Where properties are leasing faster compared to last year

According to PropTrack vacancy rate figures, just 1.42% of rental properties were available to lease in June. While vacancies have improved recently following four consecutive increases, conditions remain difficult for renters.

New home construction has lagged behind targets set to match the rate of population growth across the country. This is contributing to the major undersupply of rental properties, driving up competition for those looking to rent.

Clovelly houseses are leasing almost twice as fast as last July. Picture: Getty

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At a national level, houses spend 21 days on the rental market, while units take 19 days to lease. This time frame has remained relatively unchanged compared to last July, when the market was also tight. However, in a number of suburbs, properties are being rented out much faster.

To determine the areas where demand has risen and competition has become fierce, we looked into the suburbs with the greatest decrease in median rental days on market over the past year.

Days on market reflect the time taken for a property to be leased after being listed.

Suburbs with the largest decrease in rental days on market - houses

For houses, Beecroft and Hazelbrook in Sydney experienced the largest falls for days on market. They were leased 47% and 46% faster, respectively, compared to July 2023.

Noble Park North in Melbourne and Manly Vale and Brighton-Le-Sands in Sydney rose in popularity among renters with houses leasing in just over two weeks. This was a notable reduction from the time taken in the same period last year.

Houses in Clovelly and West Perth were also renting faster than they were 12 months prior, with decreases of 43% and 42% for days on market, respectively.

Suburbs with the largest decrease in rental days on market - unit