REA Group launches new report outlining fve priority measures to ease the New South Wales rental crisis

REA Group today launched a new report looking at the key issues contributing to the New South Wales rental crisis and offering solutions to solve some of the housing affordability and access issues faced by many renters.

The report, Measures to ease the rental market crisis, was produced by REA Group Senior Economist, Paul Ryan, following a workshop attended by rental market experts and industry leaders. Participants included a broad spectrum of the property sector who were able to provide valuable insights into the challenges experienced on both the demand and supply sides of the market and offer measures to address critical issues.

Kul Singh, REA Group Chief Customer Offcer, said this program of work was in direct response to calls from customers to unite the sector behind industryinformed solutions to help shape policy and affect meaningful change.

“REA Group is in a unique position with access to our residential real estate and property developer customers, as well as Australia’s largest group of property seekers on realestate. com.au. We wanted to property managers in order to safeguard the rental experience.”

“Fundamentally, Australia needs

Senior Economist.

“Competition for rental properties remains strong with substantially more potential renters on top of general price infation, is putting signifcant pressure on rental households with current conditions set to exacerbate fnancial stress.

“Compounding the issue, construction rates have slowed across the country with 72,000 fewer dwellings built since the onset of the pandemic compared to what would have been implied from prepandemic construction rates.

“The good news is, we are starting to see confdence in the market,” he added. bring together diverse perspectives to look at the near-term and address what we can do now to ensure better housing outcomes for all Australians.

“Targeted and considered policy reform has the potential to unlock housing supply, which is why the report’s industry-informed recommendations prioritise improved housing utilisation and availability, coordinated government planning processes to incentivise fast and effective development, and ongoing encouraged investment. Alongside these reforms, we can improve renter tenure security and the suitability of homes with a focus on energy effciency and higher minimum standards.

“A thriving rental marketplace benefts renters, investors, our customers, and ultimately, the broader Australian community and economy. We need to fnd more effcient and effective ways to increase supply, encourage investment, and attract and retain more homes, and we need more rental accommodation,” said Paul Ryan, REA Group competing for each rental listing than before the pandemic in New South Wales. Rent increases, investors return, which is an important support for housing supply and shows long-term

“It’s pleasing to see a number of these areas on the national agenda of our regulators and policy makers with the recent National Cabinet announcement to boost housing a supply a welcomed step forward,” Kul concluded.

To view the full report, scan the QR code bellow.

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