Why rent prices are soaring in Australia once again

Rent prices in Australia are soaring up once again, leading Tom Elliott to question why.

“Something like 500,000 people left Australia during the pandemic and haven’t really come back,” he said.

“The stock of houses should really stay the same.

“You would have thought, if anything, rent would have come down.”

Anthony Webb, CEO of Philip Webb Real Estate, said it was a “really interesting period” in the rental market.

He says the pandemic trends that saw prices down were now heading in the opposite direction.

“A lot of the people that moved out, moved home, or moved in with friends during the pandemic to save money because they were able to leave leases – those people now have some confidence in the market and are moving back,” he said.

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