Higher interest rates and rising construction costs will reduce the supply of new rental properties. Read more at straitstimes.com.
SYDNEY – Australian rents are expected to soar the most since 2008 this year, further squeezing middle- and low-income household budgets amid rising costs of living, said Westpac Business Bank.
“Generally, renters are not well-equipped to absorb this increase in housing costs – they tend to be a younger cohort, low- and middle-income households with lower savings,” they said. “These households will be required to pull back on spending to meet the higher rental costs.” With the central bank expected to continue its tightening cycle to combat inflation, landlords will pass on higher borrowing costs by raising rents. Higher interest rates, together with rising construction costs, will also reduce the supply of new rental properties, according to the note.
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