RESIDENTIAL PROPERTY
AUSTRALIA’S rental supply is still finding room to fall, leaving renters facing significant competition for increasingly expensive homes.
According to PropTrack’s latest Rental Report for the September quarter, the national median weekly advertised rent came in at $550/week at the end of...
This increase follows the 3.9% bump in the June quarter and eclipses the 3.2% increase over the September quarter last year...
At the end of September, the median weekly house rents were at $550/week, remaining stable for six months but 10% higher than a year ago...
The median weekly unit rent was up 4% over the quarter to reach $520/week, 15.6% higher than a year earlier...
The median weekly advertised rent for the combined capital cities was at $550/week, while the combined regional markets were at $480/week...
Regional WA saw the largest increase over the quarter at 5%, followed by Melbourne at 4.2%, Sydney at 3.2%, Adelaide at 2%, Perth at 1.9% and...
At the same time, Hobart saw a 7% drop, with regional Tasmania down 2.3%, Canberra down 3.2%, Darwin down 1.7% and regional NT down 1%...
Annually, Sydney was up 18.2%, Perth up 14.9%, Melbourne 13.6%, Brisbane 12.2%, Adelaide 11.1% and Darwin up 3.6%. While Canberra and...
The national rental vacancy rate sat at a historic low of 1.1% in September 2023, down from 1.3% the previous quarter and 1.3% in...
“The rental market remains extremely challenged, with renters facing significant competition for the limited stock available for rent. These conditions have...
“Nationally, investors continue to exit the market, which is keeping the overall stock of rental properties low. For first-home buyers, higher rents make it...
In September 2023, the gross rental yield was at 4.2%, up from 3.9% at the same time last year.
With gross rental yields for the combined capital cities up 3.7% annually to 4.1%m while the combined regional markets were unchanged at 4.6%...
The lowest gross rental yields in September were Sydney at 3.7%, Melbourne at 3.9% and regional Victoria at 4.1%...
In the combined capital cities, new rental listings were down 8.3% for the year, while in regional markets they were 2.3% higher...
The median number of days a property was advertised for rent on realestate.com.au in September 2023 was 20 days, compared to 19 days a year earlier...
“From here, we expect rents will continue to climb in the major capital cities due to persistent low supply and strong demand. Outside of the major capital cities...
“These conditions highlight why it is so important to build more housing, particularly in the major capital cities. With dwelling approvals and...