Potential renters relief with vacancy marginally increasing around Aus.

There's a little ray of hope for renters this morning with vacancy rates increasing marginally around the country.

Transcript

00:00That ray of hope is very small indeed because while we are seeing some good news for renters,

00:08it is just marginal because we are coming off such a tight base when it comes to rental

00:12vacancies.

00:13This data for the month of June has been crunched by property analyst PropTrack and they have

00:19actually found that for the fourth consecutive month we have seen an increase in all capital

00:24cities around the country in rental vacancies.

00:27So that national rental vacancy rate for capital cities is now sitting at 1.42%.

00:34And if we take a look at city by city you can see that just about everywhere except

00:38for Darwin we have recorded an increase in the month of June.

00:42So Darwin has come down a little bit but Sydney is leading the way.

00:46Their increase means that the vacancy rate in Sydney is now about 1.68%.

00:51That's the best condition that it has been for renters looking for another property to

00:55rent for the last 18 months in fact.

00:58Melbourne isn't far behind and it's the best conditions that Melburnians have seen for

01:03about 12 months.

01:05And while you can see that increase in rental vacancies is more in Adelaide than for example

01:11in Brisbane or Hobart, Adelaide remains the worst place to be able to find an available

01:17rental.

01:18The rental vacancy rate for Adelaide is sitting at just 1.13%.

01:23And over in Perth, while it's only been a modest increase, they've actually had the

01:28biggest yearly increase.

01:30So that's due to a lot of extra investor activity.

01:34And PropTrack economists say that that investor activity is what is driving this increase

01:40in the number of vacancies.

01:41However, it is still way off pre-pandemic level, some 43% off in fact.

01:48And they say that these conditions are likely to continue for at least the next couple of

01:53years.

01:54And that's simply due to the fact that population is outstripping the development of new builds

02:00and the availability to find new places for people to rent.

02:04And they say some of that chronic undersupply is going to be worse seen in the states of

02:09WA, New South Wales and also Queensland.

02:13And if you're thinking, Gemma, about the idea of taking that tree change, moving to the

02:19regionals where you might be able to find some more opportunities and more available

02:24stock of rental, then think again.

02:27Because at the moment, they've seen the situation for the month of June remain steady.

02:33And that means that for the regional areas, we're looking at a rental vacancy rate of

02:37about 1.31%.

02:39So that's actually lower than the capital cities combined.