Does housing rental market really unusually hot and houses are undersupply in Caulfield North?

WechatIMG152People for inspecting a new apartment in Caulfield North, and waiting in a long queue. Photo by: Miao Zhang

Undersupply and highly demand of housing rental market in Caulfield North caused the increase of failure rate among visitors, property visitor says.

Figures from Australia’s REA Group ‘realestate.com.au’ which update annually and audit average rental demand of Caulfield North which is 533 visitors per property.

It only a bit lower than the average of VIC – 647 visitors per property.

Nikki, an international student from Monash University, said the highly demand of properties in Caulfield North caused “a competition” between visitors, and students are the main group ask for house rental.

She also said: “The increase in the number of students may also make the demand of housing rental much higher than before”.

“But when I went to an apartment for inspection, there also were some couples or families looking for housing to live,” she said.

REA Group found that the top 3 of housing rental in Caulfield North are ‘Independent Youth’, ‘Older Couples and families’ and ‘Maturing and Established Independence’. Independent Youth as the top 1 which occupied 18.5%.

REA Group ‘realestate.com.au’ analyzed that in the one or two months before the start of the university, the demand of housing rental market had reached the peak of the year.

屏幕快照 2017-04-07 上午1.50.55.pngHigh demand of people looking to rent in Caulfield North, concentrate mainly on January and May. Chart by: Miao Zhang

“People would like to choose a place with conveniences, such as transportations, shopping centers, and restaurants. Caulfield North is very close to Monash University which could be a good choice for students,” Nikki said.

Andria Savva, the office manager of Ray White Real Estate, and she has a good understanding of housing rental market in Caulfield.

She said the areas nearby the university indeed have a high demand of properties.

“But no shortage, there is always new developments going up and tenants always moving around”, she said.

She thought the beginning of a new semester of the university does not lead to the undersupply of housing rental, instead “Christmas time is crazy”.

Andria said that increasing the rental fee is a “selling point” for tenants, if they have 5 applications on the property, offering more will secure it for them, and no landlords will say no to the more rental fee.