Perhaps surprising to some, Western Australian capital Perth dominated PropTrack’s recent ranking of the most sought-after suburbs by tenants.
According to the report, 90 per cent of the nation’s 10 most in-demand suburbs are within the bounds of Perth, led by Bentley in the city’s south, which sees rental properties receive 160 enquiries per listing.
All in all, the national top 10 most in-demand suburbs are:
- Bentley (WA), 160 enquiries per listing
2. Tuart Hill (WA), 152 enquiries per listing
3. Lathlain (WA), 151 enquiries per listing
4. Balga (WA), 145 enquiries per listing
5. Queens Park (WA), 145 enquiries per listing
6. Para Hills West (SA), 136 enquiries per listing
7. Beldon (WA), 135 enquiries per listing
8. East Cannington (WA), 132 enquiries per listing
9. Wembley (WA), 132 enquiries per listing
10. Midland (WA), 131 enquiries per listing
The figures come against a backdrop of ever-plummeting national vacancy rates, which hit record levels last quarter. According to CoreLogic, Australia’s residential vacancy rate over the three months to September dipped to a new record low of 1.1 per cent.
Outside of Adelaide, Perth’s 0.5 per cent vacancy rate was the lowest across the country, with Kaytlin Ezzy, CoreLogic economist, stating: “The situation of low rental vacancy rates and insufficient housing supply is a broad issue impacting regions around the country to different extents.”
Adding to this, recently published data from SQM Research found nearly 78 per cent of Australian postcodes reported a vacancy dip in September, highlighting the extent of the national rental crisis and in some way explaining how the 10 most demanded Australian suburbs are receiving such high levels of enquiry.
Furthermore, Perth’s dominance of the list can also be put to the listings drought currently experienced throughout the Western Australian capital, with just under 5,000 properties listed for sale on the Real Estate Institute of Western Australia’s (REIWA) listings portal last month – the lowest level reported in three decades.
On the opposite end of the spectrum, there are several Australian suburbs where demand is falling, led by Queensland’s Coalfalls. The greater Brisbane community’s enquiry rate is down 77 per cent in the last 12 months, according to PropTrack, with rentals in the area receiving 36 enquiries per listing.
Coalfalls, alongside Melba in the ACT, and Chain Valley Bay in greater Sydney, are the three nation leaders when it comes to plummeting rental demand, with each experiencing a 12-month decline of 77 per cent.
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https://www.smartpropertyinvestment.com.au/ “Where are Australia’s most in-demand rental suburbs?” / Kyle Robbins