Rental seekers break January records
PropTrack reports that the average views per rental listing smashed a new high in January 2022, indicating that the rental market will likely continue to tighten over the course of the year.
Over the past five years, the national average of views per rental listing has ranged from a low of 847 in December 2019 to a high of 1635 in January 2018. January often sees peaks due to seasonal flow, but January 2022 exceeded all expectations, with an average of 1962 views – the highest on PropTrack’s records.
REA Group economist Anne Flaherty explained why this metric is not only useful for understanding the market but also a great predictor for the market’s future trajectory.
“For every rental listing, the number of views a property receives provides a useful measure of interest, and a gauge to predict demand,” Ms Flaherty noted.
“A lower supply of properties relative to the number of people looking to rent will naturally coincide with higher views per listing.”
This was the case in the first month of the year. Six out of the eight states and territories set new records in January, with only Victoria and the Northern Territory coming in slightly lower than previous monthly averages.
In the eastern states, it’s regional areas that have become the most hotly contested.
In NSW, rental properties in the Illawarra are receiving the highest level of interest, with the average home generating 165 per cent more views compared to the numbers across the state more broadly.
Victorian rental properties are proving to be the most competitive on the Mornington Peninsula, where listings are receiving 98 per cent more views compared to the state average.
And the Gold Coast took out Queensland’s top spot, with rental properties receiving 98 per cent more views on average.
In other states and territories, the capital cities dominated, with Perth’s north-west, Adelaide’s south, Hobart and Darwin leading the demand in their respective regions.
More from this writer:
-
The often overlooked selling point in homes built after 2010
-
Examining the market impact of SA’s stamp duty shake-up
-
Are Qld’s record low vacancy rates a ‘new normal’?
-
Why Sydney values dropped over October
-
Victoria's rental reforms refresh concerns of investor exodus
-
No-fault evictions out as Victoria reveals new rental reforms
-
‘A bad tax’: Housing Minister says stamp duty should be axed