With the return of expats to Australia and an increased number of home buyers converting previous investment properties into homes, rental stock on the market has been dwindling. The stock shortage is creating fierce competition within the rental market.
CoreLogic’s quarterly rental review revealed that regional cities have exhibited the highest rate of growth, with rent increases of 9.6% over the last year. While capital cities have exhibited increases of 3.3%. These rental increases are only going to continue in the short to mid-term and these numbers are being constrained by oversupplied, undesirable 1 bedroom apartments in high rise blocks, that overseas migrants and international students would regularly take up that are sitting idle. International borders opening up will cause another significant fillip to investment property owners in the coming year or two.
