Posted 10/21/2023, 3:19:16 AM
Housing Squeeze: Australia's Surging Population Strains Rental Market
- Australia experiencing massive population growth due to high immigration levels, putting pressure on already tight rental market
- Rental vacancy rates have hit an all-time low of 1.06% in September across the country
- Net overseas migration was over 450,000 in the year to March, with total population increasing over 500,000
- Housing construction is not keeping pace with population growth, raising concerns of worsening housing crisis
- Homelessness increased 5% between 2016-2021; share housing demand has nearly doubled as rental competition rises