Record Rental Listings Flood Sydney, Melbourne

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A nice feature from to https://theurbandeveloper.com on the explosion of rental listings in Sydney and Melbourne and what this means for rental affordability.


Record Rental Listings Flood Sydney, Melbourne

An oversupply of properties is making it cheaper to rent in Australia’s biggest cities as landlords struggle to fill empty properties or retain existing tenants.

According to the latest ANZ Corelogic housing affordability report, loss of income and travel restrictions have contributed to excess stock levels across Sydney and Melbourne, while all other capital cities saw a drop in total rental listings.

Between March and June, inner Melbourne recorded a 57 per cent increase in advertised rental properties while Sydney’s city and inner south both recorded a 53 per cent jump.

New rent listings across the combined capital cities increased 2.2 per cent between the 28 days ending 28 June, and the 28 days ending 31st of May.

Analysts pointed to a number of determining factors that were increasing supply levels, particularly in inner-city areas of Melbourne and Sydney, where there was a greater exposure to overseas migration.

Provisional estimates from the ABS revealed there was a 98.8 per cent decline in overseas arrivals to Australia in May 2020 compared with May 2019.

Change in total and new rent listings

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Mar 15-June 28. Source: Corelogic

 

Read more at The Urban Developer

 

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