PHOTO: Six months of no rent is not realistic, Mr Collins says. Photo: Leigh Henningham
Australia’s rental market has been flooded with new listings as people rush to lower the cost of living during the coronavirus crisis and back out of their properties to find cheaper accommodation with relatives.
New data from Domain revealed 39,252 more properties have been listed over the past two weeks alone.
The data, which compared the average number of weekly listings for the two weeks between March 16 and 29 with the average weekly listing for the previous four weeks, saw listings in capital cities surge, with Tasmania up 58 per cent, ACT up 29 per cent, NSW up 19 per cent, Victoria up 18 per cent and Queensland up 21 per cent.
Overall, across the nation, rental listings jumped by a staggering 19 per cent in just two weeks.
Domain economist Trent Wiltshire said people who had lost their jobs were looking for ways to save money by moving back in with their parents or partners and vacating properties.
READ MORE VIA DOMAIN