Apparently, the renting scene in Australia is a “landlord’s market”, which should come as no surprise for anyone paying $275 a week for a converted study in a mould-infested sharehouse surrounded by a seemingly endless horde of drunk, screaming teenagers roaming the streets at 3am.
According to property website Domain, landlords are winning again (as they’ve done in virtually every era of history except for, like, the French Revolution) as the number of vacant rental properties available is decreasing.
In every capital city except for Darwin, the number of available rental properties are down from 2020, so I’ll C U in the NT.
Nicola Powell, the site’s chief of research and economics, said that other than Sydney and Melbourne “all rental markets are operating in favour of landlords”.
Even so, it’s only a minute slay for Melb.
According to Powell, because the number of vacancies is decreasing, there could be a shift towards a landlord’s market in Melb too if the trend continues.
And in more bad news, vacancy rates across Perth, Hobart, Brisbane and Adelaide are now at multi-year lows.
Please, just let me rent a one bedroom studio flat that has running water and/or electricity without bankrupting myself by age 26.
Across the country, vacancy rates have decreased since this time last year, with a national drop from 2.2% to 1.5%.
The only capital cities that haven’t see their vacancy rates decrease were Canberra which stayed level at 0.8% and Darwin, which saw its vacancy rates rise by 0.1%.
Essentially, this means less houses available for renters, which means more competition, which could mean increased rent prices.
Terrible for renters, great for every Boomer who bought 17 “investment properties” in 1989 and now doesn’t understand why people under 40 can’t afford their own homes.
If you are looking to make a move, the areas with the lowest vacancy rates in each capital city are Camden in Sydney, Mornington Peninsula in Melbourne, Strathpine in Brissy and the Gold Coast, Wanneroo in Perth and Gawler – Two Wells in Adelaide.
However, if you’re Sydney based there is some good news: across the country, eight of the top 10 suburbs with rising vacancy rates were in Syd.
Taking out number one spot was Manly, if you’re feeling beachy and boujiee.
In contrast, Melbourne suburbs made up half of the top ten areas with dropping vacancy rates.
So, if you’re looking to move to Melbourne City, Manningham West, Kingston, Fremantle or Monash, godspeed to you my friend.
Time to put realestate.com.au notifications on and cry yourself to sleep!