March data from CoreLogic confirms that growth in Australian rent values (1.0%) outpaced property values (0.7%). This led to the first increase in gross rent yields nationally since August 2020.

“With the lowest vacancy rate in the nation for rental properties, people are struggling to find accommodation” General Manager of Property Management, Jane Looker, said.

“Our available rental properties were viewed 43497 times during March. That’s an average of 1035 views per property. The demand is unprecedented”.

In March,we received applications for properties with a median rent of $486 per week, and leased 32 properties, including 4 off market through our early release rental system.

Real Estate.com data shows properties that attracted the greatest interest were Peter Place, Campbelltown with 2359 views, Greenhill Road, Burnside with 2213 views and Charles Street, Plympton with 2192 views. The median rent for these properties was $400 per week.

“There does not seem to be an immediate solution to the lack of rental housing. The development sector is working hard to replenish housing stock but labour and material shortages, and delays due to rollout of the state’s new planning system, are putting the development sector under significant stress” Ms Looker said.

“Housing experts have criticised the federal government’s failure to seriously address housing affordability in the budget, warning its measures will push up prices and won’t help low-income households. There has never been a greater need to focus on the demand for affordable housing”.