Hard-pressed housing tenants in Australia’s capital cities have been offered some hope, with new data showing the largest monthly fall in asking rents for more than four years.
Figures from SQM property research revealed the dip in average capital city rents to $723 last month – the biggest monthly percentage reduction on that benchmark since April 2020.
During the 30 days to June 4, rents in Melbourne remained steady at $635 per week, while Sydney rents over that period dropped by 1.1 per cent to $844 a week.
Darwin recorded the largest drop, according to the study, with weekly rents in the Top End city at $566, a fall of 6.3 per cent.
In contrast, rents in Adelaide experienced the biggest rise, up 2.1 per cent to $593 a week.
The national median weekly rent was $624 per week, according to SQM.
Sydney continues to have the highest weekly rent for a house at $1050 per week, while Hobart offers the most affordable unit weekly rents in capital cities at $463.
In another glimmer of hope for renters who have been battling skyrocketing rents, there is a forecast jump in vacancy rates this winter, SQM found.
The vacancy rate in Australia rose from 1.1 per cent in April to 1.2 per cent in May.
Melbourne and Sydney recorded rises in the vacancy rates of more than 1 per cent in both cities.
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But SQM managing director, Louis Christopher, cautioned the rise in winter vacancy rates was normal at this time.
“We have recorded an easing in rental vacancy rates for May, but the rental crisis is still far from over at this stage,” he said.
“The immediate outlook is vacancy rates are set to rise somewhat into winter.
“This is the normal seasonality we get at this time of year so one should be a little careful about reading into these rises.
“Nevertheless, it might provide some minor relief to tenants who still have excessive difficulties in finding longer term rental accommodation around the country.”