Australia news live: rental vacancies at record low in most big cities and prices rising
Summary
Rental vacancies in most large Australian cities are at record low levels, causing rents to rise. Homes priced below government-set limits for low-deposit loans are increasing in value faster than more expensive properties.Key Facts
- The national rental vacancy rate in Australia is at a record low of 0.7%.
- Cities like Sydney, Perth, Darwin, and Hobart have vacancy rates below 0.6%, with Melbourne at 1%.
- Median weekly rents have risen to $680 for houses and $675 for units in capital cities.
- The federal government’s 5% deposit guarantee scheme helps first-time home buyers by lowering deposit requirements.
- Since expanding the scheme and raising price caps in October, properties under the cap have increased in value by 6.7%.
- Properties above the scheme’s price caps have risen by 3.6% in value over the same period.
- The low-deposit scheme may eventually become less effective as more homes exceed the price caps and financing challenges grow.
- High demand and limited supply are causing rental prices to rise, but many renters can no longer afford higher rent increases.
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