Rentals below $400 cut in half – report

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Cameron Kusher, PropTrack director of economic research and author of the report, said that a rise in rental availability may not be seen until 2024, with total properties listed for rent on at the lowest level since 2018.

Lack of investors

“The quickest way to get more rental stock is to get more people buying investment properties, but that’s just not happening,” Kusher told The Australian. “Once interest rates start moving and once we get to the low point of these price declines we’re in … maybe that’s when we’ll start to see investors jumping back in.”

The ACT posted the lowest share of rentals under $400 at 0.9% in February. Melbourne had the highest rate of all capital cities at 15.6%, but that’s still less than half of last year’s level of 32.9%.

Only 4.9% of rentals were under $400 in Sydney, while Brisbane’s level was 9.9%, The Australian reported.

Adelaide, Perth, Canberra and regional Western Australia also saw their under-$400 rental availability halve, while Hobart and Darwin dodged the slowdown.

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