Rental property supply across Australia is heading for an all-time low, according to a new report.
PropTrack’s Rental Listings Report for September 2021 has recorded a 3.9 per cent drop in new national rental listings in August over July, reaching the lowest levels since December 2019. This puts the total number of listings down 3.1 per cent for the month and down 11.9 per cent over last year.
Locked-down Melbourne and Canberra were the hardest hit of the major cities. The ACT’s new rental listings were down 29.9 per cent in August, while the Victorian capital saw a 16.9 per cent monthly decrease.
In Melbourne, the city’s inner and inner east areas recorded the most substantial decline in new listings, with the areas falling 24.8 per cent and 16.8 per cent respectively. The city’s west (-7.0 per cent) and north-west (-7.9 per cent) recorded the smallest monthly falls. Total rental listings in Melbourne fell 6.7 per cent in August 2021 to reach their lowest volume since August 2020.
Outside of Melbourne, those seeking rentals struggled in the Mornington Peninsula, with the area very short on supply. Things were more positive for the rest of regional Victoria, where new listings increased by 5 per cent month-on-month.
In Hobart, the number of new rental properties listed had also fallen, taking a dive of 9.8 per cent over July. Brisbane saw a 3.7 per cent monthly fall, and Perth was down 2.2 per cent.
Of the major cities, however, Sydney is showing signs of bouncing back. The city recorded a 6.7 per cent monthly increase in new listings throughout August, likely helped by the fact the state is permitting one-on-one inspections. Overall, Sydney’s total number of listings fell by a relatively low margin of 0.7 per cent over the month. Total listings are still 24.8 per cent lower this year than last year.
People searching for properties in Sydney’s inner-city and inner south suburbs had the most to choose from, with the area seeing an increase of 17.9 per cent. On the other end, renters looking to live in the Baulkham Hills and Hawkesbury felt the squeeze, with a 2.2 per cent monthly fall.
It’s a different story outside of NSW’s capital, where total listings fell by 4.9 per cent month-on-month and are 11.2 per cent lower year-on-year, reaching new historic lows.
Regional sectors of Western Australia and Tasmania also recorded historic declines at the end of August. Tasmania’s regional fall of 11.7 made for a month in which the state had the fewest new listings on record.
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.