[Podcast] Here’s why our rental crisis will only get worse, with Dr. Andrew Wilson

Australia is in the middle of a rental crisis.

But interestingly, in the month of July, asking rents for houses didn’t increase. 

Is the end of the rental increase after the spectacular rent increases of the last year or so?

Far from it, and in today’s podcast Dr Andrew Wilson and I discuss some interesting unintended consequences that are going to occur from the various governments’ interference in our housing markets that will affect our rental markets.

Highlights of my chat with Dr Andrew Wilson

Australia’s in the middle of a rental crisis with no relief in sight for tenants.

The news is full of tenants being forced into secondary accommodations or even public housing, so I’m keen to hear the details of today’s rental report from Dr Andrew Wilson.

• The data shows that asking prices were basically flat in July.
• We’re heading toward a position where tenants can’t afford to pay anymore.
• The rents will rise because tenants will be asking for higher wages to pay higher rents.
  • This will fuel inflation.
• Apartments are filling up.
• The apartment boom is gone now, however.
• The governments have left the supply side of rentals to private investors.
• State governments are now making renting more onerous for investors.
  • More than 60% of investors plan to sell if proposed changes are adapted
• Less supply will push rents up even higher.
• More housing needs to be built.

Links and Resources:

Michael Yardney

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Dr. Andrew Wilson, Chief Economist My Housing Market

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Some of our favourite quotes from the show:

“So, the rental crisis really is affected by supply and demand.” – Michael Yardney

“It’s been forgotten that most investment properties are not owned by rich moguls. We know that Mom and Dad investors, who only own one or two properties, account for more than 90% of all rental providers.” – Michael Yardney

“I believe property investors who have a long-term perspective are going to see through this.” – Michael Yardney

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