More rental homes for Victoria

[fran]

"A further 4500 affordable rental properties will be built in Victoria as part of the state government's plan to tackle Melbourne's record-low vacancy rates and rising rents."

Might take the pressure of housing for a bit in Melbourne. The rental vacancy rate is still very low at 1.5% with rents rising by up to 10% a year:

REIV CEO Enzo Raimondo said that it is now exactly five years since the rental market was in balance and this has resulted in higher housing costs for renters. “The last time the vacancy rate was above three per cent was in January 2005. Since that time rent increases have grown from three per cent per year to around 10 per cent. There are two reasons for this, over the past five years the rate of population growth has doubled and the supply of housing has not increased at the same rate. Until there is a sustained and ongoing increase in supply of housing, in existing town centres and on the city’s boundary, the conditions for renters will remain difficult. Across the city there is little variation in the availability of rental homes: the inner city recorded a vacancy rate of 1.6 per cent; the middle suburbs a vacancy rate of 1.5 per cent; and the outer suburbs a vacancy rate of 1.2 per cent.

[Gabriella8]

Hope these affordable rental properties will reach upto Eastern Gippsland

[aussie]

There is such a property boom in Victoria at the moment, and it is so hard for people, and people who are especially new to moving to Victoria, to find accommodation. This is a great initiative by the Victorian government.

[PhillipaW]

That is such good news!! We are looking at moving to Melbourne sometime this year so it's good to know that there will be more houses up for rent. Hope that means that the rent rates will drop a bit though.

[Martha]

Melbourne sounds like a popular place. I must find some friends there and pop in for a visit. Although the latest news for
potential home buyers is they have given up the dream of ownership thanks to rising rates and tougher lending conditions. The demand for home loans have dropped by 8 per cent for the fourth consecutive month in a row. It is reported that Aussies work at least twice as long to pay off the family home than they did 50 years ago. That's not good news for people hoping to raise a family in their own home.
Facts from news.com.au

[PhillipaW]

Originally Posted by Martha

Melbourne sounds like a popular place. I must find some friends there and pop in for a visit. Although the latest news for
potential home buyers is they have given up the dream of ownership thanks to rising rates and tougher lending conditions. The demand for home loans have dropped by 8 per cent for the fourth consecutive month in a row. It is reported that Aussies work at least twice as long to pay off the family home than they did 50 years ago. That's not good news for people hoping to raise a family in their own home.
Facts from news.com.au

Yeah we have never been to Melbourne before but want to move there. It's meant to be the 3rd top city in the world though.
We would love to buy our own house, but we can't afford it...boooo...Hope we're not renting for the rest of our lives. We are only young so hopefully in the future house prices will come down.