Rents 'explode' across the country, as house prices fall in many Melbourne, Sydney suburbs
2 years, 11 months ago

Rents 'explode' across the country, as house prices fall in many Melbourne, Sydney suburbs

ABC  

Rents have soared because of a record low number of available rental properties in a "crisis" that analysts predict is set to worsen. Key points: Combined house and unit rents have gone up 11.8 per cent across capital cities in 12 months The national rental vacancy rate is 1 per cent Melbourne and Sydney have the highest percentage of suburbs with falling home purchase prices Capital city asking rents jumped 11.8 per cent in a year, after a 2.2 per cent rise in the month to April 12, according to SQM Research. Capital city house asking rents surged 14.7 per cent in a year, while unit rents rose 11.2 per cent. Interest in property mixed Nationally, monthly online property search volumes fell 8 per cent in March, and 11 per cent from March 2021, according to REA Group's PropTrack Housing Market Indicators Report April 2022. “Looking ahead, there are headwinds that will continue to slow housing prices from the surge recorded over the past year, given the benefits of lower mortgage rates have already been converted into higher prices.” Interest rate hike cools housing market Reserve Bank modelling estimates housing prices may fall 15 per cent if interest rates rise 2 percentage points.

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