Australia may be in the midst of a rental reset, as the number of vacant rental properties nationally has jumped to its highest level since July 2023.
And while the market still remains challenging, tenants will begin to see signs of relief, as there is an emerging shift toward more balanced conditions – particularly in capital cities – where some areas have recorded the biggest surge in new listings.
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According to new data released from PropTrack, the national supply of newly advertised rental properties increased by 10.3 per cent year-on-year in October.
Many cities are seeing a big jump in new listings in the last 12 months.
This was driven mainly by capital city markets, where new rental properties available rose 12.6 per cent over the 12-month period, whereas regional areas grew just 3.8 per cent.
REA economist Megan Lieu highlighted that the growth in rental supply offers renters more choice – which is some welcome relief in a challenging market.
We’ve broken down which areas in the biggest states where you might be able to find more available homes.
NSW
In Sydney, the number of newly advertised rentals grew by 14 per cent annually while the number of total advertised rentals grew by 18.4 per cent, a greater increase than the national figure.
Woolooware (141 per cent), Marayong (125 per cent) and Gledswood Hills (114 per cent) all saw a huge jump in the supply of newly advertised rentals since October 2023
Woolooware saw a big jump in new rentals, with 505/2 Foreshore Boulevard currently available for $970 per week.
The number of new rental properties also grew strongly in Eastgardens and Queenscliff, doubling from the figures reported 12 months ago.
Eastlakes, Woolooware and Roselands led in terms of total rental listings growth, there were 153 per cent, 150 per cent and 141 per cent more rental properties advertised in October 2024 compared to a year prior.
VICTORIA
In Melbourne, the number of newly advertised rentals grew by 15.5 per cent annually, with the number of total advertised rentals grew by 21.8 per cent – much higher than the national figure.
Alphington, Wantirna and Essendon experienced the largest growth in the supply of newly advertised rentals since October 2023 among suburbs in Melbourne, increasing by a whopping 160 per cent, 153 per cent and 146 per cent respectively.
Alphington had the biggest rise in new rentals in Victoria. 14/5 Chandler Highway is currently available for $745 per week.
The number of new rental properties also grew strongly in Lalor and Clyde North, more than doubling the figures reported 12 months ago.
Alphington (144%), Donnybrook (127%) and Maddingley (127%) led in terms of total rental listings growth, with were, with more than double the rental properties advertised in October 2024 compared to a year prior.
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QUEENSLAND
New listings were much lower in Brisbane compared to the other cities, with the number of newly advertised rentals grew by 6.8 per cent annually.
However, areas like Keperra, Thornlands and McDowall experienced the largest growth among suburbs in Brisbane, increasing by 108 per cent, 106 per cent and 94 per cent respectively.
In terms of total rental listings growth, MacGregor, Kuraby and Heathwood led Brisbane suburbs, with 133 per cent, 118 per cent and 108 per cent more rental properties advertised in October 2024 compared to a year prior.
SA
In Adelaide, the number of newly advertised rentals grew by 10.2 per cent annually while the number of total advertised rentals grew by 18.9 per cent.
Aldinga Beach experienced the largest growth in the supply of newly advertised rentals since October 2023, growing by more than 133 per cent.
Paralowie and Andrews Beach were among the other suburbs in Adelaide to see significant growth, increasing by 54 and 47 per cent respectively.
In terms of total rental listings growth, Elizabeth North, Brooklyn Park, and Ingle Farm led Adelaide suburbs, increasing by 133%, 118%, and 108% from the previous year.
REA economist Megan Lieu says that the uptick in rental listings is likely a result of a return of investors and more people transitioning from renting to purchasing property, particularly first home buyers.
PropTrack economic analyst Megan Lieu.
“From the September 2023 to September 2024 quarter, loans to investors rose by 25%, while loans to first home buyers saw a 10% increase nationally,” Ms Lieu said.
“If current investor and first homebuyer trends persist, more rental stock is likely to become available.
“While this is promising for renters, supply remains below the decade average from 2013 to 2022, and a return to pre-pandemic conditions will likely take some time.”
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