Rents surge $20 a week after budget reforms

Australian rental prices have surged by approximately $20 per week following the federal government's May budget housing reforms, far exceeding the forecasted $2 weekly increase. The changes to negative gearing policies are causing investors to hold onto existing properties rather than sell, reducing rental supply and driving rents up by 6% year-on-year nationally. Personal finance expert Ravi Sharma warns that rents could rise by 20-30% over the next 18-24 months, potentially forcing essential workers out of capital cities and into regional areas that lack adequate infrastructure.

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