Australia's Rental Crisis Deepens
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Australia’s Rental Crisis Deepens

A fall in vacancies has seen rents rise by as much as 21% in some capitals.

By Terry Christodoulou
Wed, Apr 13, 2022 11:42amGrey Clock < 1 min

Rents in some Australian capital cities have seen asking prices jump by as much as 21% in the past year, with further rises likely in the coming months according to data from SQM research.

Across the combined capitals, asking rents for houses ascended nearly 15% during the year, while unit rents rose 11%.

The growing number of tenants living on their own combined with the return of international students has seen strong rental demand at a time when supply was diminishing according to Louis Christopher, SQM Research managing director.

“The magnitude of rental increases across the country is unprecedented,” said Louis Christopher, SQM Research managing director. “I’ve never seen such sweeping rental increases nationwide, ever.”

Brisbane saw the highest increase in asking house rents with a 21.2% rise in the past year.  This was followed by Sydney’s rise of 19.1%, Canberra (16%), Adelaide (15.5%), and Perth (12.2%) while rents climbed 10.7 in Darwin, 7.6% in Melbourne and 7.1% in Hobart.

The number of available rental homes has also dipped sharply across the inner-city suburbs of Australia.

Melbourne’s CBD saw vacancies slump by 69.1% to 556, while Brisbane fell by 70% to 141. Sydney also fell steeply, posting a decline of 45.2% to 323 in Sydney CBD, while the inner-west recorded a 54.1% drop alongside a 52.8% drop in the eastern suburbs and a 47% drop in the lower north shore.

In the Adelaide CBD, the number of vacant rental apartments plummeted by 78.7% to 82 while Perth’s CBD dropped by 37.8% to 84.

“The rental crisis has deepened with rental vacancy rates across the country falling to just 1 per cent.”

“As a result, market rents have exploded. And the recent monthly data suggests we are still not at the worst point of the crisis,” added Christopher.



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Australia’s top 10 most affordable regional property markets investors should watch

Whether you prefer the country or the coast, there are plenty of east coast options for cashed up buyers

By Bronwyn Allen
Fri, Apr 19, 2024 3 min

There are 10 local council areas scattered along the East Coast of Australia that offer both affordability and solid fundamentals for sustainable future growth, according to the research team at residential property network, PRD. The areas have been selected based on five criterion. They are affordability – defined as a median house price below $600,000, rising house values, strong rental yields to encourage investment, a strong pipeline of residential, commercial and infrastructure projects to facilitate local economic development, and low unemployment.

Here are Australia’s 10 most affordable regional property markets with great future potential.

Mackay, QLD

Mackay is a tropical coastal area located in north Queensland. It’s known for its closeconnection to the Great Barrier Reef. The median house price is $462,750, up 8.9 percent in 2023. Mackay attracts a lot of interstate migrants and is home to more than 120,000 people. It has a healthy economy with an unemployment rate of 3.7 percent and $1.7 billion worth of projects due to commence this year.

Toowoomba, QLD

The Toowoomba median house price was up 10.9 percent in 2023.

Toowoomba is located west of Brisbane and is known for its Victorian buildings, street artand surrounding national parks. The median house price is $560,000, up 10.9 percent in 2023. The city has a population of more than 180,000. The unemployment rate is 4 percentand there is $6.1 billion in projects commencing in 2024.

Townsville, QLD

Townsville is a coastal city in north-eastern Queensland. The median house price is $420,000, up 5 percent in 2023. It is home to more than 200,000 people. Unemployment is very low at 2.5 percent and there is $3.2 billion of projects commencing this year.

Dubbo, NSW

Dubbo is located west of Newcastle in the Orana Region and is home to the Western Plains Zoo. The median house price is $530,000, up 11.6 percent in 2023. The population has exploded in recent years to more than 56,000 people. The unemployment rate is just 2.2percent and the economy is thriving. There is a pipeline of $4.7 billion in projects commencing this year.

Tamworth, NSW

Located in north-east NSW, Tamworth is known for its popular annual Country Music Festival. It’s also the largest retail centre for the New England and Northwest Slopes regions. The median house price is $490,000, up 14 percent in 2023. With a population of more than 65,000 people, the economy is strong with unemployment of just 2 percent and $112.4million worth of projects commencing this year.

Griffith, NSW

Located west of Sydney and northwest of Canberra, Griffith is known for its prime produce production and wine cultivation. The median house price is $531,000, up 2.1 percent in 2023. Griffith’s population is about 27,000 people. The city boasts high economic resilience with a 2 percent unemployment rate and $258.7 million in projects in the pipeline.

Ballarat, VIC

Ballarat, Victoria

Ballarat is a 1.5hour drive west of Melbourne. It’s popular with city commuters who move here for housing affordability and a relaxed lifestyle with easy access to the city via train. The median house price is $570,000, down 4.2 percent in 2023 but up 92.9 percent over the past decade. The city has the third highest population in Victoria at about 118,000. Ballarat has an unemployment rate of 3 percent and a total projects pipeline worth $2.3 billion for 2024.

Shepparton, VIC

Shepparton is a rural area about two hours north of Melbourne. It is popularly referred to as the food bowl of Australia. The median house price is $475,000, up 4.4 percent in 2023. The population is about 70,000. The unemployment rate is just 2 percent and there is $1.8 billion in projects for 2024.

Wodonga, VIC

Wodonga is located on the border of NSW on the southern side of the Murray River. It is approximately 320km from Melbourne and 345km from Canberra. The median house price is $567,250, up 4.7 percent in 2023. With a population of about 44,000, the city’s jobless rate is 3 percent and there is $388.2 million in development set to commence in 2024, primarily new infrastructure.

Burnie, TAS

Burnie is a bustling port city located in Emu Bay in Tasmania’s north-west. Overlooking beaches and parklands, the area is known for its rich agriculture and mining projects. The median house price is $435,000, up 3.6 percent. Despite a rising population, the unemployment rate is falling and is currently 5.6 percent. In 2024, Burnie’s project pipeline is valued at approximately $1.6 billion. A significant portion is commercial development, primarily renewable energy projects.

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