Aspiring homebuyers who are currently renting are facing a dilemma – buy in a falling market while interest rates are rising or continue to rent and be at the mercy of landlords capitalising on the current rental crisis.
And with international migration levels expected to climb as the year goes on, the current shortage of rental housing that’s driving up rents is expected to get worse. Mr Wargent said an increase in property listings in the second half of 2022 may make it easier to purchase properties, but there would be critical housing shortages over the long-term and pressure on renters would be severe.
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