Struggle Street

[redwing]

The title Struggle Street piqued my interest and led to the following link renters-stuck-on-struggle-street-in-2011


Bleak outlook for tenants in Australian rental market

A CRITICAL shortage of vacant properties has led to sharply rising rents with no relief in sight for tenants this year.

Escalating median rents in the March quarter point to sustained hikes throughout the year, according to Australian Property Monitors’ Rental Price Series Quarterly Report.

A shortage of rental properties coupled with landlords passing on last year's successive rate rises will continue to put the squeeze on tenants across the country in 2011.

Nationally, unit rental prices rose sharply by 2.3 per cent, reflecting high demand in most capital cities, while national house rentals increased 0.1 per cent during the quarter, according to the APM report.

In Sydney, median asking rents for houses rose 1 per cent to $485, while units jumped 2.3 per cent to $450 per week, ensuring the city remains the most expensive place to rent in the country

Cont...

Then

Perth rents climbing faster than nation

THE cost of renting a house or unit in Perth has increased faster than the national rate over the last three months, according to a new report.
However the average price for renting a dwelling in WA's capital city is similar to Melbourne and Brisbane while Sydney, Darwin and Canberra are the most expensive capitals for renting in the nation, and Hobart and Adelaide the least expensive.

Rents for units rose by a national median of 2.3 per cent and house rent prices rose by 0.1 per cent in the March quarter, an Australian Property Monitors (APM) rental report said.

The median weekly asking rent for a unit in Perth went up by 2.9 per cent to $360 per week while the average house rent lifted 1.3 per cent to reach $380 per week.

Cont...

Renters' woes to worsen in Sydney crisis

THIS is the face of the housing crisis gripping Sydney -- a grandmother who can barely afford to pay her life support because she has to pay the rent.
Out of 10,200 rental properties between the CBD and Wollongong, only 70 in Sydney and 50 in the Illawarra, are affordable, a study to be released today reveals.

Anglicare's Rental Affordability Snapshot found 600,000 families live in "serious rental stress", paying more than 30 per cent of the family income on rent. Average rents jumped to $485 a week in Sydney this March quarter, flagged to rise again amid a chronic housing shortage.

Cont...

Pilbara still most expensive for renting

THE Pilbara region remains Australia's most expensive rental accommodation with median weekly advertised rents for houses at $1650 per week, according to RP Data.
That's an increase of 8.2 per cent in just the last three months, a 17.9 per cent gain as compared to the same time last year, and a massive 288 per cent growth over the last five years.

The tight rental market and subsequently high prices are indicative of the isolated region’s strong demand for housing, mainly from resource sector workers, and the insufficient supply of rental accommodation.

Cont...

 

[Angel]

No scarcity in SEQld

What nation-wide housing shortage ?????

Apparently Qld has had negative immigration for at least the last two years. Six weeks vacancy is typical around here (just north of Brisbane).

 

[Ausprop]

the price mechanism removes any shortages, but with rents as ludicrously cheap as they are its hard to argue there is even a perceived shortage

 

[hobo-jo]

A shortage of rental properties coupled with landlords passing on last year's successive rate rises will continue to put the squeeze on tenants across the country in 2011.

Yet this from RPData only recently:

"The number of newly advertised rental properties has increased by 11.3% over the most recent week and is 3.6% higher than the 12 month average. Total rental advertisements are up by 5.6% and are 5.2% higher than the 12 month average."

Hmmm how can we have an increase in rentals and a shortage??!! Does not compute.

Nationally, unit rental prices rose sharply by 2.3 per cent, reflecting high demand in most capital cities, while national house rentals increased 0.1 per cent during the quarter, according to the APM report.

So let's pump the change in unit costs by using words like "sharply" and "high demand" but ignore the fact that housing rentals fell in real terms...

In related news APM appears to be trying to drive market sentiment by pumping the property market via their Twitter feed:

http://twitter.com/ApmNews

Still a buyers market in Sydney and Melbourne But not for long Prices WILL rise

Talk about desperate! Do these guys report the stats or try and influence them??