More than a quarter of all Australian households are renting

first_imgMore than a quarter of all Australian households are rentingACCORDING to new analysis by the Australian Housing and Urban Research Institute, more than a quarter of all Australian households are renting.That’s about 2.1 million households.It said the private rental sector had grown by 38 per cent in the 10 years to 2016 and it predicts that level to increase.“This growth looks set to continue, largely due to a long-term decline in access to home ownership, particularly among younger and midlife age cohorts, because of high house prices and contraction of the social rental sector,” the research institute said.Real Estate Institute of Queensland Far north zone chairman Tom Quaid said the Cairns city area continued to stand out for its quick turnover in rental properties.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago“Rental vacancy rates remain tight, with the added pressure on supply seeing landlords able to increase their rents in many cases,” Mr Quaid said.“Landlords remain in the box seat for the time being, particularly around the CBD and tightly held city fringe pockets where supply has been the most affected.“The $300-$500 per week range would be the most popular.”As Mr Quaid has mentioned previously, there was not enough stock available in Cairns at present.“Cairns has seen very little new construction over the past decade, and combined with steady population growth and the growth of Airbnb in our tourist-driven market, rental stocks are stretched,” he said.last_img

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