Casey Jenkins has re-interpreted the‘I Want to Live Here‘ report with some useful graphs.
As you may have read in the original report, we uncovered a genuine vacancy rate five times that reported by Real Estate Institute of Victoria; 6.9% compared to REIV’s 1.4%.
By collating data from Melbourne water suppliers we were able to assess the number of Melbourne properties that are genuinely vacant, as opposed to the number of properties on the rental market. The results were alarming.
The report indicates that just one in five vacant properties are being advertised as such, the rest are being withheld from the market in the form of speculative vacancies. This is very disturbing when you think that government policy is being based on figures that are so dramatically understated.
How can they possibly expect to effectively combat a shortage of affordable housing when they’re not even acknowledging the real amount of housing available?
Other key findings of the report, which identifies suburbs and municipalities hardest hit by speculative land hoarding, include a 29% vacancy rate in Carlton South and a 17.3% industrial and commercial vacancy rate in Melbourne’s South Eastern Suburbs.
The accompanying graphs are shocking for a city supposedly beset by land shortages. Download the report here.
There is a clear need for land tax reform – this would discourage land hoarding by encouraging landlords to focus on rental income rather than capital gains.
If housing is a human right then our tax policies must genuinely reflect this.