by Sanjeev Sah | Aug 20, 2024 | Market Updates

Australia’s ongoing rental crisis is fueling fierce competition among renters; in some suburbs, homes are being leased in just a few days, according to PropTrack.  

In June, the combined capital city vacancy rate was only 1.13%. 

The severe shortage of available rental properties and large pool of potential renters means properties are being leased quickly in many locations.  

In Dee Why (Sydney), for example, units listed on realestate.com.au in June were snapped up in a median of nine days while, in Coogee (Perth) and Heathcote (Sydney), houses were leased in a median of 11 days.

REA Group senior data analyst Karen Dellow says the ten suburbs with the shortest number of days on market for houses were all in Sydney and Perth. Thorneside was the top suburb in Queensland with 13 days on market, and Richmond in Adelaide ranked at number 22 with 14 days on market. 

For units, nine of the top ten suburbs with the shortest days on market were in Sydney. Capalaba was Brisbane’s fastest leasing suburb, while units in Black Forest, Adelaide, were snapped up in a median of 13 days. 

“The Australian rental market is experiencing an unprecedented crisis, with a severe shortage of available properties driving up demand and prices,” Dellow says.