Source: Financial Review by Nila Sweeney
The monthly decline in Melbourne has reduced the total number of listings for rental properties to 8244. Over the past 12 months, the number of properties available for rent in the capital of Victoria fell by 53.8%, which was the sharpest drop among all capitals.
The number of vacant rental spaces in Sydney fell by 3.3% to 7979, bringing the total number of offers down by 46.3% compared to last year.
“Reducing rent choices has tightened conditions that continue to favor landlords and increased the likelihood of rising rental prices following the decline in rental prices experienced during COVID-19,” Dr. Powell said.
Rental listings fell 4.8% to a record low in 1582 in Brisbane, down 47.4% year on year.
Rental listings fell 4.1% to 1,086 in Perth, 5.4% in Hobart and 7.3% in ACT. By contrast, Darwin rose 21 percent.
Rental listings fell 49.5% year on year in Adelaide.
According to Dr. Powell, the market, which posted a cumulative vacancy rate of 1%, is likely to shrink further.
“Due to increased investor activity, the arrival of foreign migrants and the return of international students, the demand for rentals will remain elevated, which will worsen conditions for tenants,” she said.
Sydney’s vacancy rate remained low at 1.4%, the lowest in Domain’s history. Brisbane fell 10 basis points to a record low of 0.6% and a similar amount to 1.6% in Melbourne.
Adelaide was the most competitive capital for rental housing, with a vacancy rate of just 0.3%. In all other capitals, the vacancy rate was below 1 percent.
In the last 12 months to March, Sydney home rents jumped 9.1% to a record $600 a week, the biggest annual increase in 13 years.
Melbourne’s median rent rose by 3.4%, Brisbane by 14.9%, Adelaide by 9.4% and Canberra by 16.7%.