The rental crisis appears to be worsening, with the number of available properties listed below $400 per week hitting a record low.
The latest figures follow a PropTrack Market Insight Report released on Tuesday 23 May.
The report found that the share of Hunter rental properties listed on realestate.com.au for less than $400 per week has more than halved year-on-year to a record low 14% in April 2023.
That figure is down from 51.8% in March 2020.
In Newcastle, the number of dwellings has dropped to an all-time low of 21.4%, decreasing from 53.5% in March 2020.
The share of houses is tighter than ever with an alarming 6.4% available in the Hunter and just 9.2% in Newcastle.
For those seeking units, the news isn’t much better with just 35.5% in the Hunter under the $400 per week price and 21.4% in Newcastle.
PropTrack senior economist Eleanor Creagh says times are becoming increasingly tougher for some Aussies.
“Although the increase to Commonwealth Rent Assistance is the largest in more than 30 years, rent assistance payments have long fallen behind soaring rental prices,” she says.
“The share of affordable rentals is plummeting, meaning conditions remain challenging for low-income Australians.”
Strong demand bolstered by rising immigration is outstripping the supply of available rental properties in NSW and is thought to be behind the crisis.
As a result, the cost of renting is climbing and the share of rental listings below $400 is predicted to remain low.
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