The national vacancy rate held at its lowest point on record at 1 per cent for the fourth month in a row in June.Melbourne vacancy rate dropped 0.1 percentage point to 1.5 per cent in June.Renters face tough conditions as they have fewer homes to choose from at the same time rents hit record highs.
Vacancy rates remained steady in Brisbane, Perth, Adelaide and Darwin, while they increased in Hobart and Canberra. “We had a tight rental market when we had no overseas migration. They have returned and have placed additional demand,” Powell said.She said while Sydney’s vacancy rate remained low, it could be stabilising and perhaps at a turning point as it has not deteriorated unlike Melbourne.
Tenants’ Union of NSW chief executive Leo Patterson Ross said the vacancy rate would need to increase substantially to provide any choice and stable rents for tenants.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Very much a landlords’ market’: Renters face tough conditions with vacancy rate at record lowThe national vacancy rate is at its lowest point on record and tenants face stiff competition, but are there signs of a turning point ahead? TawarRazaghi The landlord's loan repayments have gone up $800p/m in the past few months. I wouldn't call that a landlords market. TawarRazaghi Gosh, where have all our homes gone; why is there nothing to rent? TUNSW LeoPatRoss RobStokesMP Right2Housing NeighboursNotStrangers TawarRazaghi Not good 😌
Source: smh - 🏆 6. / 80 Read more »
Australia’s industrial property market ‘tightest in the world’All the major capital cities recorded falls in vacancy rates over the first half of 2022, led by Perth which registered a 130 basis points contraction to 0.5 per cent.
Source: FinancialReview - 🏆 2. / 90 Read more »
'It's a bit daunting': Business hit by record high costs as inflation, interest rates riseSmall businesses are struggling with record high costs while trying to remain competitive, as consumer confidence falls in response to inflation and rising interest rates. Letting pensioners work without penalising them seems like a great idea. There are a number of pensioners out there at the moment who are doing the same work of someone half their age, they are capable, so give them the incentive to continue on for a bit longer, it's sensible. No it's NOT just pass it on to the CONSUMER like it is ALWAYS DONE. Businesses without adequate cash reserves,will go under after Christmas. These are facts of entrepreneurship and recessionary pressures. RBA will have to lower rates,right after XMas shopping lull. If RBA waits for data in April to act it's too late,it will be a hard landing.
Source: abcnews - 🏆 5. / 83 Read more »
The Sydney neighbourhoods leading the property market downturn as interest rates riseHouse values have fallen by more than seven per cent in three months in some parts of Sydney, new figures show, as rapidly rising interest rates put downward pressure on prices.
Source: smh - 🏆 6. / 80 Read more »