It's critical that every dwelling be used to house tenants as winter approaches, peak body says
With the rental crisis showing few signs of abating, the Real Estate Institute of Australia is urging owners of vacant properties to consider putting them into the rental pool.
REIA president Hayden Groves said that with low vacancies across the country as winter approaches, it is critical that every dwelling is used to house tenants.
“We have a severe rental shortage in Australia, making for a terribly difficult time for anyone seeking to secure a rental,” Groves said in a press release. “REIA’s latest Real Estate Market Facts report found that the vacancy rate for Australia’s capital cities was down to just 1.75, well below the typically balanced market of around 3.5%.”
Rent for an average three-bedroom house rose 1.3% over the December quarter to $524 per week, REIA said.
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“Any property investors or anyone that has available accommodation, we ask you to contact a local Real Estate Institute member property manager to help,” Groves said. “The Euroballa Shire recently asked all rate-payers to do this and attracted 80 homes back to the rental pool. If we make a nationwide effort, that could release as many as 42.000 new rental listings into the market across Australia.”
Quality homes still selling
Groves said those considering selling their homes should also speak with a member agent.
“We know the current interest rate environment means buyers are being a lot more discerning with their reduced borrowing power, but quality homes are still selling well,” he said.
Groves also renewed his call for the government to do more to help the property market.
“Governments know what they need to do and have put this intent in place through the Housing Accord,” he said. “They now need to get new homes built for Australians to alleviate housing stress on individuals and families.”
While the Albanese government is pushing plans to address housing sector woes, its $10 billion recently Housing Australia Future Fund recently hit a snag after crossbenchers said it wouldn’t do enough to reverse Australia’s housing and rental crisis.
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