As Victoria’s housing crisis continues, new data from Homes Victoria for the December 2023 quarter shows there was a -0.8 per cent decrease in rental bonds compared with the same period in 2022.
The decrease marks the first annual decline since records began in 1999, with an average 3.2 per cent increase being recorded over the past decade.
This comes as the latest data from PropTrack revealed the state’s rental vacancy rate is just 1.08 per cent, with fewer than 6750 rental properties available.
While Labor’s promise to build 80,000 homes a year for the next 10 years falls further out of reach, the rental shortage is exacerbated with Labor’s increases to Land Tax and failure to tackle other punitive taxes on property such as stamp duty.
Shadow Treasurer, Brad Rowswell, said: “Labor’s addiction to taxes has driven rental vacancies down and rents up as it continues to target investors to prop up its budget.
“In the almost 12 months following Labor’s latest property tax hikes in last year’s budget, rents have continued to climb, vacancy rates have plummeted, and critical investment continues to be driven interstate.”
Shadow Minister for Home Ownership and Housing Affordability, Evan Mulholland, said: “Despite continuous promises, after almost a decade in office Victoria’s housing crisis has only worsened, with a shortage of stock for owner-occupiers, falling vacancy rates for rental properties, and investors looking for other markets.
“With rental properties scarce and increased taxes on property owners, rents are being pushed up further and further. Labor can’t manage housing and Victorians are paying the price through higher rents.”
