Markets15 February 20245 min read
February 2024: the rental crisis deepens
National vacancy at 0.7%. Rental growth still running 8.5% YoY. The political conversation pivoted permanently to supply.
Why rates couldn't fix it
High rates were suppressing new construction (approvals down 12% YoY) while immigration was driving rental demand. The transmission of monetary policy was working in reverse for housing supply — and the political class began to notice.
The seed of 2026's Budget
Every major housing-policy announcement from this point — Help-to-Buy, Help-to-Build, National Housing Accord top-ups, eventually the 2026 negative-gearing reform — traces to the rental and supply crisis that crystallised politically in early 2024.
Dax Stanley
Founder & Principal Strategist, Hera Property. #1 international bestselling author of Real Estate Investing Using ChatGPT.