Several rental markets across Australia have significantly become in favour of tenants over the past year as vacancy rates increased.
A new study from RentRabbit.com.au showed 20 suburbs where rental market conditions have made a 180-degree turn, becoming tenant-friendly as supply outpaces demand.
Ten of the suburbs that witnessed a dramatic rise in vacancy rates were in Victoria, seven were in New South Wales, and three in ACT.
Meanwhile, house rental markets dominated the list with 13 suburbs.
State
Suburb
Property type
Vacancy rate (%)
Median Weekly Rent ($)
12 months ago
Current
12 months ago
Current
VIC
Derrimut
House
1.2
10.3
400
350
VIC
Mount Duneed
House
2.4
7.1
420
420
NSW
West Pymble
House
1.8
5.5
870
850
ACT
Campbell
Unit
4.9
8.5
550
550
ACT
Hughes
House
0.8
4.1
680
650
NSW
Girraween
Unit
1.7
4.0
450
450
NSW
Heckenberg
House
0.0
2.0
400
380
VIC
Coolaroo
House
3.0
5.0
350
350
NSW
Pendle Hill
House
2.6
4.5
470
450
NSW
Cabramatta West
House
2.1
3.9
450
450
VIC
Dingley Village
Unit
0.9
2.6
460
450
NSW
Berala
Unit
2.2
3.7
345
320
ACT
McKellar
House
1.5
3.0
620
610
NSW
Emu Plains
Unit
1.1
2.6
420
420
VIC
Bannockburn
House
1.5
2.9
430
430
VIC
Notting Hill
Unit
2.0
3.2
365
350
VIC
Campbellfield
House
1.9
3.1
400
380
VIC
Kingsville
House
1.4
2.6
530
520
VIC
Oak Park
Unit
2.7
3.7
410
390
VIC
Ivanhoe East
House
2.1
3.1
670
650
RentRabbit.com.au co-founder Ben Pretty said Australia’s rental markets run on a “two-tier” nature.
“The results highlight that renters are able to find tenant-friendly suburbs in Melbourne, Sydney and Canberra, but are really struggling to find suitable locations in Brisbane, Perth, Adelaide, Hobart and Darwin,” he said.
Mr Pretty said the changes in vacancy and median rent was due to the shift in supply-demand dynamics.
“Where supply is relatively low and demand relatively high, it’s hard for tenants to find accommodation, which leads to falling vacancy rates and rising rents,” he said.
“For the sake of families and people on average incomes, I’d like to see a more balanced rental market.
“For that to happen, supply needs to increase, which means we need more investors to enter the market and more new builds to come online.”
—
Photo by @ketut-subiyanto on Pexels
Top Suburbs :
melton
,
gladesville
,
narara
,
mortdale
,
springwood
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