Rental properties are being snapped up faster than ever before, with new data revealing they stay on the market for an average of only 19 days.
PropTrack analysis shows the city where properties rent the quickest is Brisbane, where they last an average of only 15 days.
Adelaide properties rent in an average of 16 days, while homes also rent quickly in Perth (17 days), Darwin (18), Hobart (19), Sydney (21) and Melbourne (22).
The PropTrack analysis shows the number of total available rental listings is almost a third lower than pre-pandemic levels. Rents are up 8% on average, compared with the same time last year, but some markets have recorded 20% increases.
PropTrack senior economist Eleanor Creagh predicts competition for properties will become tougher as international migrants return to Australia.
The number of international students applying for visas has hit a record high, with June recording the largest number of applications in a single month in the past 10 years.
