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    Victoria sees record fall in rental stock as investors leave the state


    Victoria sees record fall in rental stock as investors leave the state

    https://www.abc.net.au/news/2024-10-12/victoria-sharp-fall-in-rental-stock/104464504?fbclid=IwY2xjawF2wNpleHRuA2FlbQIxMQABHRXrymXbLsOs9F3g8oCBeSco7svCn8wj0dQKOtNsSgppuRQDyxuwIaMe_A_aem_s_4YGvHp50eXOdAIwjnVaA

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    18 Comments

    1. ausrandoman on

      This story sounds as if it was written by the Property Investment Professionals of Australia or the Property Investors Council of Australia.

      You have to read down to the seventh paragraph to find “home owners appeared to be benefiting, snapping up 65 per cent of the properties investors sold”.

      This is the point of the Victorian government tax: real estate being transferred to owner-occupiers who can now afford to own their own home.

    2. Lyconi on

      I propose that when they sell up a new sale tax should be paid by investors with more than one investment property. The proceeds of which can then be used to fund the development of new public housing stock in Victoria; improving availability and further lowering prices for homeowners and renters.

    3. Jealous-Hedgehog-734 on

      They’re not taking the houses with them, they’re selling them. There is no net change in the supply/demand dynamic.

    4. livingfortoday on

      Remember articles like this every time a Lib says the ABC is pro Labor.

      Absolute propaganda piece.

      I guess all these investors are just hitching houses to their RAMs and driving them out of the state, right? Couldn’t be that people are buying them to live in? God forbid people aren’t indebted to the Bourgeoisie their entire lives.

    5. herbse34 on

      Good. That was the point.

      Houses are for living in. Not meant to be people main source of investment. Which has been the current mentality.

      There’s plenty of other areas to invest in.

    6. No_Ad_2261 on

      Nope PIPA parasites are using the raw data set which will revise higher in the following quarter. Because of tardy landlords and agents lodging bonds late. Normally revises higher by 7-10k pptys. Though we do know there is a slight reduction in total investor property hoarding.

    7. Fluffy-Queequeg on

      Presumably the 65% of properties purchased by owner occupiers were previously renters right?

      I’d guess most people buying a home to live in would be locals, not coming from interstate or overseas.

      Depending on where these ex-rental properties are located, there could be some localised rental shortages. No idea what it is like in VIC, but in NSW (more specifically Sydney), certain suburbs are heavily skewed to rentals just because they are near a university with thousands of students. Out in the suburbs it’s skewed towards owners. I don’t think anyone is going to notice if a few houses in a suburban street are no longer on the rental books

    8. broden89 on

      As FHBs, my husband and I saw an absolute flood of properties come onto the market for the spring season after a very quiet winter. Definitely some opportunities, although prices are still fairly elevated depending on what you’re looking for.

    9. cricketmad14 on

      This article reads as if it’s something out of domain. The whole framing of the article is negative.

      Those renters are now home owners.

    11. ghoonrhed on

      >In fact, CoreLogic rental asking price data showed rental growth was at its lowest point in three years.

      >First homebuyers in Melbourne have also enjoyed months of falling prices, while most of the rest of the country has experienced continued increases.

      So…what’s the downside?

    12. Moosetwik on

      We’re in the process of buying the home we’re renting from our landlord who wanted to sell for this very reason. Sounds good to me.

    17. multiplefeelings on

      Also in the article:

      > _**Rents plateauing despite falling stock**_
      > _CoreLogic head of research Tim Lawless labelled falls in rental bonds “significant and surprising” but noted they had not brought the expected rent increases._

      So:
      1. Rental costs are stable.
      2. House prices are stable or falling.
      3. More homes are owner-occupied.

      Sorry, where is the problem?

    18. sapperbloggs on

      Victoria sees record ~~fall in rental stock~~ *rise in home ownership* as investors ~~leave the state~~ *flood the market with their investment properties*