However,across the department,property sector,and housing experts,another theory is emerging that may explain further rentals:arise in people with second homes.
Real Estate Institute of Queensland chief executive Antonia Mercorella toldBrisbane Timesthis would not be unusual given the pandemic’s effect oninterstate and international travel,low interest rates and the resulting sales boom.
“I’m sure that amongst the buyers,there were people buying a holiday home where they could,you know,[have] somewhere to go away during the pandemic — especially if they lived in cities,” she said.
Chris Martin,a senior research fellow at the University of NSW’s City Futures Research Centre,has been monitoring the Queensland rental market and claims from the property industry about “disinvestment” due to rental reforms ornow-dumped land tax changes.
He is clear in his assessment:a 2.6 per cent decline in rental bonds lodged across the past two years,which recently levelled out,coincided withbooming prices and sales nowalso on the decline.
“I think the Queensland rental stock contracted because quite a few landlords figured it was a great time to sell at record high prices,” Martin said. “I don’t think land tax ortenancy law reform had anything to do with it.”
Martin said landlords selling up would not have tightened rental competition alone if tenants were buying homes of their own. The state government analysis suggests some 23,000 did.
“But I think the massive volume of properties changing hands — and people moving,and doing renovations before they move and so taking up two houses at once — squeezed the rental market,” he said.
Martin’s colleague,Hal Pawson,agreed. “We don’t really know the numbers,but we think it’s been significant,” he said of the rise in people with second houses,particularly higher-income households which have shifted towards more home-based work.
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He also praised the state for appearing to be taking the housing issue seriously “in a way that I don’t think I’ve ever seen before” with its recent summit — a report on which is expected next month.
Martin said the slowing property market should ease part of the squeeze on rental availability and cost,but recent jumps had been “hugely disruptive” for lower-income households as landlords bought and sold.
“The Queensland government should be making tenancies more legally secure,and looking at regulations to regulate rents,to protect households from dislocation,” he said.
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