The share of properties available to rent in Australia has hit a record low after the national vacancy rate recorded its largest drop in over a year, a new report has revealed.
The data come as advocates for housing affordability argue that without government intervention, the crisis will become more severe. PropTrack economist and report author Anne Flaherty said there was “a host of drivers” that have led to the tight vacancy rate, including a growing population, the number of people in each dwelling falling and first home buyers being increasingly locked out of the market.
Housing affordability has now hit its worst level in at least three decades, according to PropTrack. Households earning a median income of just over $105,000 can afford the smallest share of homes since 1995 when records began, at just 13% of homes sold in the past year, a report from PropTrack revealed last week.
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