Financd Home Loans

Across capital cities and major regional areas, there have been historic rental price increases and low vacancies.

Rental vacancies reached an all-time low of 1.1% in April, with the median price for renting a unit only $39 a week cheaper than renting a house.

Rising overseas migration has contributed to stiff competition in the rental space too – in the March quarter there was a 124% jump in rental enquiries year-on-year from one overseas country alone.

Understandably, many are looking to escape renting and grab their spot on the property market.

But with rate hikes and inflation, saving a deposit is no easy feat for many Australians.

So here are some ways to take the pressure off.