Housing market and renters facing a ‘diabolical situation’

Renters and the housing market are facing a “diabolical situation,” according to MacroBusiness Chief Economist Leith van Onselen.

Mr van Onselen’s remarks come after a new analysis from PropTrack found the number of new rental listings fell 5.7 per cent in the year to September.

As a result of the supply crunch, the national median weekly rents for advertised properties at the end of September were $550 a week, which is up 14.6 per cent compared with this time last year.

“Unfortunately, the situation’s going to get worse,” Mr van Onselen told Sky News host Rita Panahi.

“The supply side of the housing market is completely stuffed.”