ResidentialLindsay SaundersMon 11 Dec 23
National Rental Vacancies Improve by a Hair’s Breadth
Australia’s rental vacancy rates rose slightly last month but remain incredibly low.
According to PropTrack’s data for November, vacancies were up 0.04 of a percentage point to 1.07 per cent.
The vacancy rate increased 0.07 of a percentage point across the capitals but fell below 1 per cent in the regions.
Adelaide, Perth and Brisbane continue to experience the tightest rental conditions among capitals but recorded a slight easing in November.
Sydney’s vacancy rate eased in November, increasing 0.16 of a percentage point. However, it remains slightly lower than three months ago.
Hobart recorded a sharp rental market tightening, with the vacancy rate falling 0.62 of a percentage point over the past three months to 0.92 per cent.
“During the past year, Sydney (–0.27) and Melbourne (-0.44) have experienced the sharpest falls in available rentals, placing exceptional pressure on renters,” a PropTrack spokesperson said.
Rental vacancies, November 2023
“Despite the easing, vacancy rates have trended down for more than three years following strong rental demand and a slowdown in new construction.
“Conditions will remain tough for those looking to rent in the new year period amid strong demand.”
