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By Emily Power
November 7, 2022
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Australia has more than 1 million unoccupied homes, census data shows.
AUSTRALIA'S GHOST TOWN SUBURBS WHERE MOST PROPERTIES HAVE NOBODY LIVING IN THEM
By Emily Power
November 7, 2022
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The number of vacant homes in regional areas is giving rise to ghost towns.
The majority of properties in some in-demand rural postcodes sit empty, held
onto as holiday house, while the rental crisis rolls on.
An exodus to the water and the countryside during the pandemic led to a holiday
home-buying boom, but at times up to two-thirds of addresses in these suburbs
away from the big smoke have languished with nobody living in them.
A real estate and economics expert predicts tougher caveats from local councils
on how many holiday properties can be purchased in an area, as well as rules
around usage, following a decision to impose limitations on owners of short-term
rental accommodation in Western Australia.
Towns and localities with the highest vacancy rates, according to data by Ray
White Group. Photo: Ray White
The rush of buyers pursuing a better lifestyle during COVID has caused large
portions of homes in regional zones to idle without occupants. At the same time,
a rental shortage is gripping the broader market, with the national number of
listings for lease recently falling to a record low.
Australia has 1.04 million unoccupied homes, according to the latest census
data.
In its weekly economic report, Ray White Group crunched the occupancy rate in
regional postcodes, with Victoria’s Sandy Point, near Wilsons Promontory in
south Gippsland, topping the list for country areas, with almost 75 per cent of
homes empty on census night.
Beach postcodes that are traditionally summer holiday playgrounds also dominate
the list of metro postcodes with huge percentages of properties unoccupied.
Eight of the top ten suburbs are on Victoria’s Mornington Peninsula.
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Highest vacancy suburbs nationally, from census data crunched by Ray White.
Photo: Ray White Group
The peninsula has been a popular getaway destination for generations, and
although it is considered part of metropolitan Victoria, it is 100km from the
Melbourne’s CBD and has the hallmarks of a weekender or holiday house market.
Portsea – a well-do-do postcode with estates on the water – is top ranked, with
almost two-thirds of homes empty when the census was taken.
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“Holiday homes were hot property during the pandemic, fueled by an inability to
travel internationally, high savings rates and very low mortgage rates,” Ray
White economist Nerida Conisbee said in the report.
“This, however, has become a problem now where we are seeing a shortage of
rental properties as a result. In the most recent census, there were 1.04
million homes unoccupied, or around 10 per cent of all Australian homes. Putting
at least some of these homes on to the rental market would calm the high levels
of rental growth that is currently occurring.”
Gorgeous Gippsland in Victoria. Sandy Point in the region tops the list for
rural postcodes with vast numbers of unoccupied homes. Photo: Domain
Ray White found that number of empty homes was likely higher in Victoria because
extended lockdowns put restrictions on movement between properties.
“Nevertheless, Sandy Point tops the list as having the most vacant homes
reflecting a high number of holiday homes in this suburb,” Ms Conisbee said.
“Coming in second was Carrickalinga, another popular holiday destination in
South Australia. Third was Smiths Beach, also in regional Victoria.
“In our capital cities, a similar trend is evident.
Australia has more than 1 million unoccupied homes, census data shows. Photo:
Domain
“With many holiday destinations struggling with a shortage of rental properties
for long term residents, it is likely that restrictions on owning holiday homes
will increase over time.
“Most recently, the city of Busselton in Western Australia’s south-west imposed
the harshest restrictions on owners of short-term rental accommodation in
Australia, including curfews for guests and restrictions on pets.
“A third stage of restrictions looks set to ban holiday homes in some
residential areas. If rental affordability continues to deteriorate, it is
likely more local councils will follow.”
RENTALS ON THE MORNINGTON PENINSULA IN VICTORIA
61 WILLIAMSON STREET, TOOTGAROOK
PRICE: $650 PER WEEK
The sweet three-bedroom home is set on a large block with a flourishing native
garden. Photo: Domain
51 FIRST AVENUE, ROSEBUD
PRICE: $440 PER WEEK
The elevated three-bedroom cottage is walking distance to the foreshore. Photo:
Domain/OBrien Real Estate
2/10 KING STREET, MORNINGTON
PRICE: $570 PER WEEK
The unit, with two bedrooms, is close to the suburb’s busy restaurant and
shopping strip, and walking distance to the water. Photo: Domain/Marshall White
MovingNeighbourhoodsRental Prices
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IN THE NEIGHBOURHOOD
AUSTRALIA'S GHOST TOWN SUBURBS WHERE MOST PROPERTIES HAVE NOBODY LIVING IN THEM
PORTSEA: WHERE PROPERTY PRICES ARE AS STRATOSPHERIC AS MELBOURNE’S TOP SUBURBS
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