All Time New Rental Listings Low Recorded In September
The amount of rental properties available in September reached a record low, with demand increasing as a result of a rising population.
PropTrack data showed an annual decline of new rental listings of 5.7 per cent in September – the lowest amount of new listings in September for more than a decade.
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The decline meant for September; the total number of rental properties listed fell 7.1 per cent compared to last year.
While a rising population is increasing the demand of rental properties, renters are also experiencing a price hike there isn’t enough properties to meet demand.
Director of economic research for PropTrack, Cameron Kusher, told the ABC renters were facing tough conditions as demand for properties continued to rise amid a shortage of properties.
“This really comes down to the fact that we’ve got a very low supply of rental stock, and we’ve got very strong demand,” he said.
“There’s demand from both domestic areas — so household sizes reducing, kids moving out of home — but … because we’ve got a high rate of overseas migration, it’s increasing competition for that rental stock.”
In contrast the number of homes across Australia hitting the market increased compared to 12 months ago.
There were 4.5 per cent more for sale listings – with Australia’s three most expensive cities; Sydney Melbourne and Canberra, recording the highest year-on-year growth in new listings.
Despite the overall increase, Perth, Darwin, and Brisbane recorded drops in new listings; 12.8, 11.3 and 4.2 per cent respectively.
The full report on September’s sale listings can be viewed here.
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