Saving to buy a first home now ‘impossible’ as rents soar

Real estate expert Tom Panos says the price for renting going up “shouldn’t be a surprise” as National Australia Bank predicts rents to rise a further 30 per cent. “You didn’t have to be Einstein to work out that was going to happen,” Mr Panos told News24 host Chris Kenny. “Now, we’re seeing rents go up; they’ve already started going up, this shouldn’t be any surprise. Less rentals, more demand for them. “How are these tenants going to save up to pay a deposit to buy a first home? It’s like impossible.”