Heat is on Australian rental markets as would-be buyers opt out
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Heat is on Australian rental markets as would-be buyers opt out

New data reveals rents are accounting for greater percentages of household incomes

By KANEBRIDGE NEWS
Mon, May 29, 2023 12:52pmGrey Clock 2 min

Pressure on Australia’s rental market continues to mount, with rental affordability at its highest level in almost a decade, new research has found.

The ANZ CoreLogic Housing Affordability Report has revealed that rent now accounts for almost a third of household income for a median income household, the highest level since June 2014. The situation for lower income households is even more stressed with those at the 25th percentile income level spending 51.6 percent of their earnings on rent.

Sydney topped the list of least affordable places in the country with on average 51.6 percent of income going to service a new mortgage, while it would take 12 years to save for a 20 percent deposit. The result is more would-be homebuyers are being pushed out of the housing market and into rentals.

The report also found that rental vacancy rates are at 1.1 percent nationally, down from a decade average of 3 percent.

CoreLogic Australia head of research Eliza Owen said there was no relief in sight for renters anytime soon as the construction industry felt the impact of interest rate rises.

“As rents have risen sharply, the increase in the cash rate, and pressures in the construction sector have slowed the rate of dwelling completions. This has meant investor conditions are not ideal, and has stemmed the flow of new rental properties to the market,” Ms Owen said. 

“Through February and March ABS lending data has shown signs of an increase in investment borrowing, but it will take some time for a supply response to ease pressures in the rental market.” 

ANZ senior economist Felicity Emmett said uncertain conditions had also impacted on the amount of existing housing stock going to market.

“Heightened economic uncertainty has seen a decline in sales volumes in the private market and an increase in those seeking rental accommodation. Paired with a decline in social housing, rental demand pressures are being felt in all income brackets,” Ms Emmett said. 



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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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A 600-Year-Old Medieval Villa Overlooking Florence Lists for €12 Million

The four-storey, lemon-hued villa boasts more than 16,000 square feet of living space and historic character and charm by the bucket load

By LIZ LUCKING
Wed, May 29, 2024 2 min

A 14th-century villa in the hills overlooking Florence, Italy, has hit the market for €12 million (US$13 million).

Surrounded by cypress trees, vineyards and olive groves, the quintessential Tuscan home was built for the Davanzati family—who were powerful bankers, merchants and patrons during the Italian Renaissance who have a museum named after them in the heart of the city. The villa was one of the family’s multiple country retreats, according to Lionard Luxury Real Estate, which brought the home to the market earlier this month.

Courtesy of Lionard

The four-storey, lemon-hued villa boasts more than 16,000 square feet of living space and historic character and charm by the bucket load.

The ballroom has a giant skylight.
Courtesy of Lionard

On the ground floor there are ​​a number of reception rooms and open-air living areas, with many of them boasting antique paintings, tapestries and stately fireplaces made of marble or carved stone.

The most “magnificent” room, according to Lionard, is the winter garden hall, a ballroom with stuccos, loggias and towering vaulted ceilings, illuminated by an Art Nouveau skylight.

Courtesy of Lionard

On the first floor are multiple double bedrooms and an antique library, and the second floor, while in need of renovation, offers the possibility of creating up to 12 en-suite bedrooms. The villa’s tower has a “delightful sitting room and a rooftop terrace offering a breathtaking view of the city of Florence,” the listing said.

The villa has ivy-covered loggias.
Courtesy of Lionard

The basement, meanwhile, has a cellar with brick vaults that are perfect for wine lovers. An elevator runs between the levels.

Outside, the grounds have well-kept gardens, rolling lawns, a fountain, ancient wells and ivy-covered loggias.

Mansion Global couldn’t determine who is selling the villa, or when they acquired it.

The property is “an oasis of peace,” the listing said, and “one of the most exclusive historical estates on the hills that surround the city of Florence.”

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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