Finally, the clouds are starting to part for Australian renters, with rents in most major cities either falling, stagnating or growing at a slower pace.
Low unemployment rates have pushed up advertised rents for several consecutive months, but the latest report from real estate platform Domain shows conditions are improving for renters.
Demand for house rentals fell 1.8 per cent in Hobart in the June quarter and was flat in Sydney and Perth, the report said.
Several other cities recorded slower growth rates over the three months, with a quarterly growth rate 1.5 times slower than the previous quarter in the capital cities combined.
Renters across the country are finally starting to feel some relief.Credit: Getty Images
Similarly for units, the pace of growth was halved among combined capitals in the June quarter from the previous three months.
The domain's head of research and economics, Nicola Powell, said rental market conditions were likely to continue to ease, as vacancy rates were rising.
Vacancy rates last month in Sydney, Melbourne, Brisbane and Canberra hit six-month highs and Perth hit a two-year milestone.
“Secondly, rental demand is easing as the number of prospective tenants per rental listing has fallen steadily through 2024,” Dr Powell said.
That reflected that overseas migration was likely past its peak, he said, and further declines were forecast as the federal government's immigration strategy worked to ease population growth.
Powell said an increase in first home ownership should further ease rental conditions in Australia.
AAP
