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  • The suburbs renters are racing to live in

    The suburbs renters are racing to live in

    Realestate.com.au data has revealed the suburbs where rentals spend the shortest amount of time on the site before being snapped up and it may be surprising to learn that these tend to be located in the outer suburbs rather than inner-city.

    Nationally, suburbs in New South Wales claimed six of the top ten fastest rented. 

    "The NSW rental market has traditionally been more competitive than other markets due to the challenges with housing affordability being more profound in that market," says Kul Singh, REA Group Executive Manager – Rent.

    "Whilst property prices have reduced in some pockets, they are still unaffordable for many renters and therefore competition is still high driving lower days on market.

    Having said that, Sydney saw an increase in vacancy rates in April versus the same time last year which may suggest that the competition. This may be due renters entering the exciting phase of home ownership (with less investor activity) and also increases in new developments adding to available properties." 

    Australia's fastest-rented suburbs

    Suburb Median days
    on site 20191
    Median days
    on site 20182
    Median
    rental price3
    Margate (TAS) 8 13 $450
    Black Head (NSW) 8 N/A4 $500
    Hawks Nest (NSW) 8 N/A4 $360
    Narrabeen (NSW) 8 27 $845
    Rosslyn (QLD) 8 N/A4 $450
    Agenton (NSW) 10 18 $375
    Hidden Valley 10 35 $360
    Fairlight (NSW) 11 24 $1,255
    Ragian (NSW) 11 25 $380
    Rose Bay (TAS) 11 26 $498

    1Six months to 30/4/2019.  2Six months to 30/4/2018  3Two months to 30/4/2019 4Didn't meet the minimum requirements of six listings in the last six months

     

    It's also worth noting that a few of the suburbs in the data didn’t even qualify as a quickly rented ‘burb in 2018. To qualify, a suburb required a minimum of six listings in the last six months. These suburbs included Black Head, NSW, Hawks Nest, NSW and Rosslyn, QLD.

    Here are the fastest rented suburbs in each state. 

    Australian Capital Territory

    Charnwood, Amaroo, Dickson and Isabella Plains are the rental suburbs where you won’t see a property listed for long until it’s tenanted.

    A listing in these suburbs lasts only 13 days on realestate.com.au which is five less days than last year.

     ACT 
    Picture: realestate.com

    New South Wales

    Sydney has some of the most snapped up rental suburbs in all of Australia and Black Head, Hawks Nest and Narrabeen are the most in-demand with a property in these locations only lasting a median of eight days on site.

    Hawks Nest is the cheapest of these rental suburbs to live in with a median weekly rent of $360.


    NSW 
    Picture: realestate.com

    Northern Territory

    Marrara and Farrar are the suburbs where you’ll need to keep your finger on the pulse. 

    A listing in these suburbs are on site for a median of 20 days before being tenanted.

    NT 
    Picture: realestate.com

    Queensland

    Rosslyn is the fastest rented suburb in Queensland with listings lasting only eight days on site.

    Rent here is a median of $450 per week but being in such close proximity to the waterfront seems like a fair pay-off.

    South Australia

    Highgate and Keswick in South Australia are the fastest rented suburbs with properties lasting a median of 11 days on site.

    Highgate is $215 more expensive than Keswick - with a median rent of $630 per week.

    Located near the University of Adelaide campus, it could explain why renters are so keen to live here.

    SA 
    Picture: realestate.com

    Tasmania

    Margate appeared as the fastest rented suburb in the state with a listing lasting a median of eight days on site.

    This rental hotspot is located just 21 minutes drive from Hobart and on the water's edge.

    The median weekly rent here is $450 per week.

    TAS 
    Picture: realestate.com

    Victoria

    You may expect Fitzroy, or Carlton to be the fastest rented suburbs, but in fact, it’s Hidden Valley where rentals don’t last long on the market – only 10 days.

    Hidden Valley is so hidden that it actually shares a postcode with Wallan, this is because it’s a new estate.

    You’ll have to be monitoring the rental page carefully to get a rental here.

    Western Australia

    Renters are jumping on properties in the suburb of Hocking, Jolimont and Marmion in Western Australia. Listings in these areas last 15 days on site before being rented out.

    Jolimont saw the biggest year on year change in how quickly it found tenants lasting 35 days less in 2019 than in 2018, however, Hocking is the cheapest of these suburbs to rent, at $390 per week.

    This interactive tools works best on desktop:

     

    Originally published on realestate.com.au as ‘The suburbs renters are racing to live in’.

     

    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.