A study of Australian residential rental prices and vacancies between February 2021 and February 2022.
The premise of this study was to investigate the rental price, total number, percentage and trends in Australian residential rental vacancies over a 12-month period between February 2021 and February 2022.
Over the 12-month period, there was a general trend in the rise of residential rental prices across all capital cities.
Bucking this trend was Melbourne and Hobart, where rental prices for units fell 2.6% and 0.3%, respectively.
Of the cities which observed a rise in rental prices, Darwin experienced the greatest combined rental price increase, with a total increase of 35.6% – 10.9% for houses and 24.7% for units.
Additionally, the figure below demonstrates the drastic increase and difference of rental prices in Metro and Non-Metro (regional) areas across the country over the past two years.
The figure shows residents in Non-Metro areas have experienced rental prices going up by as much as 3x their original amount in 2019.
It should also be noted that this threefold rental increase has occurred while the same increase in wages has not.
Across this period, there was a also a mostly-negative trend in the total number of rental vacancies.
During this period, Sydney, Melbourne, Brisbane, Adelaide, Canberra and Hobart each experienced a negative trend in rental vacancies, with each city recording fewer total rental vacancies.
Although Perth also experienced a similar trend between the 11-month period of February 2021 – January 2022, the city experienced an increase in the total number of rental vacancies over a 1-month period into February 2022.
Conversely, Darwin experienced an opposite trend – with the number of residential rental vacancies increasing (albeit slightly) over the February 2021 – February 2022 time period.
This negative trend in the total number of residential rental vacancies available across this period was also experienced nationally.
In line with the trends outlined in the previous charts, all capital cities experienced a downward trend in the residential rental vacancy rate, meaning fewer and fewer residential properties became available for tenants during this time.
Conversely, Darwin was the exception – with the city experiencing an increase in the number of residential properties available for rent during January 2021, and returning to previous rates in February 2022.
As outlined in the chart above, this trend was also experienced nationally.
- Residential rental prices have increased substantially over the February 2021 – February 2022 period, with the exception of Melbourne and Hobart unit prices.
- Non-Metro regions have experienced a sharp increase in rental prices compared to Metro regions (with the exception of WA).
- Nationally, the number of available residential properties for rent continues to decline.
- In 2022, Melbourne continues to have the most residential properties available for rent, with Hobart having the least.
Collett, J., Vacancies hit 16-year low in 'rental crisis', The Age, https://www.theage.com.au/money/planning-and-budgeting/vacancies-hit-16-year-low-in-rental-crisis-20220313-p5a47i.html