Report at a glance
With the addition of our historical analysis tracking total units for rent, we’re seeing a new layer of colour for each market. The story of FY24–FY26 is one of divergence: Sydney and Melbourne softened under supply growth and demand-side weakness, while Brisbane, Perth and Adelaide absorbed significant new supply and still posted positive rate growth that is indicative of robust underlying demand. Read on for further detail.
Total Units for Rent
July 2023 to June 2026
| Adelaide |
|
+41.37% |
| Perth |
|
+41.07% |
| Brisbane |
|
+39.87% |
| Sydney |
|
+25.28% |
| Melbourne |
|
+9.91% |
Greater Sydney
Standout UnderperformerSydney is the standout underperformer. Six of seven unit sizes recorded negative simple growth over the trailing 36 months (T36), ranging from −2.49% (9.00m²) to −9.42% (12.00m²), with only the largest 18.00m² units posting a gain (+2.40%). Total units for rent increased 25.28%, suggesting supply growth outpaced demand.
| Size (m²) | Jul 2023 | Jun 2026 | Avg. Monthly Growth T36 | Simple Growth T36 | |
|---|---|---|---|---|---|
| 2.25 | $130 | $123 | −0.17% | −6.04% |
|
| 4.50 | $191 | $181 | −0.15% | −5.27% |
|
| 6.00 | $217 | $207 | −0.13% | −4.83% |
|
| 9.00 | $299 | $291 | −0.07% | −2.49% |
|
| 12.00 | $414 | $379 | −0.26% | −9.42% |
|
| 13.50 | $419 | $399 | −0.14% | −5.05% |
|
| 18.00 | $584 | $598 | +0.07% | +2.40% | |
| Total Units | 24,497 | 32,786 | +0.84% | +25.28% |
Average Asking Rate Growth — Greater Sydney — FY24 to FY26
Greater Melbourne
Demand-Side WeaknessMelbourne demonstrated a similar softness to Sydney but slightly less severe. All sizes except the smallest 2.25m² (+1.01%) posted negative simple growth, led by 9.00m² units (−9.98%). Total units for rent increased modestly by 9.91% – the lowest supply growth of the five markets – yet rates still softened, pointing to demand-side weakness rather than oversupply as the primary driver.
| Size (m²) | Jul 2023 | Jun 2026 | Avg. Monthly Growth T36 | Simple Growth T36 | |
|---|---|---|---|---|---|
| 2.25 | $100 | $101 | +0.03% | +1.01% | |
| 4.50 | $158 | $152 | −0.10% | −3.73% |
|
| 6.00 | $188 | $179 | −0.14% | −5.15% |
|
| 9.00 | $262 | $239 | −0.27% | −9.98% |
|
| 12.00 | $337 | $327 | −0.09% | −3.21% |
|
| 13.50 | $354 | $348 | −0.05% | −1.82% |
|
| 18.00 | $479 | $472 | −0.04% | −1.36% |
|
| Total Units | 37,175 | 41,265 | +0.30% | +9.91% |
Average Asking Rate Growth — Greater Melbourne — FY24 to FY26
Greater Brisbane
Bucking the TrendBrisbane bucked the eastern seaboard trend with asking rate growth across every unit size (+2.20% to +5.85%). Notably, this occurred alongside the largest jump in total units for rent (+39.87%) comapared to Sydney and Melbourne. This combination of rental rate growth alongside increasing unit inventory signals strong demand-side absorption.
| Size (m²) | Jul 2023 | Jun 2026 | Avg. Monthly Growth T36 | Simple Growth T36 | |
|---|---|---|---|---|---|
| 2.25 | $105 | $110 | +0.15% | +5.08% | |
| 4.50 | $151 | $160 | +0.17% | +5.85% | |
| 6.00 | $185 | $190 | +0.07% | +2.55% | |
| 9.00 | $238 | $244 | +0.06% | +2.20% | |
| 12.00 | $307 | $316 | +0.08% | +2.90% | |
| 13.50 | $319 | $330 | +0.10% | +3.37% | |
| 18.00 | $426 | $450 | +0.16% | +5.52% | |
| Total Units | 22,895 | 38,076 | +1.46% | +39.87% |
Average Asking Rate Growth — Greater Brisbane — FY24 to FY26
Greater Perth
★ Strongest PerformerPerth was the strongest performer of the five markets. Asking rates for every unit size increased, led by 2.25m² (+11.49%) and 6.00m² (+10.78%), with total units for rent up 41.07% – the highest unit supply growth in the dataset. The combination of steep supply growth and strong rate growth signals a genuinely tight, high-demand market.
| Size (m²) | Jul 2023 | Jun 2026 | Avg. Monthly Growth T36 | Simple Growth T36 | |
|---|---|---|---|---|---|
| 2.25 | $103 | $116 | +0.35% | +11.49% | |
| 4.50 | $147 | $154 | +0.13% | +4.48% | |
| 6.00 | $190 | $213 | +0.33% | +10.78% | |
| 9.00 | $252 | $255 | +0.02% | +0.86% | |
| 12.00 | $315 | $316 | +0.01% | +0.38% | |
| 13.50 | $318 | $336 | +0.15% | +5.23% | |
| 18.00 | $416 | $453 | +0.25% | +8.21% | |
| Total Units | 14,661 | 24,879 | +1.52% | +41.07% |
Average Asking Rate Growth — Greater Perth — FY24 to FY26
Greater Adelaide
★ Mirroring PerthAdelaide closely mirrored Perth’s performance, with total units for rent up 41.37% (highest of all markets) and positive rate growth across most sizes (+2.09% to +10.53%). The exception is the 12.00m² size, which declined −4.20%, an anomaly against an otherwise strongly performing market.
| Size (m²) | Jul 2023 | Jun 2026 | Avg. Monthly Growth T36 | Simple Growth T36 | |
|---|---|---|---|---|---|
| 2.25 | $97 | $108 | +0.32% | +10.53% | |
| 4.50 | $144 | $152 | +0.15% | +5.18% | |
| 6.00 | $174 | $183 | +0.14% | +4.65% | |
| 9.00 | $239 | $251 | +0.13% | +4.60% | |
| 12.00 | $307 | $295 | −0.12% | −4.20% |
|
| 13.50 | $334 | $341 | +0.06% | +2.09% | |
| 18.00 | $400 | $416 | +0.11% | +3.89% | |
| Total Units | 7,553 | 12,882 | +1.54% | +41.37% |
Average Asking Rate Growth — Greater Adelaide — FY24 to FY26
