Australia’s Rental Crisis Deepens
A fall in vacancies has seen rents rise by as much as 21% in some capitals.
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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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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
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2 min
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This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
