Vacancy rates may have eased slightly in April but the latest PropTrack data shows the number of new rental listings on realestate.com.au plummeted last month.
The PropTrack Market Insight showed new listings on the portal fell 18.9 per cent month-on-month, which is the largest decline since 2017.
PropTrack Director Economic Research and report author, Cameron Kusher, said new listings typically fell from March to April, but last month’s drop was bigger than normal.
“Given the fall in new rental listings over the month, total rental listings were also lower across all capital cities and regional areas,” he said.
“Nationally, total rental listings were down 9.7 per cent, month-on-month in April.”
Mr Kusher said there was a “growing divergence” between new rental supply in the large capital cities compared to regional areas.
“Capital city new rental listings were 7.4 per cent lower, year-on-year, in April 2023, while in regional areas they were 15.8 per cent higher,” he said.
The same is evident when looking at total listings with the number of properties for rent 20.8 per cent higher across regional markets, while in capital cities numbers are 16.5 per cent lower.
“Despite increases in rental supply in some markets, total stock for rent remains significantly lower than at the start of the pandemic in both capital cities (down 40.2 per cent) and regional areas (down 36.1 per cent),” Mr Kusher said.
Every capital city recorded a month-on-month drop in the number of new listings on realestate.com.au in April, with Darwin leading the way with a 25.8 per cent fall.
This was followed by Perth (down 22.2 per cent), Hobart (down 21.3 per cent), Melbourne (down 20.8 per cent), Adelaide (down 19.8 per cent), Brisbane and Canberra (both down 18 per cent) and Sydney (down 17 per cent).
“Without an imminent increase in supply, the stock of rental properties will remain low, exacerbating the competitive conditions renters currently face,” Mr Kusher said.