As of June, annual rents have risen by 21.8% in Brisbane and 21.3% in Sydney, while nationally, the median weekly house rental data averaged 16.3 per cent. Searching for a rental home is never easy; dealing with almost zero vacancies is dire for renters, no matter the state.
Property investors and owners adding the extra cream to their incomes would normally be giddy with glee.
Not this time, with so many factors influencing their costs, a necessity to raise rents is not greed induced – it is a do-or-die situation.
Whether lessor or lessee, get in touch with your property manager, owner or agent. Instarent landlords and tenants can instantly do this anytime.
If a landlord is scouring through fifty applications and something is missing, don't expect a follow-up; you are already out of the running.
As a renter, the competition for prime candidates with matching rental profiles and financial histories makes it tough to sign a lease, so before applying, ensure you have all your paperwork ready to go.
Add about 20% extra on last year's budget for your rental property and a chance your fellow competitor will add a few extra bucks as a sweetener and knock you out of the house race too.
Is there a mutual solution for all when the inevitable email needs to go out stating your rent is about to go up?
Aussie capital rental increases in the last 12 months
- SYDNEY: Up 21.3 per cent to $814.30 a week
- MELBOURNE: Up 9.5 per cent to $558.80 a week
- BRISBANE: Up 21.8 per cent to $607.60 a week
- PERTH: Up 12.4 per cent to $582.20 a week
- ADELAIDE: Up 19.1 per cent to $524.20 a week
- CANBERRA: Up 8.3 per cent to $771.40 a week
- DARWIN: Up 7.9 per cent to $663.60 a week
- HOBART: Up 10.4 per cent to $533.40 a week
- CAPITAL AVERAGE: Up 16.3 per cent to $657 a week
Source: SQM Research
Australian residential property has continued to soar over the past decade. Some 'experts' indicate we are in a property bubble, with some saying the market will collapse soon.
The reasons for this messy situation are immense and affect us all. Take your pick - Petrol, Covid, Putin, New Strains, Monkey Pox, Interest Rates, Food Costs, Inflation or?
In the US, a recession is inevitable, and without predicting or giving advice about what may happen here, we can prepare for it – there is a strong chance we are heading in the same backwards direction.
Preparation is needed, and choosing the best solution to get you through the next few years will alleviate some of the additional costs we are all absorbing now.
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Until next time and thanks for yours!