{"id":31734,"date":"2021-04-15T09:49:42","date_gmt":"2021-04-14T21:49:42","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=31734"},"modified":"2021-04-15T09:49:42","modified_gmt":"2021-04-14T21:49:42","slug":"australias-house-prices-rising-as-more-people-want-to-become-landlords","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australias-house-prices-rising-as-more-people-want-to-become-landlords\/","title":{"rendered":"Australia\u2019s house prices rising as more people want to become landlords"},"content":{"rendered":"

PHOTO: Aussies are using homes as an investment strategy. Picture: Damian Shaw\/NCA News WireSource: News Corp Australia<\/em><\/span><\/strong><\/p>\n

There isn\u2019t a housing shortage. Here\u2019s why property prices<\/a> are soaring to eye-watering levels \u2013 and why it isn\u2019t going to change any time soon.<\/p>\n

It\u2019s tempting to think home prices are soaring because there aren\u2019t enough homes.<\/p>\n

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But that can\u2019t explain the sudden takeoff from about the year 2000, the sudden takeoff from about 2013, and again now \u2013 against expectations \u2013 the stratospheric takeoff in the wake of the\u00a0COVID-19\u00a0recession.<\/p>\n

WE DON\u2019T ROAST OUR BEANS UNTIL WE HAVE YOUR ORDER<\/span><\/h3>\n

\"Fergs<\/a><\/p>\n

Broadly, we\u2019ve enough homes. The 2016 census found we had 12 per cent more dwellings than households, up from 10 per cent in 2001.<\/p>\n

That\u2019s 12 per cent of our houses and apartments empty \u2013 used as holiday homes and second homes, or waiting for tenants.<\/p>\n

If there really weren\u2019t enough homes for people who wanted them, it would be more than property prices soaring \u2013 it would be rents.<\/p>\n

Instead, overall rents have been barely moving \u2013 growing even more slowly than wages \u2013 for half a decade.<\/p>\n

For the half-decade from 2016, a half-decade in which Australia\u2019s population grew by more than one million, Australian rents barely moved.<\/p>\n

The supply of places to live in has kept pace with the demand for places to live in, but the supply of places to own has not.<\/p>\n<\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

MOST POPULAR<\/span><\/h3>\n