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Meriton builds and sells apartments, and also operates serviced apartments as temporary and long-term accommodation under its Meriton Suites brand in Sydney, Brisbane and the Gold Coast. In 2007, it was estimated the company was building about 1,200 apartments each year. [2] By 2010 this figure had increased to 2,000 units. [3]
[1] [2] The average weekly price for a rental in Australia is $570 AUD. [3] Sydney has the most expensive capital city rents. [4] Rental rates have increased faster than inflation in recent years. [3] [5] In recent years, the cost of Australian rentals has become a prominent political issue; dubbed the 'rental crisis'.
In 2022 the Australian residential rental market saw an annual increase in rents of 12%, the strongest increase in 14 years. Across Australia the vacancy rate was 1%, when a rate below 2% is considered very competitive with affordability constraints impacting tenants. [26] A number of sources have described the situation as a ‘rental crisis’.
View east across Sydney Cove, c. 1841 East Circular Quay lined with warehouses, c. 1892 Along the waterfront in East Circular Quay, c.1906 East Circular Quay c.1900-1927. The Bennelong Apartments sit on the eastern side of Sydney Cove or Circular Quay. This was the site of the first landing by Europeans in Sydney, on 26 January 1788.
Ground rent – Rent for the ground where a tenant can do property development; Lend-lease – WWII program to provide U.S. allies with free armaments; Rule against perpetuities – Legal rule prohibiting very long temporary interests in property
According to the 2006 census, Australia's public housing stock consisted of some 304,000 dwellings out of a total housing stock of more than 7.1 million dwellings, or 4.2% of all housing stock [3] (compared with 20% in Denmark, 46% "low rent housing" in France and 50% public housing in the UK at peak). [citation needed]