Want to know what’s going on with the rental markets around Australia?
In this video, Dr. Andrew Wilson presents the latest rental market data.
Overall, the rental market remains quite mixed.
Both the Sydney and Melbourne property markets continue to experience the dampening impact of the many properties bought by investors over the last few years along with a substantial ramp-up in new apartment supply, much of which was purchased by investors.
Darwin and Sydney have the highest vacancy rates in the country, both close to 3%.
A 2% vacancy rate is what would normally be considered a balanced market.
Rents are unlikely to increase substantially until vacancy rates fall below 2%, so there is likely to be only moderate rental growth in the coming months.
Asking rents for houses have increased over the last month in Sydney and Melbourne, and interestingly asking rents for houses and units have increased in Darwin.
With thanks to PropertyUpdate.com.au and MyHousingMarket.com.au