- The September quarter saw regional net migration jumped 14%
- Rental listings are down 40% since before the pandemic
- Stock is predicted to slowly recover as restrictions ease
Rental listings in regional Australia are down 40% compared to pre-covid levels as the city exodus persists according to the PropTrac Rental Listings Report released by REA Group today.
PropTrac Economist, Angus Moore indicated that the decline in rental stock is widespread across the country.
“The COVID-driven migration to the regions has already absorbed a lot of the
available rental stock.”
According to the Regional Movers Index released today, migration to regional areas has remained at high levels throughout the last 12 months.
Net migration to regional areas – indexed
Regional Australia Institute (RAI) released the index in partnership with CommBank. RAI CEO Liz Ritchie explained that regional net migration surged 14% during the September quarter.
“This only underlines what our research has found – that Australians have woken up to the huge range of job and lifestyle opportunities available in our regions,” Ms Ritchie said.
This city exodus has placed pressure on regional rental markets.
“As a result, renters searching in regional areas face particularly tight conditions and a low level of available stock to choose from.”
Angus Moore, PropTrac Economist
“Eased restrictions on inspections in September were a welcome change for renters,” he said.
Mr Moore explained that the easing of restrictions lead to an uptick in new listings to the market. Despite this, the total rental stock remains low with restrictions of the last two years still having an impact.
He believes that stock levels will continue to show signs of recovery in the coming months.
“However, with some COVID restrictions continuing until at least November, total supply is likely to remain limited in the short-term.”
“In other markets around Australia, recently announced roadmaps out of lockdown and gradually easing restrictions as vaccination rates rise will help support renters’ ability to search and move.”
