The first step is finding a suitable seller.
The second is to make an informed decision.
But as an affordable housing market becomes more crowded, there’s a growing chorus of concerns about the long-term viability of existing dwellings.
What to know about home affordability and rent control: The Bureau of Statistics says there were more than 10,000 rental properties sold in the 12 months to the end of September.
The market is growing faster than the supply of homes.
In September, the Bureau of Housing and Urban Research (Burbank) reported that the number of properties available to rent in Melbourne grew by nearly 50 per cent to more than 30,000 units.
Some of the new listings are being built on the cheap, with prices set to jump by almost 50 per and 50 per per cent in the next three years.
This is despite a new policy announced by the Government in the first months of 2018.
With a new supply-and-demand cycle, there are more properties available for rent than available homes.
In 2020, there were nearly 11,000 properties available.
However, the Burbank report suggests the market is “growing faster than supply”.
“In 2019, the number [of rental properties] was up by nearly half and the demand for rental housing has been higher than supply,” the report states.
There’s been an increase in rental demand over the past 12 months, according to a report by the Australian Housing Federation.
“The supply of properties for rent in the Melbourne market has grown by more than 50 per to more like 10,200,” the ABC’s Matt Taylor reports.
Renters are also getting increasingly desperate.
Housing affordability: In 2020, the average rent for a one-bedroom apartment was $2,739, according the latest census data.
If you live in Melbourne, you are one of the unlucky ones.
While you can earn a decent income, it’s hard to live on a low-income property and you may not be able to afford to buy a home if you have a deposit.
According to the latest figures from the Federal Government, just 14 per cent of all rental properties in Australia are affordable to rent.
It’s a problem that is getting worse, not better, says Peter Smith from the Australian Council of Social Service.
ABS has put together an affordable dwelling affordability map to help you understand the market and understand what’s available to you.
To find a suitable property for rent, you will need to take the following steps:Check out your property’s current owner, including any mortgage payments and if there is any outstanding debt.
You should be able get a deposit, and pay a deposit on the property.
The rental market is changing, so keep an eye on your options.
If you’re looking for an affordable property to rent, look for an existing property that has been renovated or renovated-up or a new home with new amenities.
Check out the property’s history, such as repairs and if any repairs are required.
Check the property is current, and the property manager is working on getting the property ready for sale.