rental increases<\/a> were likely to impact more affordable areas such as Logan as rising rents in inner-city areas pushed renters further towards suburban fringes, causing a ripple effect on rents.<\/p>\n\u201cIt\u2019s places like Logan, like western Sydney, I say, will probably see the strongest rental growth because they\u2019re the areas where renting is more accessible to more of the population,\u201d Mr Kusher said.<\/p>\n
\u201cThose outer suburbs (of capital cities) have got very tight rental markets at the moment, and even though in a lot of instances they\u2019ve got quite a lot of new houses that have been built. Clearly there\u2019s quite a lot of demand for rental properties in those areas, and the affordability factor is a big driver of that.\u201d<\/p>\n
New analysis from Cotality for The Australian has found that rental prices in Rankin, which covers much of Logan, are rising faster than the national average and have already increased $7 a week since the May budget removed negative gearing and capital gains tax breaks for many investors. <\/p>\n
While weekly asking rents in the working-class suburban electorate were already up $7 for houses to $734 \u2013 higher than the national average of $724 \u2013 and units had risen $8 to $567, landlords had flagged triple-figure changes. Pilates instructor Nicole Van Amstel, 33, is preparing to move out of the Springwood townhouse she rents with her husband for $550 a week. New tenants can move in from September, but their rent will be hiked to $700 two weeks before Christmas, a 27.3 per cent increase.<\/p>\n
The couple have purchased their first home, but Ms Van Amstel said it was no thanks to the Labor government. Rising rents and utilities had made it harder to save, while the expansion of federal schemes and state-based grants had pushed up house prices at the lower end of the market. \u201cWhat they\u2019ve done to make it easier for people to get into the market has actually driven the house prices up\u201d, she said. \u201cI technically paid a bit more for this house.\u201d<\/p>\n
After the couple\u2019s rent rose $60\u00a0a week last year, Ms Van \u00adAmstel said a triple-figure rise would have made it near impossible to save.<\/p>\n
\u201cI would have had to look for another rental, to be honest,\u201d she said. \u201cWe just had to cut costs at home in terms of living costs. It wouldn\u2019t have helped my savings \u2026 not to mention the other price increases in terms of electricity and utilities.\u201d<\/p>\n
Logan real estate agent Avi Khan said the federal government policy was proving to be a massive \u201cown goal\u201d, with rental demand in Queensland\u2019s fastest-growing region continuing to grow and the rental market unable to keep pace. <\/p>\n
The group chief executive of Ray White AKG said 25 groups showing up to view prospective rentals was not uncommon<\/p>\n
\u201cThis policy has not helped first-time buyers, and this will actually further worsen housing crisis that we have,\u201d he said.<\/p>\n
Dr Chalmers said a number of factors influenced rents and that it was \u201cnot correct\u201d to attribute rises to the budget.<\/p>\n
\u201cOur reforms to negative gearing are grandfathered, so any existing investor who says they are increasing rent because of this change is not being honest with their tenants,\u201d he said.<\/p>\n
\u201cTreasury estimates the impact on rents from our tax changes will be negligible. In fact, the combined tax cuts we have delivered are about 27 times bigger than Treasury\u2019s estimate of the impact of our changes on rents.<\/p>\n
\u201cOur policy is all about helping more renters buy a home of their own at the same time as we boost new housing supply, which takes pressure off rents over time.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Since the May budget scrapped or tightened negative gearing and capital gains tax breaks for investors, weekly 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