June Rental Market Update

Through June, Australian gross rent yields rose to 3.33%, up from a recent low of 3.21% in January this year. Since the end of 2021, gross rent yields in Sydney have lifted 23 basis points, and 18 basis points in Melbourne. 

“We had 49600 views on real estate.com of our available rentals in June,” General Manager of Property Management, Jane Looker, said.  “That is an average of over 820 views per property. With some landlords electing to sell their rentals to owner occupiers, it’s putting more pressure on the rental market.  

“Our three hottest properties in June were Glynburn Road, Burnside with 2658 views on real estate.com, a townhouse on Edmund Street, Norwood with 2320 views and a unit on Tapleys Hill Road in Seaton with 2284 views. The average rent for these properties was $450. Again, these properties fit in the super affordable bracket that most of the current rental market is looking for. This bracket is affordable as wages have not caught up with rents and as we know demand is out stripping supply."


In June, we received applications for properties with a median rent of $576 per week and leased 37 properties, including two off market.  

CoreLogic reports indicate that Melbourne now takes the crown for the cheapest rental market, with a typical dwelling renting for $480 a week. Adelaide's rents have increased to $492 a week with rental growth up by 4.3 per cent — its strongest quarterly growth rate since CoreLogic started recording in 2005.  

Adelaide also has the tightest rental market, with only 0.3 per cent of houses and units vacant in June. However, units in Adelaide are still the cheapest around the country at a median weekly rent of $405.