In Australia, the rate of vacant homes is rising fastly. It is found that on the census night the 11.2 percent of homes were unoccupied. These numbers are around 2,00,000 which was significantly very high.
Property valuer says – “There are more than millions of extra homes with more number of spare bedrooms, in the market.” It has been observed the gross under occupancy rate in Australia. Also, the number of increase in underutilized properties grew by more than 2,00,00 in the past six years. Property valuers Brisbane and experts in Australia are realizing that property housing market is not working well. It is creating a problem for the people with low income. People are finding houses are overvalued, thus they aren’t able to afford the houses in Australia.
As per the report, the 11.2 percent of the properties are unoccupied. This is one in ten new dwellings is found vacant. In the last two decades, it is found that Australia has 3,00,000 vacant homes. The reason is young Australians aren’t interested in buying homes that they are finding rental homes are much better for them, or else they are living at their parents home. People are liking to live in multi-generational homes, that is younger children with parents and their kids. So the homeownership is falling in Australia and noted 6 percent fall in the last decade only. The reason behind this thinking could be affordability, high dwelling prices, high-interest rates, tighten mortgage procedures and many more.
According to the report in the last five years the Sydney dwelling values raised by 70 percent.
This tends to have 15 percent of the houses are empty in the capital city of Australia, Sydney.
As per the report it is found that – In the month of July up to 5,25,000 of the vacant home found at the time of the census. It has been observed that the inner suburbs of Sydney have a slightly higher rate of around 9.5%, while the north and south-west growth areas tend to have slightly lower rates of vacant homes. Investors leaving properties vacant just for capital gains in regional areas. The Melbourne inner suburbs also had a higher percentage of unoccupied dwellings at 11.1 percent.
It has been observed that foreigners are purchasing the property in Australia and leaving them vacant, Which is increasing the number of vacant properties. Government is implementing a vacant property tax for foreigners to deter this kind of activities. Higher numbers of vacant homes indicate the notion that some people purchased some properties without an intention to keep them on rent. This is also increasing the number of vacant properties in Australia.
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