Rental listings have fallen in seven of Australia's capital cities compared to the start of the pandemic, according to realestate.com.au.
‘As rental price pressures continue in the period ahead, this could increase the attractiveness of buying for some current tenants," REA Group senior economist Eleanor Creagh said.
The portal also reported the number of rental properties across Australia was 31% lower in July 2022 than March 2020.
Listings declined in every capital city except Canberra:
· Darwin down 54% (between March 2020 and July 2022)
· Brisbane down 42%
· Perth down 42%
· Adelaide down 38%
· Sydney down 30%
· Hobart down 25%
· Melbourne down 8%
· Canberra up 33%
Amazingly, rental listings declined even more in regional locations, ranging from a 25% reduction in regional Victoria to a 63% reduction in regional Western Australia. Unsurprisingly, the fall in rental listings has led to:
· An increase in the number of potential renters per listing
· A decrease in days on market
· An increase in rental rates
What does that mean in investment terms? With property rates on the decline and rental demand rising, it is actually a great time to invest in property if you’re in a position to so.
Would you like to explore if buying an investment property is viable for you?
Make an appointment to chat today and together we can have a look at your options.