Tenants continued to have fewer dwelling options over the past month as supply crunch persisted across majority of capital cities and regional areas.
REA Group's latest report showed a 3.9% monthly decline in new rental listings in August, reaching the lowest level since December 2019, months before the pandemic began.
The decline was brought about by the 4.7% decline in new rental listings across capital cities.
Overall, there is a 3.1% monthly and 11.9% annual decline in total rental listings in August.
REA Group executive manager for economic research Cameron Kusher said the crunch in rental supply is being felt across regional areas too.
"Total rental listings were at an historic low at the end of August in regional NSW, regional WA and regional Tasmania," Mr Kusher said.
Of all regional markets, only regional Victoria and regional Tasmania were the ones that recorded a year-on-year increase in total listings.
Changes to Rental Listings – August 2021 |
|||
|
State |
Region |
New Listings |
Total Listings |
|
NSW |
Sydney |
6.7 |
-0.7 |
|
Regional NSW |
-4.4 |
-4.9 |
|
|
VIC |
Melbourne |
-16.9 |
-6.7 |
|
Regional VIC |
5.0 |
2.6 |
|
|
QLD |
Brisbane |
-.37 |
-0.9 |
|
Regional QLD |
-1.3 |
-0.6 |
|
|
SA |
Adelaide |
5.4 |
3.0 |
|
Regional SA |
22.2 |
6.5 |
|
|
WA |
Perth |
-2.2 |
-4.3 |
|
Regional WA |
-8.9 |
-8.8 |
|
|
TAS |
Hobart |
-9.8 |
-3.2 |
|
Regional TAS |
-11.7 |
-13.6 |
|
|
NT |
Darwin |
-1.1 |
7.9 |
|
Regional NT |
42.1 |
28.3 |
|
|
ACT |
Canberra |
-29.9 |
-18.3 |
|
National |
Capital Cities |
-4.7 |
-3.3 |
|
Regional Areas |
-1.3 |
-2.0 |
|
|
Total |
|
-3.9 |
-3.1 |
|
Source: REA Group |
|||
|
*Highlighted ones show an increase. |
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Mr Kusher said the lockdowns and restrictions in some parts of the country contributed partly in the shrinking of rental supply.
Still, he said there are overhanging supply in inner-city markets dominated by apartments.
Beyond those areas, however, conditions are tight as people move away from city-centres with a desire for more space.
"We expect rental market conditions to remain tight and price pressures to increase,” Mr Kusher said.
“In contrast to the buy-sell market, it’s unlikely there will be a in swift rebound in new rental listings once lockdowns end.”
Suburbs where options for tenants are
Despite the overall monthly decline in new and total listings, some capital cities and regional markets reported an increase during the month.
For instance, Sydney and Adelaide were the two capital cities that registered gains in new listings over the month.
Meanwhile, new rental listings also increased in the regional markets of Victoria, South Australia, and Northern Territory.
In terms of total listings, only Adelaide, Darwin, and the same regional markets posted an increase in total listings.
Suburbs with biggest increases in new listings – August 2021 |
|||
|
NSW |
VIC |
QLD |
SA |
|
Narrabeen Box Hill Mona Vale Clovelly Queenscliff |
Surrey Hills Mentone Mooroolbark Ferntree Gully Bayswater |
Ripley Fitzgibbon Waterford Woody Point Geebung |
Campbelltown Findon Warradale Andrews Farm Torrensville |
|
WA |
TAS |
NT |
ACT |
|
Bicton Atwell Bayswater Leederville Halls Head |
Glenorchy Lenah Valley West Hobart Claremont Battery Point |
Durack Muirhead Zuccoli Parap Fannie Bay |
Campbell O’Connor Belconnen Kingston Casey |
Rental listings are sitting at close to all time lows after a -3.9% monthly fall in new listings and a -3.1% monthly fall in total rental listings. While stock for rent is still relatively high in inner city unit markets, it is extremely tight elsewhere. https://t.co/yvz1yCO6PY
— Cameron Kusher (@cmkusher) September 22, 2021
