Rental properties are currently only sitting on the market for an average of just 19 days, according to a national report.
The PropTrack report has highlighted the skyrocketing demand for rental properties across Australia, placing further stress on prospective tenants.
WATCH IN THE VIDEO ABOVE: Inside the ‘family friendly’ federal budget.
Watch the latest News on Channel 7 or stream for free on 7plus >>
And it’s only expected to get worse.
Rental prices grew at the fastest pace on record in the September quarter, the report said, rising 4.3 per cent.
As of the end of the quarter, median weekly rents were $480 nationally.
Rental stock has also hit its lowest level in almost two decades.
The return of foreign workers and international students to the country after the easing of pandemic restrictions placed even more pressure on the rental market.
Meanwhile, the median number of days a property was listed for rent on the site in September was a “historic low” of just 19 days, the report said.
“This has been bouncing between 19 and 20 days for the past eight months and is lower than the 22 days recorded at the same time last year,” the report read.
In capital cities, rentals were only listed on site for a handful of days before they are snatched up.
For Sydneysiders properties were gone in just 20 days, a five-day decline compared to September last year.
In Melbourne, properties were gone in twenty days, a nine-day decline from last year.
“The growth and tightness in the rental market appears to be shifting from regional areas back to the capital cities,” PropTrack’s Cameron Kusher said.
The shift was also driven by the return of people who migrated regionally during the pandemic back to capital cities and the lift in overseas migration, Kusher said.
“This is especially the case in our two biggest rental markets, Sydney and Melbourne,” he said.
“Most overseas migrants to Australia settle in these cities with few purchasing a property before arrival, which is likely to keep demand for rentals heightened.”
Stream Big on
By Allison Morrow / Cryptocurrency
Molly Magennis / Real Estate
AAP / Workplace Matters
By Chelsea Caffery / NSW News
Ailish Delaney / Food
Rhiannon Lewin / Retail
Warren Barnsley / Personal Finance
Rhiannon Lewin / Personal Finance
By Allison Morrow / Cryptocurrency
Molly Magennis / Real Estate
AAP / Workplace Matters
By Chelsea Caffery / NSW News
Ailish Delaney / Food
Rhiannon Lewin / Retail
Warren Barnsley / Personal Finance
Rhiannon Lewin / Personal Finance
Recent Comments