Rental markets in capital cities have started to welcome new listings, relieving tenants who have found themselves with limited options in recent months due to lockdowns.
According to REA Group, the number of new rental listings on realestate.com.au jumped 17.3% in November to reach the highest level since March 2021.
All cities reported substantial gains in rental listings, Canberra posting the highest monthly growth at 49.6%, followed by Darwin at 35.9% and Hobart at 27%.
Sydney and Melbourne also ended the month with higher registrations than the previous month as activity rebounded from the lockdown.
Growth in new rental listings
November 2021
Capital
Growth (%)
Sydney
15.2
Melbourne
21.8
Brisbane
15.5
Adelaide
12.9
Perth
11.9
Hobart
27.0
Darwin
35.9
Canberra
49.6
NATIONAL
17.8
REA Group economist Angus Moore said the new listings were a relief for tenants after months of low listings.
"Listings have been low for much of this year – and especially during closings when few people were moving, which meant few rentals were entering the market," Moore said.
Mr. Moore said that while November is a generally active month in the rental market, the emergence of Sydney, Melbourne and Canberra after the closures has also provided a significant boost to homeowners' prospects and tenants.
“The rental market is quite seasonal – much of the activity is concentrated in January, but November is also generally one of the busiest months in most capital cities. "
However, data from SQM Research showed vacancy rates remained tight in capital cities, with five of the eight cities now having vacancies below 1%.
No relief yet for regional tenants
While potential tenants in capital cities now have more options, the same does not apply to tenants in regional markets.
Mr. Moore said relief was not yet in sight for regional tenants as new listings remained stuck in the doldrums.
While new regional registrations increased 15.5% in November, they remain down more than 20% from February 2020.
However, Mr. Moore believes recent data showing increased investor interest in regional areas would help ease rental market pressures.
"If we see more investment in homes in regional areas, it will help increase the stock of available rentals," he said.
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Photo by @hiveboxx on Unsplash.
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