Harry Triguboff expects stronger growth in rental market
Meriton Founder and Managing Director Harry Triguboff anticipates further growth in the rental market, as students and migrants start to return, and Australia prepares to open the borders to fully vaccinated tourists.
“The students, expats and migrants are coming back to Australia. The difference now compared to pre-covid times is that many who would have bought before, are now renting instead. And this will place significant pressure on the rental supply. So it is important for the investors to understand that while the rents are rising, we expect them to rise further and quite rapidly.” Says Mr. Triguboff, as vacancies across all Meriton developments are close to zero with some areas achieving over 50% rent growth.
Shortage of apartment supply is also boosting the rapid rental growth. Commencement of new units is down 16.3% in the September quarter, and completions of new apartments in Sydney are expected to plunge by 81% by 2023, according to the consultancy firm Charter Keck Cramer.