Rental availability at record low across the country
Tenants are feeling the pain of the housing crisis across the country, with new data from PropTrack showing listings falling to another record low as rental prices surge.
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TVTranscript
00:00 It's nothing that will really come as a surprise to any renter basically anywhere in the country.
00:06 It's another year of shocking rises for renters.
00:09 The latest data from PropTrac showing the average median rent jumped by 11.5% last year,
00:16 taking the median advertised rent to $580 a week.
00:20 That's an increase of about $60 extra a week renters are having to find just to stay in
00:25 their homes.
00:26 And PropTrac says the biggest jumps are being recorded in Australia's capital cities.
00:31 In Sydney a 16.7% jump, here in Melbourne an 18.3% jump and the biggest of all over
00:38 in Perth recording a 20% jump in the median advertised rental price across last year.
00:47 That's of course coming on the back of record high population increases around the country
00:52 combined with a continuing drop in the number of rentals available.
00:56 PropTrac saying that they're once again at record lows, something like 30% where they
01:00 normally are when you look at a 10-year average.
01:04 That means we're hearing story after story of renters struggling to find a place to live
01:08 or being worried about being kicked out of the home they're already in.
01:11 Here's some of what we've heard this morning.
01:15 Was an entry market rent of $550 for a fairly standard 4 by 2 that suited my family.
01:23 Went to $620 in a renewal offer.
01:28 The renewal offer didn't go very well.
01:31 We are one of the most wealthy countries in the world.
01:34 We have the capacity to solve this problem.
01:37 We just have to have the political will and the recognition that renting, that housing
01:42 is an essential service and it is government's responsibility to make sure that the industry,
01:48 that the sector is operating to deliver what the community needs.
01:53 One part of the country that is bucking the trend and that's down in Hobart in Tasmania.
01:57 It actually recorded a 4.8% drop in the median advertised rents last year and that's in part
02:03 because it's one of the few parts of the country that's seen a surge in listings, a 22% spike
02:08 in listings last year compared to the year prior.
02:12 DOE says that's unlikely to be a trend replicated around the country.
02:16 With high demand and low supply expected to continue, rents are only forecast to keep
02:21 growing.
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