Tuesday, May 23, 2023
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Share of leases listed below $400 per week hits file low – PropTrack

The share of complete properties listed for hire under $400 per week on realestate.com.au has fallen to a brand new low, virtually halving to simply 16.2% in April, from 30.2% the prior 12 months, in accordance with the most recent PropTrack Market Perception Report.

“The nation’s rental market is in dire straits, with little signal of significant reprieve on the horizon,” mentioned Eleanor Creagh (pictured above), PropTrack senior economist. “Marketed rents are recording sturdy value will increase and vacancies are at historic lows amid a scarcity of rental provide.”

All capital cities noticed the share of complete rental listings below $400/week drop to a file low, besides Hobart and Darwin. 

Over the previous 12 months, the share of complete rental listings below $400 per week halved in Sydney, Melbourne, Brisbane, Perth, Hobart, Darwin, the ACT, and regional WA.

“In April 2023, the ACT held the smallest share of leases priced below $400 per week at simply 1.8%.

In the meantime, Perth has seen its share fall essentially the most, slipping 51.2 ppts or 86% since March 2020,” Creagh mentioned.

Of capital metropolis rental listings, solely 11.9% have been below $400/week in April, falling from 58% the prior 12 months. In regional areas, 26.6% of rental dwellings have been below the identical value level.

“Strain has shifted from regional areas to the capital cities – significantly in inner-city areas – as demand from abroad migration has elevated,” Creagh mentioned.

The share of models for hire registered the strongest decline, plummeting to 19.8% in April from 35.6% a 12 months in the past. The share of homes is smaller, sitting at simply 12.6%. 

Posting the bottom share have been Sydney, the ACT, Darwin, Hobart, and Perth, with lower than 9% of listings in every metropolis below $400 per week. 

Robust migration, low emptiness charges, and restricted new provide imply robust circumstances for renters are more likely to stay, with the share of $400-per-week leases set to remain low,” Creagh mentioned.

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