Australia’s Home Rents Surge Most in 13 Years as Crisis Worsens
- Country expecting shortfall of more than 100,000 homes by 2027
- Government housing legislation is facing defeat in the Senate
Property listings displayed in the window of a real estate agency in Sydney, Australia.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Australian home-rental prices recorded their biggest annual increase since 2010 in the first three months of the year as a combination of low vacancy rates and rising immigration trigger a housing crunch.
National rents advanced 4.9% from a year earlier, climbing almost a percentage point from the final three months of 2022, Australian Bureau of Statistics data showed on Wednesday. The lack of new supply is a product of rising interest rates and labor and material shortages that have curbed or slowed building.