This is the best summary I could come up with:
Treasury officials say the shortage of housing stock has been making it more difficult to find a property to buy or rent.
Our population has been growing too quickly in recent years, and, when coupled with changes in peoples’ housing preferences, it has resulted in worsening affordability for renters and first-home buyers.
$1.9 billion to increase the maximum rates of Commonwealth Rent Assistance by a further 10 per cent to alleviate rental stress (over five years from 2023-24).
$88.8 million for 20,000 new fee-free TAFE places (over three years from 2024-25), which includes increased access to pre-apprenticeship programs, in courses relevant to the construction sector.
Those measures will complement the well-publicised “target” to build 1.2 million new, well-located homes over five years, starting from 1 July 2024.
And finally, the government says the tertiary education sector is very important for Australia’s economy but the number of students it is bringing into the country is putting pressure on the private rental market.
The original article contains 1,096 words, the summary contains 160 words. Saved 85%. I’m a bot and I’m open source!
maegul@lemmy.ml 5 months ago
The pandemic is an obvious inflection point in many of these graphs.
What exactly is that mechanism or process? That rents have gone up makes sense as passing on interest rate increases. But vacancy rates going down? There aren’t more people all of a sudden (it was a pandemic not a baby boom).
hitmyspot@aussie.zone 5 months ago
Work from home. People use an extra room as an office instead of a roommate. Commercial property is at lower capacity. It’s a refit in how we use space.
I would not be surprised if there was an increase in seperate ons and increase in people living without others, irrespective of work arrangements. What’s odd, is that there has not been a rejigger again since rents started rising.
I think travel was also booming after Covid, so airbnbs were probably going gangbusters. Not so much any more, but the market probably hasn’t adjusted yet.
It’s probably a combination of all of these, and other factors.
Dave@lemmy.nz 5 months ago
Over here in NZ we had the biggest influx of expats back to NZ in memory. Perhaps you had the same?
Another possibility is perhaps a drop in the number of rental properties overall. Money got cheap, house prices went up, perhaps lots of landlords sold up, and lots of renters suddenly could afford to buy?
Baku@aussie.zone 5 months ago
Interestingly, you now seem to be having the largest outflux of citizens ever, too
www.1news.co.nz/…/record-number-of-kiwis-leave-nz…