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Several rental markets across Australia have significantly become in favour of tenants over the past year as vacancy rates increased.
A new study from RentRabbit.com.au showed 20 suburbs where rental market conditions have made a 180-degree turn, becoming tenant-friendly as supply outpaces demand.
Ten of the suburbs that witnessed a dramatic rise in vacancy rates were in Victoria, seven were in New South Wales, and three in ACT.
Meanwhile, house rental markets dominated the list with 13 suburbs.
|
State
|
Suburb
|
Property type
|
Vacancy rate (%)
|
Median Weekly Rent ($)
|
||
|
12 months ago
|
Current
|
12 months ago
|
Current
|
|||
|
VIC
|
Derrimut
|
House
|
1.2
|
10.3
|
400
|
350
|
|
VIC
|
Mount Duneed
|
House
|
2.4
|
7.1
|
420
|
420
|
|
NSW
|
West Pymble
|
House
|
1.8
|
5.5
|
870
|
850
|
|
ACT
|
Campbell
|
Unit
|
4.9
|
8.5
|
550
|
550
|
|
ACT
|
Hughes
|
House
|
0.8
|
4.1
|
680
|
650
|
|
NSW
|
|
Unit
|
1.7
|
4.0
|
450
|
450
|
|
NSW
|
Heckenberg
|
House
|
0.0
|
2.0
|
400
|
380
|
|
VIC
|
Coolaroo
|
House
|
3.0
|
5.0
|
350
|
350
|
|
NSW
|
Pendle Hill
|
House
|
2.6
|
4.5
|
470
|
450
|
|
NSW
|
Cabramatta West
|
House
|
2.1
|
3.9
|
450
|
450
|
|
VIC
|
Dingley Village
|
Unit
|
0.9
|
2.6
|
460
|
450
|
|
NSW
|
Berala
|
Unit
|
2.2
|
3.7
|
345
|
320
|
|
ACT
|
McKellar
|
House
|
1.5
|
3.0
|
620
|
610
|
|
NSW
|
Emu Plains
|
Unit
|
1.1
|
2.6
|
420
|
420
|
|
VIC
|
Bannockburn
|
House
|
1.5
|
2.9
|
430
|
430
|
|
VIC
|
Notting Hill
|
Unit
|
2.0
|
3.2
|
365
|
350
|
|
VIC
|
Campbellfield
|
House
|
1.9
|
3.1
|
400
|
380
|
|
VIC
|
Kingsville
|
House
|
1.4
|
2.6
|
530
|
520
|
|
VIC
|
Oak Park
|
Unit
|
2.7
|
3.7
|
410
|
390
|
|
VIC
|
Ivanhoe East
|
House
|
2.1
|
3.1
|
670
|
650
|
RentRabbit.com.au co-founder Ben Pretty said Australia’s rental markets run on a “two-tier” nature.
“The results highlight that renters are able to find tenant-friendly suburbs in Melbourne, Sydney and Canberra, but are really struggling to find suitable locations in Brisbane, Perth, Adelaide, Hobart and Darwin,” he said.
Mr Pretty said the changes in vacancy and median rent was due to the shift in supply-demand dynamics.
“Where supply is relatively low and demand relatively high, it’s hard for tenants to find accommodation, which leads to falling vacancy rates and rising rents,” he said.
“For the sake of families and people on average incomes, I’d like to see a more balanced rental market.
“For that to happen, supply needs to increase, which means we need more investors to enter the market and more new builds to come online.”
—
Photo by @ketut-subiyanto on Pexels
Top Suburbs :
ferntree gully
,
marrickville
,
coburg north
,
alexandria
,
cardiff south
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