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Victoria’s rental market shrinks by 20,000 properties in just one year
Victoria’s rental market shrinks by 20,000 properties in just one year 14 November 2024 Matthew Hughes SOURCE: PropTrack JOURNALIST: Eleanor Creagh November 14, 2024 New data from Victoria’s Department of Families, Fairness and Housing shows a drop of more than 20,000 active bonds in the state over the 12 months to June 2024. When a home is rented in Victoria, the bond is deposited with the bond authority, providing the government with an indication of the total number of properties currently leased. The data shows 21,712 fewer rental properties over that period, with this year marking the first time, on records back to 1999, that active rental bonds have declined in Victoria. The state currently has the highest property taxes in Australia and landlords have struggled to keep up with significantly increased costs from minimum rental property standards legislation. The Victorian government has also increased property taxes on investment properties as part of the budget announced in May 2023. These additional taxes have made owning a rental property less attractive in Victoria and combined with sustained higher interest rates and increased holding costs, many have sold investment pro
SOURCE: PropTrack JOURNALIST: Eleanor Creagh November 14, 2024 New data from Victoria’s Department of Families,… Read Article