Surprise capital cities where renters rule the market

The amount of homes available to rent across most capital cities is higher but, despite the rise in vacancies, it is still very much a landlord’s market, new research has revealed.

However, despite renters doing it tough, the Domain Vacancy Rates: December 2021 report found renters still ruled in Sydney and Melbourne.

“It will be interesting to see what 2022 brings and if there is a shift towards a landlord’s market in the two biggest property markets,” the report said.

“As all states adjust to eased restrictions, the rental market could continue to become more competitive.”

Here are the top 10 suburbs that saw the biggest rise in available rentals in December 2021.

  1. Hornsby, Sydney
  2. Banyule, Melbourne
  3. Darwin City, Darwin
  4. Warringah, Sydney
  5. Gold Coast Hinterland, Gold Coast
  6. Parramatta, Sydney
  7. Baulkham Hills, Sydney
  8. Keilor, Melbourne
  9. Canada Bay, Sydney
  10. Forest Lake – Oxley, Brisbane

Sydney dominates the top 10 list, taking out five spots.

Domain chief of research and economics Nicole Powell said the conditions for renters at the moment were tight.

“While we saw a slight increase in the number of available rental properties in December, we are very much operating in a landlords’ market,” she said.

“Early in 2022, it’s likely we’ll see decreases in the number of vacant rental properties as strong historical rental demand in January reduces the number of vacant rental listings.”

Powell said rental markets would also be under further strain as borders reopened and the flow of international students and migrants resumed.

“Sydney and Melbourne are likely to be under greater pressure as historically they have welcomed more overseas migrants than other cities,” she said.

 

Article from: au.finance.yahoo.com