- PropTrack's latest market insights highlight that tenants are scrambling for available stock
- Rentals are leasing fastest in Adelaide and Perth
- PropTrack Economist Angus Moore said he expects rentals will continue to be speedily snapped up this year
The latest data from PropTrack’s Market Insight report reveals that the median time a rental property remained listed on realestate.com.au before being leased dropped to a mere 18 days, matching the record low set in November of the previous year.
The new findings highlight how tight the rental markets across Australia are with prospective tenants scrambling to find available stock.
The previous Market Insight report revealed that rental vacancy rates were half pre-pandemic rates in February. In March only 1.1% of all rental properties were available nationally according to SQM Research.
National rental vacancy
PropTrack Economist Angus Moore highlighted in the report that rentals are leasing fastest in Adelaide and Perth. In March, the median duration for which rental properties remained listed before being leased was only 16 days in both cities.
“Sydney (4 days faster) and Melbourne (6 days faster) have seen the sharpest declines relative to a year ago, consistent with the rapid tightening in the rental markets in both cities,” Moore pointed out.
“Rental properties are leasing rapidly right around the country, indicating just how tough it is for renters to find a property.”
Angus Moore, PropTrack Economist
While rental stock in regional areas is taking longer to be snapped up than the historic lows seen during the pandemic, time on the market still remains considerably low. In March the median time was 20 days – an increase of 3 days compared to 12 months ago.
Median days on market in March 2023
“With vacancy rates sitting at extremely low levels and rents growing fast, we expect rentals will continue to be speedily snapped up this year, as renters compete for limited stock.”
