, with more than 400,000 new arrivals in Australia in the last financial year.
The government in last year's May budget forecast the number of foreigners moving to the country would drop to 315,000 in the 12 months to June under new measures it introduced - though this was revised to 375,000 in December and 395,000 earlier this year.
However, data from the Australian Bureau of Statistics released Thursday confirmed in just the first nine months of the financial year there were 388,000 new arrivals in the country, not counting the remaining four months.
Opposition Leader Peter Dutton said the influx of new residents vying for places to live was why property prices remain at record highs.
'This is why Australians can't afford to buy a home, it's why the rents have gone through the roof and it's why we find ourselves in a position that we do today with people living without secure accommodation,' Mr Dutton said.
Minister for Home Affairs Murray Watt said migration had slowed under the government's measures, and the data from the remaining four months of the financial year would show it had reduced further.
'We recognise that we need to make sure that the numbers of migrants that we have coming to Australia is sustainable, and that's exactly why we've taken a range of actions to bring that number down,' he said.
'We're starting to see the results of that. The numbers that came out today are actually from March, they're a little bit lagging. And of course, a number of the measures that we've taken took effect after March, so I would expect that we'd see that number fall further.'"
Mass immigration to Australia is killing the lives of the ordinary Aussies, and unless they fight back, they will disappear into the sands of history to be forgotten as what was once Australia, becomes an extension of communist China. All that has ben strived for, will disappear without a trace. The traditional people, and their culture is bean dismantled by the globalist left, including the Labor Party, right now, starting with the elimination of free speech.
"Tenants will continue to face rental increases and difficulty securing tenancies, as researchers warn the current crisis will not subside for years.
According to managing director of SQM Research, Louis Christopher, supply of rental properties remains tight across Australia.
"Overall, the national rental market remains in severe shortage and barring some exceptions, is not expected to materially soften out of the rental crisis for some years," he said.
However, Christopher added that much of the structural rental shortage "has now been priced into the rental market and so I do believe the days of 10% to 20%-plus annual rental increases have come to an end".
Christopher's comments come as new research shows that Sydney's rental vacancy rate slightly dropped to 1.6%, with just 11,893 rental dwellings vacant, while Melbourne's vacancy rate slightly increased by 0.1% to the same level as Sydney's. Brisbane, meanwhile, continued to experience strong demand with a low vacancy rate of 2.5%.
In terms of rental prices, the national median weekly rent for a dwelling is now $719.80, with Darwin showing the most significant monthly growth, particularly in house rents, which rose by 9.6%.
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