After the small dip in supply at the start of 2019, the June quarter saw another 130 rental homes added. Overall there’s still plenty of reason for landlords to feel positive, as the supply trendline has definitely eased and there’s limited new apartment stock in the pipeline for the next couple of years.
The median rents shown in the graph are recorded from only new tenancies (new bonds lodged), and with this last quarter one of the quietest for some time the sample is too low to call any concern on the dip of $15. We’ve seen it bounce between $400 to $450 since that peak in 2017. Our on the ground experience right now is that tenant interest is strong, and our property managers had 1,015 new enquiries into our office in the month of July alone. We also secured rent increases on more than half of the leases offered to our renewing tenants, further confirming a slow but positive trend for landlords.
Note: RTA stats quoted here cover all of postcode 4066