‘Rent houses, no-go areas’ in Australia as property prices climb to record highs

Rents in Australia have soared to record heights, with average prices up 6.4 per cent to $1.4 million a year on average.

The National Australia Bank said the figures would put the nation “on track for the highest rent increases in recorded history”.

A key factor behind the price increases is that the median rental unit is worth $1,200 less than it was just three years ago.

“The rental market is clearly overheating,” the bank said in a statement.

“For the last three years rental market conditions have been in the midst of a sharp correction and are now expected to return to pre-crisis levels.” “

The Bank said there was a strong possibility that Australia’s housing market could reach its peak within 10 years. “

For the last three years rental market conditions have been in the midst of a sharp correction and are now expected to return to pre-crisis levels.”

The Bank said there was a strong possibility that Australia’s housing market could reach its peak within 10 years.

“While the current housing market remains challenging, there is a good chance that the rental market will be around the peak in about 10 years’ time,” it said.

The Bank of Australia said the recent global financial downturn had helped drive rental prices up.

The bank said its average mortgage loan for the month of August was $1 million.

That was up 0.7 per cent from the previous month and 1.6 per cent above the month before the global recession.

In recent months, Australian banks have warned of the risk of a “falling home price bubble” in the market.

In a recent report, the Reserve Bank said house prices were expected to “reach a record high” in about 2023.

“As house prices continue to rise, it is critical that consumers have sufficient savings to fund this increase,” it wrote.

“Given the low availability of funds, it will be difficult for households to get a mortgage, let alone secure a loan, given the high costs of purchasing a home.”

The bank’s chief economist, Steven Smith, said Australia’s house price growth was likely to continue “well into the foreseeable future”.

“It’s not uncommon for housing prices to double or triple in a single calendar year,” Mr Smith said.

“In the long run, the effects of house price inflation will also become apparent.”

However, the Australian Council of Social Service (ACOSS) has warned that the rising house prices could have long-term consequences for vulnerable people.

It warned that some of the worst-off people in the country could end up homeless.

“People living in housing crisis conditions are likely to experience severe financial stress and difficulty accessing affordable social housing and support services, particularly for the elderly and the disabled,” the ACOSS said.