This article is from the Australian Property Journal archive
WHILE rents continue to climb, renters may be given some level relief as the number of vacant rentals saw a marginal increase.
According to the latest figures from PropTrack, the number of vacant rentals was up by 0.09% to 1.21% in April.
“While vacancy eased in April, conditions remain incredibly tough for renters, with just 1.21% of rental properties sitting vacant over the month. This is less than half the level that is considered a healthy rate of vacancy,” said Anne Flaherty, economist at PropTrack.
“With vacant properties scarce, homes that do come up for rent are continuing to see high levels of competition, which is driving rent prices higher.”
Both Perth and Canberra led increases over the month with 0.18% bumps to 1.05% and 1.56% respectively, as Perth rose above 1% for the first time since July 2022.
Hobart followed with a 0.16% increase to 1.35%, with Sydney up 0.14% to 1.30% and Melbourne up 0.09% to 1.23%.
While Brisbane was up just 0.03% to 1.02% and Adelaide recorded a 0.13% increase but remained the tightest market at 0.96%.
“Adelaide has cemented its place as the most difficult city to find a rental and was the only capital to see its vacancy rate sitting below 1% in April,” added Flaherty.
Rental markets remained tight across both capital cities and regional areas in April, at 1.20% and 1.23% respectively.
“Compared to 12 months ago, regional areas have seen the greatest deterioration in rental conditions, with vacancy down 0.25ppt compared to a 0.15ppt drop in the cities,” said Flaherty.
