Record high national population growth is expected to fuel strong rental increases in most capital cities across Australia.
According to BIS Shrapnel’s Property Prospects 2008 to 2011 report released today, record net migration inflows have boosted Australia’s national population growth to 1.5 per cent – which is expected to push average rental costs higher as a result.
“The average cost of renting is set to rise much more than the cost of buying in 2008/09 and 2009/10 due to the under supply of new housing,” said the report.
BIS Shrapnel’s senior project manager and study author Angie Zigomanis is confident that the increase in rental costs, combined with improved credit conditions, would help drive a property price recovery in most capital cities during 2009/10.
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