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Share of leases listed below $400 per week hits report low – PropTrack

The share of complete properties listed for lease beneath $400 per week on has fallen to a brand new low, virtually halving to simply 16.2% in April, from 30.2% the prior yr, in accordance with the most recent PropTrack Market Perception Report.

“The nation’s rental market is in dire straits, with little signal of significant reprieve on the horizon,” mentioned Eleanor Creagh (pictured above), PropTrack senior economist. “Marketed rents are recording robust value will increase and vacancies are at historic lows amid a scarcity of rental provide.”

All capital cities noticed the share of complete rental listings below $400/week drop to a report low, besides Hobart and Darwin. 

Over the previous yr, the share of complete rental listings below $400 per week halved in Sydney, Melbourne, Brisbane, Perth, Hobart, Darwin, the ACT, and regional WA.

“In April 2023, the ACT held the smallest share of leases priced below $400 per week at simply 1.8%.

In the meantime, Perth has seen its share fall essentially the most, slipping 51.2 ppts or 86% since March 2020,” Creagh mentioned.

Of capital metropolis rental listings, solely 11.9% had been below $400/week in April, falling from 58% the prior yr. In regional areas, 26.6% of rental dwellings had been below the identical value level.

“Stress has shifted from regional areas to the capital cities – significantly in inner-city areas – as demand from abroad migration has elevated,” Creagh mentioned.

The share of items for lease registered the strongest decline, plummeting to 19.8% in April from 35.6% a yr in the past. The share of homes is smaller, sitting at simply 12.6%. 

Posting the bottom share had been Sydney, the ACT, Darwin, Hobart, and Perth, with lower than 9% of listings in every metropolis below $400 per week. 

Robust migration, low emptiness charges, and restricted new provide imply powerful circumstances for renters are prone to stay, with the share of $400-per-week leases set to remain low,” Creagh mentioned.

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