The housing market has changed with renters now occupying almost 30% of Australian dwellings. This is as reported in the latest newsletter from SQM Research which quotes figures from the ABS 2011 Census.
The report notes Census figures of 29.6% of residential dwellings being occupied by tenants. The figure was 27.2% in 2006 and 26.3% in 2001. The shift has accelerated over the past five years. It is also noted that demand has gradually been out stripping supply.
The SQM Research report quotes vacancy rates as moving slightly down over the same period, but hold relatively steady on a national basis. For Brisbane, the rate dropped from 2.0% in June 2011 to 1.6% on June 2012.
SQM Research Managing Director, Louis Christopher, commenting on the report said, “So, I can only conclude that rents, particularly at the affordable end of the market, will continue to rise at these accelerated levels unless there is a strong move by tenants back into home ownership. Even so, there was a brief shift in 2009 and yet back then, there was no major impact on the rental market.
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