Real estate industry “duping” young buyers

The real estate industry is overstating the rental crisis in a bid to lure investors into the market to purchase properties and to encourage renters to purchase homes says property researcher SQM. The Real Estate Institute of Victoria said a survey of its members showed that rental vacancies in December were about 1 per cent. “I do not believe for a moment that vacancy rates have ever reached 1 per cent in Melbourne,” said SQM's Louis Christopher. Social justice group Prosper Australia found more than 7 per cent of properties are probably empty. Prosper Australia's Karl Fitzgerald said the REIV survey was the “last desperate call to dupe young home buyers into purchasing at the top of the market”.

Source: The Age