Renters and buyers struggling in Australia's evolving property market

New report unveils the financial and emotional pressures faced by Aussies

SYDNEY, Feb. 19, 2025 /PRNewswire/ -- Rising rents, fluctuating house prices, and property issues are making it harder for Australians to secure housing. According to the Real Property Report 2025^[1], commissioned by Real Insurance with MyMavins, 73% of renters feel pressured to enhance their applications due to intense market competition.

Renting remains challenging, with 77% of applicants feeling the need to make their applications stand out. Over half (57%) report pressure to offer above the listed rent—by up to $124 weekly, costing over $6,000 annually.

Pet owners face additional hurdles, spending over nine hours weekly seeking pet-friendly properties. Poor leasing agent experiences frustrate 60% of renters, and 68% say negative interactions deterred them from applying for properties.

Rent hikes intensify financial strain: 61% report two or more increases in two years, while 48% have reduced savings and 45% feel heightened financial stress. Some have cut non-essentials (38%) or struggled with bills (34%).

Joel Dignam, Executive Director of Better Renting, said, "We are hearing all the time from renters about a deep dissatisfaction with their renting experience, whether that be applying for properties, facing rent increases, or dealing with leasing agents. It's particularly concerning that so many renters feel pressured to offer more than the asking rent, and it goes to show the weakness of current protections around rent bidding."

Homebuyers face their own struggles, with 60% encountering unexpected property issues post-purchase despite third-party inspections. Additionally, 66% report feeling misled by real estate agents, citing undisclosed damages (21%) or hidden fees (17%).

The home-buying process is emotionally taxing, with 40% experiencing stress and anxiety. Common frustrations include moving (42%), surprise building issues (35%), and dealing with agents (34%). Furthermore, 59% felt pressured to bid above their budget during auctions.

Despite the difficulties, 31% of buyers remain optimistic about homeownership. Yet, 51% had to compromise on location due to unaffordability.

Dignam added, "Expensive rents are trapping renters. The cost of everyday essentials, including housing, has got to a point where many renters face little chance of saving up a house deposit, especially when house prices are increasing."

The report highlights the significant emotional and financial strain of Australia's property market, with both renters and buyers facing mounting pressures to secure a home.

For more information or to access the full Real Property Report 2025, click here^[2].

References

1. ^{^} Real Property Report 2025 (www.realinsurance.com.au)
2. ^{^} here (www.realinsurance.com.au)