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:
• New rental listings on realestate.com.au were 4.7 per cent lower than June 2023, hitting the lowest level for June since 2010.
• The national rental vacancy rate rose to 1.4 per cent in June 2024, up from 1.1 per cent in the March quarter.
• Median days on market increased to 21 days in June quarter, up from 18 days in the previous quarter.
• Rental yields held steady at 4.4 per cent in June, slightly up from 4.1 per cent a year prior.
• 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.
