Sydney Rental Listings Reach Lowest Levels In Over A Decade
Rental crisis worsens
New data by PropTrack has revealed Sydney’s rental property listings are the lowest they’ve been in over a decade.
Analysing listings on realestate.com, PropTrack’s Market Insight Report found new listings fell 17 per cent in April – marking the lowest level since April 2012.
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The report also revealed total listings for Sydney dropped 7.8 per cent, another record low since December 2012.
Across Australia, total listings fell in other major cities including Melbourne, -31.3 per cent, and Perth, -19.2 per cent.
PropTrack Director Economic Research and report author Cameron Kusher said while April was known in the rental market to experience a drop in listings, what Sydney’s experiencing was “on the large side”.
“The bigger takeaway that we are seeing is that the number of total properties available for rent in Sydney dropped another 15.7 per cent from where it was 12 months ago,” he said.
“It’s highlighting how difficult it is for renters to find accommodation.”
Across Australia, major cities also seen a drop in total rental listings including Melbourne, -31.3 per cent and Perth, -19.2 per cent.
Mr Kusher said this reflected the worsening rental crisis felt by the whole country.
“I think in Sydney and Melbourne, there’s potentially more that it could drop. Just because we know that migration to Australia is really strong and we know that most migrants tend to settle in Sydney and Melbourne,” he said.
“I think it’s going to continue to be a problem and the main reason for that is supply takes time.”
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