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Where opportunities are as rare as hen’s teeth – investxyon
Thursday, February 22, 2024
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Where opportunities are as rare as hen’s teeth

by xyonent
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Rents.jpg

Important points

In Australia’s highly sought-after suburbs, limited supply and intense competition among tenants are making it increasingly difficult to find rental properties, leading to soaring rental prices.

The coronavirus disease (COVID-19) pandemic has had a major impact on rental market trends, with urban suburbs experiencing the tightest demand due to factors such as declining household sizes, urban renewal, and a surge in migration and students. There is.

Suburbs such as Dee Why, Maroochydore and Coogee have extremely low vacancy rates of 0.32%, making the rental market extremely tight and making it extremely difficult for renters to find suitable accommodation. Masu.

Despite tough conditions in big cities, rental market pressures are easing in some rural areas and suburbs, offering renters more choice and value. Canberra’s suburbs such as Taylor and Denman Prospect have benefited from recent housing development, giving renters peace of mind.

Although challenges remain, there are signs that the rental market is becoming unbalanced. Factors such as increased household size and increased investor interest may help ease the situation in the future, potentially offering hope to renters facing the current crisis.

Finding a rental property in some of Australia’s most popular suburbs is becoming an increasingly difficult task.

With only a small percentage of properties available for rent, tenants face intense competition, driving up rental prices and exacerbating the existing rental crisis.

High demand and limited supply have left many confused.

But it’s not all doom and gloom.

There are signs that the situation is easing across the country, especially in rural areas and suburbs near the capital.

While hotspots like city centers and coastal suburbs remain tight, other regions are opening up more space for renters in this difficult market, according to the latest data from PropTrack.

rent crisis

Impact of the pandemic on the rental market

There is no doubt that the pandemic has played an important role in shaping these market dynamics.

Eleanor Cree, senior economist at PropTrack, said: Observe Since 2021, the rental market in the urban suburbs, which were hit hardest by the pandemic, has tightened significantly due to a decline in household sizes, a return to urban living, and a sharp increase in net migration and student arrivals.

Take Dee Why on Sydney’s northern beaches, for example.

With a vacancy rate of just 0.32%, it is currently the suburb with the toughest rental market in Australia.

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