In addition, the data revealed that the overall number of listings in Sydney fell by 7.8 percent, marking yet another record low since December of 2012. Other major cities in Australia had a decrease in the overall number of listings, including Melbourne, which is down 31.3 percent, and Perth, which is down 19.2 percent.
The director of economic research at PropTrack and the author of the analysis, Cameron Kusher, stated that although it was common knowledge in the rental market that the month of April would see a decrease in listings, what Sydney is witnessing is “on the large side.”
“The most important thing that we are observing is that the total number of properties that are available for rent in Sydney has decreased by an additional 15.7 percent from where it was a year ago,” he added.
Because of this, it is bringing to light how challenging it is for tenants to locate suitable housing. The total number of rental postings in major cities across Australia has decreased, with Melbourne experiencing a decrease of 31.3 percent and Perth experiencing a decrease of 19.2 percent. Mr. Kusher stated that this was a reflection of the deteriorating rental issue that the entire nation is experiencing.
In my opinion, there is a possibility that it might decline much further in the cities of Sydney and Melbourne. Simply due to the fact that we are aware that migration to Australia is extremely high and that the majority of migrants have a tendency to settle in the cities of Sydney and Melbourne,” he explained.
It is my opinion that this issue will continue to be a concern, and the primary reason for this is that the supply process takes time.
