Housing Crunch Deepens: Victoria Loses 20,000 Rental Properties in a Year

Victoria is grappling with its most severe rental stock decline since 1999, driven by an accelerating sell-off of investment properties. Recent data from the Department of Families, Fairness and Housing reveals a major drop in active rental bonds—from over 676,400 in June 2023 to around 654,700 by mid-2024. This indicates 21,700 fewer rental properties available, marking two consecutive quarters of rental bond declines, a first in the state’s history. Industry experts are increasingly blaming government policies for exacerbating the housing crunch. Ben Kingsley, founder of Empower Wealth and chair of the Property Investors Council of Australia, attributes the crisis to taxation and tenancy reforms introduced by the Labor government....