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where opportunities are as rare as hen’s teeth

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key takeaways

Key takeaways

In highly desirable Australian suburbs, finding rental properties has become increasingly difficult due to limited supply and fierce competition among tenants, leading to soaring rental prices.

The COVID-19 pandemic has significantly influenced rental market dynamics, with inner-city suburbs experiencing the most tightening due to factors such as smaller household sizes, urban revival, and a surge in migration and student arrivals.

Suburbs like Dee Why, Maroochydore, and Coogee are facing exceptionally tight rental markets, with vacancy rates as low as 0.32%, making it extremely challenging for renters to find suitable accommodation.

Despite the tight conditions in major cities, some regional areas and suburbs on the outskirts are seeing an easing of rental market pressures, offering renters more options and value. Suburbs like Taylor and Denman Prospect in Canberra are benefiting from recent housing developments, providing relief to renters.

While challenges persist, there are signs of the rental market rebalancing. Factors such as increasing household sizes and growing investor interest may contribute to easing conditions in the future, providing hope for renters facing the current crisis.

In some of Australia’s most sought-after suburbs, finding a rental property is an increasingly herculean task.

With a tiny fraction of properties available for rent tenants face fierce competition, driving up rental prices and exacerbating the existing rental crisis.

High demand and limited supply are leaving many in a lurch.

However, it’s not all doom and gloom.

Signs of easing conditions are emerging across the country, particularly in regional areas and suburbs skirting the capital cities.

According to the latest data from PropTrack, while hotspots like inner city and coastal suburbs remain tight, other areas are offering more breathing space for renters in this challenging market.

Rent Crisis

Impact of the pandemic on rental markets

The pandemic has undeniably played a significant role in shaping these market dynamics.

PropTrack’s senior economist, Eleanor Creagh, observes that since 2021, rental markets in inner city suburbs—those hit hardest by the pandemic—have seen a significant tightening due to smaller household sizes, the revival of city life, and a surge in net migration and student arrivals.

Take Dee Why on Sydney’s northern beaches, for instance.

With a vacancy rate of just 0.32%, it’s currently the suburb with Australia’s tightest rental market.

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