REA Group CEO Owen Wilson says rental vacancies are sitting at “almost a 10-year low”.
“And there’s a lot of reasons that have caused that. Firstly, there’s been a lack of supply both because of zoning permissions, approvals for developments, particularly multi-level developments,” he told Sky News Australia.
“We’ve seen investors leaving the market, considerably in the last two years. At the moment … the percentage of sales by investors is running at about 25 per cent, and the percentage of purchases by investors is only running at about five per cent.
“So we are going to see a continuation of that decline in rental stock.”