Australia’s Rental Market Tightens Further Amid Housing Crunch
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Australia’s home-rental vacancy rate is approaching a record low, driving rents higher as a lack of supply combines with increased immigration to produce a housing crunch.
The national vacancy rate fell to 1.1% and rents climbed 2.5% in the first three months of the year from the prior quarter, data from property consultancy CoreLogic Inc. showed Wednesday. Sydney is Australia’s most expensive city to rent in with an average price of A$699 ($472) a week.