That also led to purchases of "second homes" in coastal and regional areas, as people cooped up in the city looked for boltholes.
"But the other big factor was rental demand moved from where it was usually very strong — inner-city areas of Sydney and Melbourne, our capital city areas – to a lot of these regional markets," he says. Work-from-home mandates and an explosion in online services meant people who would normally leave the country for the city — to work and study — stayed put.Kate Colvin says "the pandemic's exposed that there's just not enough low-cost rentals".
Just 2 per cent were affordable for a person earning a full-time minimum wage. That's 720 rental properties across the whole nation.
Could you maybe do a dive into Western Australia in terms of job opps and relative property costs & rents? We're screaming for workers, wages are high compared to cost of properties (so to buy costs 2.5 to 5x of wages) and its all scheduled to go up so they'll cap gain too.
Come on how many people came into Australia since 2019? How many domestic houses are owned by foreign investors? How much has our adult population increased from 18 to under 50 years old? Why are they so focused on building apartment blocks rather than domestic houses?
Many landlords had to sell or move into their own properties during covid because renters left them and they had to pay the bank mortgage. Aspiring tenants should look for properties to rent near universities - lots of vacancies there right now.
500,000 - were all of these people property owners? It's greedy corporate housing that is trying to cash in on how desperate people are to rent. So by kicking out the tenants who had a Gov't subsidy to help pay the rent, they can get substantially make more renting privately.
Mum n dad investors are looked upon as rich fat cats and treated as cash cows by the tax greedy state governments. Recent Vic and Qld govt policies have made it more expensive than ever to own investment. Wait until Labor brings negative gearing changes and shit will hit the fan
too many air b and b perhaps
For people living off welfare the percentage ratio is more likely to be in excess of 60% of the payment going directly into a private sector landlord's bank account? Outdated welfare and rent assistance reform are desperately needed but neither party brave enough to oblige?
There is nowhere to rent because the half a million people did not leave. Fake news.
You only told the number who has left australia, but you don’t tell the number of curry chicken flooded in Australia every corner
Most were students, in student accommodation.
Airbnb and vacant properties owned by investors.