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20 capital city markets where conditions favour renters
Rental markets may be tightening in many places, but suburbs remain where renters have somewhat of an upper hand, and according to new research, they’re all in Victoria, NSW and the ACT.
20 capital city markets where conditions favour renters
Rental markets may be tightening in many places, but suburbs remain where renters have somewhat of an upper hand, and according to new research, they’re all in Victoria, NSW and the ACT.
RentRabbit.com.au has identified the top 20 capital city rental markets where conditions have most turned in favour of renters over the past 12 months.
The company’s quarterly Better Renting Report identified where vacancy rates have increased by at least 1 percentage point over the past year and where median weekly rents have either fallen or remained unchanged during that period.
To make the list, they also needed to be large enough – containing at least 1,000 properties – and within 200 kilometres of the capital city CBD.
The only suburbs that qualified fell within Victoria, NSW and the ACT, which RentRabbit.com.au co-founder Ben Pretty said indicated “the two-tier nature of Australia’s rental market”.
“The RentRabbit.com.au Better Renting Report highlights that renters are able to find tenant-friendly suburbs in Melbourne, Sydney and Canberra, but are really struggling to find suitable locations in Brisbane, Perth, Adelaide, Hobart and Darwin,” he said.
“This is all about supply and demand. Where supply is relatively low and demand relatively high, it’s hard for tenants to find accommodation, which leads to falling vacancy rates and rising rents.
“For the sake of families and people on average incomes, I’d like to see a more balanced rental market. For that to happen, supply needs to increase, which means we need more investors to enter the market and more new builds to come online.”
Ultimately, the top 20 ranking included 12 house markets and eight unit markets. All the suburbs had a vacancy rate of at least 2 per cent, while weekly rents ranged from $310 to $850.
The top 20 renter-friendly locations, along with their property type and rental vacancy, are:
- Derrimut, Vic, House, 10.30 per cent
- Mount Duneed, Vic, House, 7.10 per cent
- West Pymble, NSW, House, 5.50 per cent
- Campbell, ACT, Unit, 8.50 per cent
- Hughes, ACT, House, 4.10 per cent
- Girraween, NSW, Unit, 4.00 per cent
- Heckenberg, NSW, House, 2.00 per cent
- Coolaroo, Vic, House, 5.00 per cent
- Pendle Hill, NSW, House, 4.50 per cent
- Cabramatta West, NSW, House, 3.90 per cent
- Dingley Village, Vic, Unit, 2.60 per cent
- Berala NSW, Unit, 3.70, per cent
- McKellar, ACT, House, 3.00 per cent
- Emu Plains, NSW, Unit, 2.60 per cent
- Bannockburn, Vic, House, 2.90 per cent
- Notting Hill, Vic, Unit, 3.20 per cent
- Campbellfield, Vic, House, 3.10 per cent
- Kingsville, Vic, House, 2.60 per cent
- Oak Park, Vic, Unit, 3.70 per cent
- Ivanhoe East, Vic, House, 3.10 per cent
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