Rental market unclear for 2023
The rental market outlook is mixed for 2023, Ms Owen said with an increase in demand from international visitors during a time of weak confidence among property investors.
“On the one hand, returning overseas migration is likely to place continued demand on rental markets popular with overseas arrivals. Historic migration data suggests this would be Inner Melbourne, the South East of Melbourne, the West suburbs of Melbourne and Sydney's Inner South West,” she said.
“On the flip side investor activity, and therefore rental supply, is not expected to pick up substantially in the year ahead. Even though rent yields are rising, investors are facing higher interest costs, and reduced capital growth prospects.”
Data to October 2023 - Quarter 3 Rental Review 2023, published in September 2023. Download the report here (PDF 2MB)
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