Rent or buy? Not all Australians get to choose
A new report reveals a tight rental market putting further pressure on available housing
2 min
Demand for rental properties in Australian capital cities continues to outstrip supply, with no relief in sight for householders who are still locked out of buying a home, a new report has shown.
PropTrack’s December 2022 Rental Report, released today, reveals rents went up by 6.7 percent last year, a further increase from the 4.7 percent rise in 2021. The national median advertised rent for 2022 was $480 a week.
Despite the increases, the report authored by PropTrack’s director of economic research Cameron Kusher, says this has not led to more renters moving across to home ownership, nor has it caused more investors to enter the market.
This is predicted to create further pressure for renters this year.
“There remains an immense need for more rental accommodation, particularly in the major capital cities where demand is well in excess of supply,” the report says.
“It’s critical that we find ways to create more supply – either through increased investment or more build- to-rent projects – or we reduce demand, which seems unlikely.”
The report notes that it is still generally much cheaper to rent than to pay off a mortgage.
“This indicates that transitioning to home ownership from renting is likely to remain a challenge for many,” the report says.
There were seven consecutive interest rate increases during 2022, with the cash rate increasing from 0.10 percent to 3.10 percent.
For investors, the report notes that both property prices and yields increased over the pandemic, although yields decreased slightly towards the end of last year. Gross rental yields in capital cities fell from 3.8 percent in December 2021 to 3.7 percent in December 2022. In regional areas, yields went from 5 percent to 4.5 percent over the same period.
Data also revealed that units may represent a better investment right now, with house yields falling from 3.8 percent in December 2021 to 3.5 percent in December 2022. For units, yields increased from 4.1 percent to 4.3 percent over the same period, the highest levels since April 2021.
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
Chinese carmaker GAC will expand its Australian electric vehicle line-up with the city-focused AION UT hatchback.
Chinese carmaker GAC will expand its Australian electric vehicle line-up with the city-focused AION UT hatchback.
< 1 minGAC Australia has confirmed the AION UT, an all-electric compact hatchback, as the fourth model to join its local range, with the vehicle set to go on sale mid-year.
The AION UT will be the second fully electric model released in Australia under GAC’s AION sub-brand, following the launch of the AION V medium SUV.
The company says the new hatch has been developed specifically with urban driving in mind, combining compact exterior dimensions with competitive interior space.
Designed at GAC’s Milan Design Centre, the AION UT features a fastback silhouette, two-tone floating roof and pixel-style lighting elements intended to give the car a distinctive, tech-forward appearance.
GAC also points to what it describes as the world’s first “eyebrow-style” headlamp design as a visual signature for the model.
Despite its compact positioning, the AION UT rides on a 2,750mm wheelbase, which GAC says allows for interior space that rivals larger vehicles in the same segment.
Full technical specifications, equipment levels and pricing for the Australian market have not yet been announced.
The confirmation of the AION UT comes as competition in Australia’s electric vehicle market continues to intensify, particularly at the more affordable end of the spectrum.
While early EV adoption was dominated by premium models and SUVs, manufacturers are increasingly turning their attention to smaller, city-oriented cars aimed at price-conscious buyers and urban commuters.
GAC entered the Australian market late last year with a mix of petrol, plug-in hybrid and electric models, including the AION V, M8 PHEV and EMZOOM.
The company has indicated it plans to introduce more than 10 models locally over the next five years as part of its long-term Australian strategy.
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
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