Australia's Rental Crisis Deepens
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Australia’s Rental Crisis Deepens

A fall in vacancies has seen rents rise by as much as 21% in some capitals.

By Terry Christodoulou
Wed, Apr 13, 2022Grey Clock < 1 min

Rents in some Australian capital cities have seen asking prices jump by as much as 21% in the past year, with further rises likely in the coming months according to data from SQM research.

Across the combined capitals, asking rents for houses ascended nearly 15% during the year, while unit rents rose 11%.

The growing number of tenants living on their own combined with the return of international students has seen strong rental demand at a time when supply was diminishing according to Louis Christopher, SQM Research managing director.

“The magnitude of rental increases across the country is unprecedented,” said Louis Christopher, SQM Research managing director. “I’ve never seen such sweeping rental increases nationwide, ever.”

Brisbane saw the highest increase in asking house rents with a 21.2% rise in the past year.  This was followed by Sydney’s rise of 19.1%, Canberra (16%), Adelaide (15.5%), and Perth (12.2%) while rents climbed 10.7 in Darwin, 7.6% in Melbourne and 7.1% in Hobart.

The number of available rental homes has also dipped sharply across the inner-city suburbs of Australia.

Melbourne’s CBD saw vacancies slump by 69.1% to 556, while Brisbane fell by 70% to 141. Sydney also fell steeply, posting a decline of 45.2% to 323 in Sydney CBD, while the inner-west recorded a 54.1% drop alongside a 52.8% drop in the eastern suburbs and a 47% drop in the lower north shore.

In the Adelaide CBD, the number of vacant rental apartments plummeted by 78.7% to 82 while Perth’s CBD dropped by 37.8% to 84.

“The rental crisis has deepened with rental vacancy rates across the country falling to just 1 per cent.”

“As a result, market rents have exploded. And the recent monthly data suggests we are still not at the worst point of the crisis,” added Christopher.

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The waterfront residence is one of Port Stephens’ finest homes.

By Kanebridge News
Fri, Aug 12, 2022 2 min

In the coastal township of Salamander Bay — nearby to Port Stephens — comes a unique home crafted to take full advantage of unbroken ocean vistas across three levels.

With one-of-a-kind flair, the stunning 5-bedroom, 3-bathroom, 3-car garage home of 52 Randall Drive Salamander Bay is nestled on a private 577sqm plot, optimised through intelligent design to take advantage of the Port Stephens landscape and lifestyle.

Within the home sees the typically coastal textures of natural oak floor and timber feature walls take hold while stone and tiled adornments add layers of luxury.

The open plan living, kitchen and dining areas incorporate a fireplace and near floor-to-ceiling glass that opens to create a seamless indoor-to-outdoor dining and entertaining space on the home’s top floor.

The heart of this area is the kitchen, centred around a marble-topped island, state-of-the-art European appliances and an attached bar area, with built-in refrigeration, accompanied by a butler’s pantry.

Also here comes a grand outdoor spa, central to the balcony, while another outdoor entertaining area with a pizza oven is found on the middle floor.

Downstairs once again comes a second living space replete with the perfect wine cellar — cooled by the natural rock foundation of the home — offering an array of entertaining options

Of the home’s accommodation comes a private and luxurious master retreat with expansive ocean views, a walk-in wardrobe and an ensuite, here, speckled with grey terrazzo tiling and timber joinery vanities.  A further four bedrooms are found throughout the home along with two family bathrooms rounding out the offering.

Less than a five-minute walk from nearby amenities of shops, restaurants, cafes and beaches the home offers the best of the Port Stephens area.

The listing is with PRD Port Stephens’ Dane Queenan (+61 412 351 819) and Erin Sharp (+61 499 912 311) and is heading to auction; prd.com.au