Increasing vacancy rates providing relief for renters, according to new report from Domain

Clouds are finally starting to part for Australian tenants, with rents in most major cities either falling, stalling or growing at a slower pace. Low vacancy rates have pushed advertised rents higher for several months running but the latest report from real estate platform Domain shows conditions are improving for renters. Asking rents for houses fell 1.8 per cent in Hobart in the June quarter and held steady in Sydney and Perth, the report found.

Domain’s chief of research and economics Nicola Powell said rental market conditions would likely continue to ease, given vacancy rates were moving higher. Vacancy rates last month in Sydney, Melbourne, Brisbane and Canberra hit six-month highs and in Perth a two-year landmark. “Secondly, rental demand is easing, as the number of prospective tenants per rental listing has consistently fallen throughout 2024,” Dr Powell said.

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Jerry Seinfeld opens up on time in Australia in exclusive 7NEWS interview amid heckler-plagued tour7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Source: 7NewsSydney - 🏆 16. / 63 Read more »