Is the record level of migration fuelling inflation and the rental crisis?
1 year, 1 month ago

Is the record level of migration fuelling inflation and the rental crisis?

ABC  

Rye Yang came to Australia in search of a new life, but they didn't have the best start. Key points: An influx of migrants is driving up rental demand in major cities Rising rents are one of the key contributors to inflation The RBA thinks high rent inflation will remain "elevated for some time" “I have never in my life experienced anything remotely as hard as finding a place to stay in the Australian rental market," the American migrant, who arrived in Melbourne in June, told The Business. "Members noted this could put significant pressure on Australia's existing capital stock, especially housing, which would in turn manifest in higher consumer prices." CoreLogic's head of research Eliza Owen said rents have gone up significantly at a pace that "we have not seen for a very long time". "Together with historically low vacancy rates, and little sign that tight rental market conditions will ease in the near term, this is expected to keep rent inflation elevated for some time."

Growth Record Immigration Housing Population Inflation Migration Richardson Cent Rents Rba Rental  crisis  growth  rental  rents  fuelling  migration  rba  housing  inflation  immigration  level  population  record  cent

History of this topic

PETER VAN ONSELEN: Which of these statements about the Australian economy is true? 1) Australia has won the war on inflation 2) Interest rates are too high 3) The country is run by a bunch of muppets
3 months, 2 weeks ago

PETER VAN ONSELEN: Which of these statements about the Australian economy is true? 1) Australia has won the war on inflation 2) Interest rates are too high 3) The country is run by a bunch of muppets

Daily Mail  

I used to enjoy a good muppet show as a kid, but the muppet show we'll see tomorrow when the latest inflation data gets revealed will be far less edifying. RBA Governor Michele Bullock will see through tomorrow's headline inflation figure And that underlying figure will be higher than the top end of the Reserve Bank's target range. The underlying …

Australia's median rent surges to record heights with regions and outer suburbs feeling the heat
8 months ago

Australia's median rent surges to record heights with regions and outer suburbs feeling the heat

ABC  

In short: Rents have reached a record high, with the median weekly rent in Australia now at $627. Perth Median rent $669 Year-on-year increase 13.6 per cent The rental market in Perth saw the highest annual rent increase of all capital cities in the last year, as well as the highest uplifting of rent values since the onset of the …

Proof Australia's rental crisis is getting worse as living costs soar across the country
10 months, 2 weeks ago

Proof Australia's rental crisis is getting worse as living costs soar across the country

Daily Mail  

Share house living is growing as the rental market remains tight and high living costs prod home owners to rent out their spare rooms. Online share accommodation site Flatmates has recorded an 18.8 per cent increase in new listings since this time last year, but even with that boost, demand for rooms is still dramatically outpacing supply. Demand for rooms …

Depressing statistic that will have young Sydneysiders wanting to move to Melbourne
1 year ago

Depressing statistic that will have young Sydneysiders wanting to move to Melbourne

Daily Mail  

Rents continued to grow in every capital city in the last months of 2023, but economists say there could be some relief on the horizon. The latest PropTrack Market Insight report found the median national rent has continued on its meteoric rise, increasing 1.8 per cent over the December quarter to $580 per week. This is an 11.5 per cent …

The charts that show how Australia’s rental market got so broken
1 year, 4 months ago

The charts that show how Australia’s rental market got so broken

ABC  

Sometimes, being a renter in Australia just plain sucks. CoreLogic's head of residential research Eliza Owen says in this "landlord's market", requests for homelessness services have been increasing every year since 2012. "Lower income households are more likely to be in the private rental market they're seeing much higher levels of incomes required to service rents," Owen says. "In the …

National Cabinet is turning its attention to Australia's housing crisis — and an important shift could be coming
1 year, 4 months ago

National Cabinet is turning its attention to Australia's housing crisis — and an important shift could be coming

ABC  

A staple of debates about housing affordability in Australia over at least the last four decades has been lack of housing supply. It will consider both the rental market and housing supply in the broad, amidst continuing pressure from the Greens — who have been trying to leverage their refusal to support the government's housing fund to gain federal interventions …

A new wave of mass migration has begun
1 year, 7 months ago

A new wave of mass migration has begun

Hindustan Times  

Last year 1.2 million people moved to Britain —almost certainly the most ever. Not long ago it seemed as if many wealthy countries had turned decisively against mass migration. Long home to people of Irish-Catholic descent—with accents to match—net migration to the province is running at more than 20 times the pre-pandemic norm. Estimates published by Goldman Sachs, a bank, …

From working visas and migration to inflation, defence and housing: it's been a week of budget night tasters
1 year, 8 months ago

From working visas and migration to inflation, defence and housing: it's been a week of budget night tasters

ABC  

A week out from the federal budget and we are into one of the more, shall we say, "mechanical" phases of the political year: when a government makes the most of the focus on all things budget-related to milk every possible policy pronouncement for every cent it can, without necessarily outlining all the crucial details. There have been significant policy …

The cost-of-living crisis has roots in property but whether you rent or pay a mortgage, there's a dark tunnel ahead
1 year, 10 months ago

The cost-of-living crisis has roots in property but whether you rent or pay a mortgage, there's a dark tunnel ahead

ABC  

If you're a regular consumer of media, you'll likely often be warned of an impending crisis somewhere. Moody's Investors Service stated the obvious this week in a research note: "In February, new home loan borrowers needed an average 30.9 per cent of monthly income to meet monthly mortgage repayments, up from 26.4 per cent in May 2022", when interest rates …

Inflation is not 'out of control', but interest rates may have to rise this year
2 years, 11 months ago

Inflation is not 'out of control', but interest rates may have to rise this year

ABC  

Australian consumers saw prices rise by 3.5 per cent last year. Inflation running at 3.5 per cent Most of the price increases facing consumers in Australia last year were driven by pandemic-related economic disruptions. Gareth Aird, a Commonwealth Bank economist, says Australia's labour market will keep tightening this year, meaning even more people will find jobs and the unemployment rate …

Why a huge surge in US inflation could cause Australian house prices to drop
3 years, 1 month ago

Why a huge surge in US inflation could cause Australian house prices to drop

ABC  

The Australian property market has for many years defied the laws of gravity. The property market is influenced by more than just interest rates, but the fear is that the increase in fixed rates, combined with tighter macro prudential regulation, will knock the wind out of the market. Interest rate hikes will be much sooner than expected Photo shows A …

Rental vacancies rise in Sydney's CBD as coronavirus hits property market
4 years, 5 months ago

Rental vacancies rise in Sydney's CBD as coronavirus hits property market

ABC  

The number of empty rental homes in Sydney's CBD has jumped by 70 per cent since last year, as the property market continues to be hit by the coronavirus pandemic. Key points: The inner-Sydney suburb of Ultimo had the highest rental vacancy rise The inner-Sydney suburb of Ultimo had the highest rental vacancy rise Vacancies in the CBD are due …

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