Mixed Rental Market in Australia’s Capital Cities as May Sees Varied Changes

The rental market in Australia’s capital cities showed mixed results in May, reflecting diverse trends across different regions. According to recent data, the average asking rents across the capitals decreased by 0.5%.

Sydney experienced a notable decline with rents dropping by 1.1%, contrasting Melbourne where rents remained stable. Darwin saw the most significant decrease at 6.3%, while Adelaide observed a modest increase of 2.1%.

The national median rent for a dwelling stood at $624 per week during this period. Concurrently, the national vacancy rate rose slightly from 1.1% to 1.2%, with Sydney and Melbourne also registering increases in available houses.

These shifts highlight ongoing fluctuations in Australia’s rental market, influenced by local economic conditions and housing supply dynamics.