Looking for a unit to rent in Whitebridge or Kahibah?
You’re not alone, the popular Lake Mac suburbs have been named in the country’s top 10 for the shortest time on market for unit rentals.
This month, a unit in Whitebridge was snapped up on average within 11 days.
For Kahibah, it was 13 days.
Both fall well below the nation’s 20-day average.
In fact, rental properties are now leasing faster than ever.
The time it takes to lease a rental property in Australia has reached its lowest level in 2023.
High demand and record-low stock levels mean more renters are fighting for fewer properties, causing homes to be snapped up days after hitting the market.
Even those seeking a smaller real estate footprint are feeling the pinch, with 55% of units in regional NSW suburbs being leased within 20 days.
This year Whitebridge topped the list in September, making it Australia’s top regional suburb with the lowest median days on market – units.
According to leading property insights group PropTrack, rental pain is set to continue.
“Demand for rentals is expected to remain elevated for some time to come as vacancy rates hover at historical lows, supply shortages persist, and migration continues to grow. Renters will likely face increased competition and rising weekly rent as a result.”
The rate at which the Australian population is increasing, is only adding to the pain, with investors selling up rental properties as interest rates and mortgage repayments skyrocket.
In fact, renters and buyers are facing the worst affordability in at least three decades.
And while summer is traditionally a busy time for the rental market, increased demand for rental properties could see the number of days to lease a property drop even lower.
There is also the added fear that renters could be paying more too, after the Minns government scrapped rent caps, leaving landlords to “legally” cash in on desperate tenants.
For more property stories:
- Top tips to getting you home loan ready
- Dudley homestead offering $5 million worth of luxury
- Lake Mac’s $600 million marina gets the go-ahead
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