National rents have remained unchanged over the June quarter, with the median weekly rent holding steady at $600 per week.
Here’s your one-minute wrap on PropTrack’s Rental Report June 2024.
The headline figure:
National rents remained unchanged at $600 per week in the June quarter, but have still increased 9.1 per cent ($50) since June 2023.
The fast five:
โข New rental listings on realestate.com.au were 4.7 per cent lower than June 2023, hitting the lowest level for June since 2010.
โข The national rental vacancy rate rose to 1.4 per cent in June 2024, up from 1.1 per cent in the March quarter.
โข Median days on market increased to 21 days in June quarter, up from 18 days in the previous quarter.
โข Rental yields held steady at 4.4 per cent in June, slightly up from 4.1 per cent a year prior.
โข First home buyer loans grew 6.2 per cent over the year to May 2024, while investor loans increased by 7.9 per cent.
What else you need to know:
Capital city rent growth (up 10.3 per cent) outpaced regional markets (up 8 per cent) over the year to June 2024, with weekly rents reaching $640 per week in the capital cities and $540 per week in the regions. Houses maintained a lower vacancy rate (1.1 per cent) compared to units (2.1 per cent) in June.
PropTrack Director Economic Research, Cameron Kusher, says:
“Weakening rental growth likely reflects the trade-offs that renters are making due to the heightened cost of rent and living.
“Some of these trade-offs may include renting smaller properties, renting in less desirable locations where rental costs are cheaper or sharing rental accommodation with other tenants.”
Dive deeper:
To read the full PropTrack Rental Report June 2024, click here.