This comes as a welcome relief to many renters struggling to keep up with the mounting rental prices. As the Reserve Bank of Australia has begun to slash interest rates, relieving many Landlords’ mortgages, rental costs have similarly begun to fall.
As APM Senior Economist Liam O’Hara predicts “There maybe further moderation in median asking rents for the remainder of the year as the possibility of a global recession feeds into the Australian economy.”
Frightening new statistics suggest rent prices are set to rise by up to 50% over the next four years. A new study from Australian Property Monitors (APM) has suggested these figures are very real predictions for the immediate future.
“This is not good news for renters … we advise renters to lock in their current arrangements for as long as they can,” APM general manager Michael McNamara cautioned recently. These alarming predictions may suggest that renting will match that of mortgage repayments.
For those unable to afford a mortgage and have alternately turned to renting, it provides a very worrying picture for the next five years. This can only serve to put increasing pressure on living arrangements, with young people moving out of home feeling the brunt of the rising costs.
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