The pandemic has thrown many companies off of their groove. What was predicted for the year back in December 2019 and January 2020 are moot points thanks to the uncertainty that has arisen surrounding the COVID crisis. Companies around the world have released reports on data analyzed to try to make sense of what the market will do as the months’ tick by.
One such has bee the REA Insights Weekly Rental Demand report, where REA Group gathered data on renter activity around Australia. The analysis has shown that, on average, renter activity on realestate.com.au has spiked considerably.
Regions where renter activity has spiked since the COVID crisis:
- New South Wales (110.2 percent)
- Victoria (133.8 percent)
- Australian Capital Territory (140.1 percent)
Regions with the smallest increase in renter activity during the same time are:
- Tasmania (45.2 percent)
- Northern Territory (48.5 percent)
Regions with the largest annual renter activity are:
- Australian Capital Territory (102.0 percent)
- New South Wales (84.3 percent)
Regions with the lowest annual renter activity are:
- South Australia (20.8 percent)
- Western Australia (41.5 percent)
REA Executive Manager, Economic Research, Cameron Kusher, said:
“One of the likely drivers of such high volumes of serious renter activity is the fact that the number of new rental properties becoming available is shrinking. With less stock, those serious about renting are required to narrow their focus and are more likely to be highly engaged with what’s available online.”
REA Group announced, with these findings, that serious renter figures show a 70.5 percent jump year-over-year.
“The data indicates that it isn’t just search volumes that are climbing, we are also seeing a significant increase in the volume of people searching that are in the late stage of their rental decision.”