this post was submitted on 12 Mar 2024
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Extreme conditions for renters described as 'needle in a haystack type stuff' as housing crisis deepens (www.abc.net.au)
submitted 8 months ago* (last edited 8 months ago) by [email protected] to c/[email protected]
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I'm sure if we keep voting for the Libor and Laberal parties they will eventually fix it right?

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[–] [email protected] 3 points 8 months ago

This is the best summary I could come up with:

"It's challenging and I think 0.3 per cent (vacancy rate), that's needle in a haystack type stuff," chief of research and economics at Domain Nicola Powell said.

Ms Powell said record low vacancy rates are being driven by ongoing factors like rapid population growth and rising property prices, leaving more renters stuck in the rental market.

But perhaps the biggest problem is a shortage of supply, and that sluggishness has been brought into sharp focus by the latest Bureau of Statistics building approvals data.

CoreLogic's head of research Tim Lawless said the problem is construction companies are reluctant to build because they can't turn a profit.

And for those hopeful renters looking for at least something to cling onto, Domain data shows, on a national scale, the average views per rental listing continued to decrease in February.

While it may mean that Australians are sleeping rough, on the flip side, Ms Powell said others are choosing to stay at home to save up for a house of their own.

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