The number of active rental properties in Australia has decreased by 24,726 in the past year. This decline coincides with falling rental prices in Melbourne and a potential shift towards homeownership.
The number of active rental bonds in Australia fell 24,726 rentals in the space of a year, government data shows.Buyers looking to move in could benefit from 6.5% drop in market since March 2022 as state claims largest share of first home buyer financefor the first time in almost two years. And, despite Victoria’s shrinking rental market , rental prices in Melbourne have also fallen over the past six months, the research body says.
Eliza Owen, CoreLogic’s head of research, said rental properties being bought by owner-occupiers could be contributing to the reduction in rentals, but added there was limited regular data available on the level of home ownership. She pointed to September figures from the Australian Bureau of Statistics which showed Victoria accounted for the largest share of first home buyer finance.“Melbourne is a good buyer’s market for those that are interested in owning their own home. Values are down about 6.5% from a peak in March of 2022. It might not sound like much, but it’s about a $53,000 drop in the median dwelling value across Melbourne since that peak.” According to the Victorian government data, the number of active rental bonds fell from 677,492 in September 2023 to 652,766 in 2024 – suggesting a loss of 24,726 rentals in the space of a year. The data was first reported by the ABC.“It’s interesting to see that the rental stock, or at least the active rental properties, appears to be shrinking around a time when rents are also falling in Melbourne,” she said. It does suggest that investors are leaving the market. It doesn’t seem to be having that upward pressure on rents in the short term.” Owen said it was unclear if a decline in rent values would decrease in 202
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