Victoria sees record fall in rental stock as investors leave the state
Victoria sees record fall in rental stock as investors leave the state
Victoria is experiencing the sharpest fall in rental stock since record keeping began in 1999, suggesting an investor sell-off is gaining pace.
In short:
The number of active rentals in Victoria fell by almost 22,000 properties this year, suggesting investors are selling up.
It's being attributed to higher rental standards and increased land taxes in Victoria.
What's next?
It's feared the sell-up will make the market even tighter for renters
The survey described a "sell-off of investment properties around the nation" that was "continuing unabated" and "fuelling fears of an even tighter rental market".
The outlook may be grim for investors, but home owners appeared to be benefiting, snapping up 65 per cent of the properties investors sold, according to PIPA.
First homebuyers in Melbourne have also enjoyed months of falling prices, while most of the rest of the country has experienced continued increases.
CoreLogic head of research Tim Lawless labelled falls in rental bonds "significant and surprising" but noted they had not brought the expected rent increases.
Am I going crazy here, or are they just describing that more people are becoming owner-occupiers? The houses 'coming out of the rental market' aren't being set on fire or blown up, people are buying them and living in them...
The fact they're bitching about rental standards...these are people we want to lose as landlords.
Yep, and it's giving first time home buyers a chance to buy one of those ex rentals. I did.
Landlords don't actually build houses, they buy existing stock and squeeze all the value out of them with minimal maintenance.
You're not crazy. Less renter occupied and more owner occupied is a good thing for society as a whole. Purple fingers seems to be making g a mark
Does this mean those investors are now driving the prices up in Sydney?
Godammit Victoria!
Is "making the market tighter for renters" accounting for people who were renting transitioning to owning? Lower supply, sure, but by definition if it is not for rent isn't it because it became a primary residence, lowering demand as well?
So what's her secret? Victoria's?