How Fast Are Rental Properties Moving in Australian Capital Cities? (Mar 2023-Mar 2024)

We take a look at the number of days rental properties stay on the market across Australian capital cities and their regions, offering insights into the pace of the rental market from March 2023 to March 2024.

The Pace of the Market: Key Highlights

In major cities like Sydney, houses and units are being snapped up fairly quickly, with days on market staying steady around 20 for houses and slightly less for units. This indicates a healthy demand in Sydney’s rental market.

Regions with Longer Wait Times

Contrastingly, the Rest of the Northern Territory (NT) shows a noticeable increase in days on market for houses, climbing from 22 days to 31 by March 2024. This could suggest a slower rental market, potentially offering more choices for renters but indicating longer waiting times for landlords to fill vacancies.

Quick Moves in Brisbane and Perth

Greater Brisbane and Greater Perth show some of the quickest turnaround times, especially for units, with Perth units consistently staying on the market for about 14 days. This speed indicates a strong and consistent demand for rentals in these areas.

Impact on Renters and Landlords

Understanding these trends is crucial for both renters and landlords. Renters in cities with faster-moving markets need to act quickly, while landlords in slower markets may need to adjust their strategies to attract tenants.

Conclusion

This year-long snapshot reveals the varied pace of Australia’s rental markets, highlighting faster-moving cities like Sydney and Perth, against the slower markets in parts of the NT. Keeping an eye on these trends can help renters and landlords make informed decisions.